Reliance, Inc. reported its financial results for the second quarter and first half of 2025, revealing net sales of $3,659.8 million for the three months ending June 30, a slight increase from $3,643.3 million in the same period of 2024. For the first six months of 2025, net sales totaled $7,144.5 million, down from $7,288.1 million year-over-year. The company's operating income for the second quarter was $312.2 million, a decrease from $351.7 million in the prior year, while net income attributable to Reliance was $233.7 million, compared to $267.8 million in the same quarter of 2024. Earnings per share for the second quarter were $4.42, down from $4.67 in the previous year.
The financial performance reflects a challenging environment, with significant changes in average selling prices impacting profitability. The company noted that while tons sold reached record levels—up 4.0% for the second quarter and 6.4% for the first half—this was offset by lower average selling prices, particularly in carbon steel, which constitutes a significant portion of sales. The gross profit margin remained stable at 29.7% for the second quarter, despite the volatility in metals pricing. The increase in selling, general, and administrative (SG&A) expenses was attributed to inflationary wage adjustments and increased variable costs associated with higher sales volumes.
Strategically, Reliance has focused on enhancing its operational capacity through acquisitions made in 2024, which contributed $193.9 million to net sales in the first half of 2025. The company acquired Cooksey Iron & Metal Company, American Alloy Steel, Inc., and Mid-West Materials, Inc., among others, to diversify its product offerings and geographic reach. As of June 30, 2025, Reliance's total assets increased to $10,490.0 million from $10,021.8 million at the end of 2024, with cash and cash equivalents at $239.5 million.
Operationally, Reliance reported a total employee headcount of 52,610 as of June 30, 2025, down from 56,878 a year earlier, reflecting a strategic decision to streamline operations. The company also reported a significant increase in accounts receivable, which rose to $1,668.2 million, indicating a growing customer base and higher sales volume. However, cash flow from operations decreased to $293.5 million in the first half of 2025, down from $492.6 million in the same period of 2024, primarily due to increased working capital requirements.
Looking ahead, Reliance remains cautiously optimistic about its growth prospects, emphasizing its commitment to maintaining strong relationships with suppliers and focusing on profitable growth. The company anticipates that ongoing investments in operational efficiency and strategic acquisitions will support its long-term objectives, despite the potential challenges posed by fluctuating metals prices and economic conditions. The board has declared a quarterly cash dividend of $1.20 per share, reflecting a continued commitment to returning value to shareholders.
About RELIANCE, INC.
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