Item 2. Management’s Discussion and Analysis
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The terms “Company,” “Reliance,” “we,” “our,” and “us” refer to Reliance, Inc. and all its subsidiaries that are consolidated in accordance with U.S. generally accepted accounting principles, unless otherwise indicated.
This report contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements may include, but are not limited to, discussions of our industry and end markets, our business strategies and our expectations concerning future demand and major commodity product pricing and our results of operations, margins, profitability, taxes, liquidity, macroeconomic conditions, including inflation, prevailing elevated interest rates and slowing macroeconomic growth, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions. All statements contained in this report that are not statements of historical fact are forward-looking statements. These forward-looking statements are based on management’s estimates, projections and assumptions as of the date of such statements. We caution readers not to place undue reliance on forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by us, as well as developments beyond our control, including, but not limited to, the impacts of labor constraints and supply chain disruptions and changes in domestic and worldwide political and economic conditions such as inflation, a prolonged higher interest rate environment and slowing macroeconomic growth that could materially impact us, our customers and suppliers and demand for our products and services. Deteriorations in economic conditions, as a result of inflation, elevated interest rates, economic recession, slowing growth, outbreaks of infectious disease, conflicts such as the war in Ukraine and the evolving events in Israel and Gaza or otherwise, could lead to a decline in demand for our products and services and negatively impact our business, and may also impact financial markets and corporate credit markets which could adversely impact our access to financing, or the terms of any financing. Other factors which could cause actual results to differ materially from our forward-looking statements include those disclosed in this report and in other reports we have filed with the United States Securities and Exchange Commission (the “SEC”). Important risks and uncertainties about our business can be found elsewhere in this Quarterly Report on Form 10-Q and in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and in other documents Reliance files or furnishes with the SEC.
The statements contained in this quarterly report on Form 10-Q speak only as of the date that they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based. You should review any additional disclosures we make in any subsequent press releases and Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC.
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This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 and other sections of this quarterly report on Form 10-Q, including the consolidated financial statements and related notes contained in Item 1.
Overview
In the second quarter and first half of 2024, demand was relatively healthy in the majority of our end markets with our same-store tons sold relatively consistent with the prior year periods. However, our operating results declined from the comparable 2023 periods, despite earnings contributions from three closed acquisitions, mainly due to lower metals prices and declines in gross profit margin from a declining metals pricing environment.
Our second quarter of 2024 same-store and total tons sold increased 0.7% and 4.7%, respectively, compared to the second quarter of 2023, which outperformed the 1.8% decline in industry shipments reported by the Metals Service Center Institute. We believe our outperformance of industry peers is supported by our organic and inorganic growth activities.
Our second quarter of 2024 same-store net sales decreased 8.7% compared to the second quarter of 2023 as a result of a 9.7% decline in average selling price per ton sold, which was partially offset by a 0.7% increase in tons sold. Same-store net sales for the six months ended June 30, 2024 were down 8.7% from the same period in 2023, reflecting an 8.1% decrease in average selling price per ton sold and a 1.1% decrease in tons sold, which was impacted by one less shipping day.
Gross profit margins for the second quarter and six months ended June 30, 2024 were 29.8% and 30.4%, respectively, compared to 31.5% and 31.2% for the respective 2023 periods. Carbon steel products comprise more than half of our total sales. Our gross profit margins declined from the same periods in 2023 mainly due to declines in prices for carbon steel products throughout the 2024 periods that pressured our gross profit margins. By comparison, in the comparable 2023 periods, we had relatively stable pricing for carbon steel products.
Earnings per diluted share were $4.67 and $9.90 for the second quarter and six months ended June 30, 2024, respectively, compared to $6.49 and $12.92 for the respective 2023 periods. Our lower earnings year-over-year are mainly due to lower metals prices. Pricing for our products generally has a much more significant impact on our operating results than customer demand levels.
Cash flow from operations of $492.6 million for the six months ended June 30, 2024 decreased from $679.7 million for the same period in 2023 mainly due to lower net income.
