Reliance, Inc.
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-- Net sales of $3.48 billion with record tons sold, up 9.0% year-over-year (same-store tons sold up 5.6%)
-- Strong gross profit margin of 29.7%
-- EPS of $3.74; non-GAAP EPS of $3.77
-- Repurchased $253.2 million of common stock
SCOTTSDALE, Ariz., July 15, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) announced that it has reached an agreement to purchase certain assets of the FerrouSouth division of Ferragon Corporation (“FerrouSouth”), a premier toll processing operation headquartered in Iuka, Mississippi. In addition to offering high quality flat-rolled steel processing, FerrouSouth provides logistics services including shipping and warehousing solutions within the rapidly growing Southeastern market. The FerrouSouth operations will operate as a division of Feralloy Corporation, a wholly owned subsidiary of Reliance. For the twelve months ended December 31, 2023, annual net sales for the select tolling operation were approximately $15 million. The terms of the transaction were not disclosed. The transaction is expected to close within the next 30 days, subject to customary closing conditions.
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