Reliance Inc. announces board member retirement

Reliance Inc. (NYSE:RS), a wholesale metals service center with a market capitalization of $15.1 billion and annual revenues exceeding $14 billion, announced today that long-standing board member Mark V. Kaminski has decided not to seek reelection at the upcoming 2025 Annual Meeting of Stockholders. Kaminski, who has been a part of the company's board since 2004, will continue to serve as a director and maintain his committee memberships until the 2025 Annual Meeting.

The company clarified that Kaminski's retirement is not the result of any disagreement with Reliance's operations, policies, or practices. Instead, it marks the conclusion of a service period spanning two decades. According to InvestingPro data, Reliance maintains a GREAT financial health score, with strong profitability metrics and solid cash flow generation. The company expressed gratitude for Kaminski's contributions during his tenure on the board.

In other recent news, Reliance, Inc. has disclosed its Q3 earnings, reporting non-GAAP earnings per diluted share of $3.64, a 21.7% decrease from the previous quarter. Despite challenging market conditions, the company has pursued growth strategies, completing four acquisitions and implementing a notable share repurchase plan.

Cash flow from operations was reported at $463.9 million, with capital expenditures at $112.8 million. Reliance, Inc. also completed four acquisitions and repurchased $951.3 million in shares in the first nine months of 2024.

Looking forward, the company projects a 6% to 8% decrease in tons sold and a 1.5% to 3.5% drop in average selling prices for Q4. Nonetheless, non-GAAP earnings for Q4 are forecasted between $2.65 and $2.85 per diluted share. Management expressed optimism about demand in 2025, particularly in the wake of the Presidential election and anticipated lower interest rates.

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