Organic growth activities were substantially comprised of capital expenditures of $206.9 million for the first half of 2024 compared to $233.1 million for the first half of 2023. We completed two acquisitions in April 2024 for $292.8 million, following an acquisition in February 2024 for $53.7 million.
Returns to stockholders in the first half of 2024 of $647.2 million were comprised of $127.9 million of cash dividends and $519.3 million of share repurchases.
Acquisitions
2024 Acquisitions
We completed three acquisitions in the first half of 2024 and announced an acquisition that is anticipated to close in the third quarter of 2024.
● On February 1, 2024, we acquired, with cash on hand, Cooksey Iron & Metal Company (“Cooksey Steel”), a metals service center that processes and distributes finished steel products, including tubing, beams, plates and bars. Headquartered in Tifton, Georgia, Cooksey Steel operates three locations, servicing a diverse range of customers.
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● On April 1, 2024, we acquired American Alloy Steel, Inc. (“American Alloy”) with cash on hand. American Alloy, headquartered in Houston, Texas, operates five metals service centers and a plate fabrication business in the U.S. American Alloy is a distributor of specialty carbon and alloy steel plate and round bar, including pressure vessel quality (PVQ) material.
● On April 1, 2024, we acquired, with cash on hand, Mid-West Materials, Inc. (“MidWest Materials”), a flat-rolled steel service center that primarily services North American original equipment manufacturers. Headquartered in Perry, Ohio, MidWest Materials provides steel products including hot-rolled, high strength hot-rolled, coated, and cold-rolled products that are sold into the trailer manufacturing, agriculture, metal fabrication, and building products markets.
● On July 15, 2024, we announced that we had reached an agreement to acquire the toll processing assets of the FerrouSouth division of Ferragon Corporation (“FerrouSouth”), subject to customary closing conditions. FerrouSouth is a toll processing operation headquartered in Iuka, Mississippi, which provides flat-rolled steel processing and logistics services. For the year ended December 31, 2023, net sales for FerrouSouth were approximately $15 million. No sales of FerrouSouth were included in our net sales for the six months ended June 30, 2024.
Included in our net sales for the six months ended June 30, 2024 were combined net sales of $115.1 million from our completed 2024 acquisitions.
2023 Acquisition
On May 1, 2023, we acquired, with cash on hand, Southern Steel Supply, LLC (“Southern Steel”). Southern Steel is headquartered in Memphis, Tennessee and offers merchant and structural steel, pipe and tube, steel plate, ornamental products and laser cut and fabricated parts. Included in our net sales for the six months ended June 30, 2024 were net sales of $20.1 million from Southern Steel.
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Results of Operations
The following sets forth certain income statement data for the second quarter and six months ended June, 30 2024 and 2023 (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding):
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
% of
% of
% of
% of
$
Net Sales
$
Net Sales
$
Net Sales
$
Net Sales
Net sales
$
3,643.3
100.0
%
$
3,880.3
100.0
%
$
7,288.1
100.0
%
$
7,845.6
100.0
%
Cost of sales (exclusive of depreciation and amortization expense shown below)
2,557.3
70.2
2,657.6
68.5
5,073.9
69.6
5,396.9
68.8
Gross profit (1)
1,086.0
29.8
1,222.7
31.5
2,214.2
30.4
2,448.7
31.2
Warehouse, delivery, selling, general and administrative expense (“SG&A”)
667.7
18.3
650.6
16.8
1,339.2
18.4
1,301.9
16.6
Depreciation and amortization expense
66.6
1.8
60.8
1.6
130.2
1.8
121.9
1.6
Operating income
$
351.7
9.7
%
$
511.3
13.2
%
$
744.8
10.2
%
$
1,024.9
13.1
%
Net income attributable to Reliance
$
267.8
7.4
%
$
385.1
9.9
%
$
570.7
7.8
%
$
768.2
9.8
%
Diluted earnings per share attributable to Reliance stockholders
$
4.67
$
6.49
$
9.90
$
12.92
(1) Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated as gross profit divided by net sales, are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform “first-stage” processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, our cost of sales is substantially comprised of the cost of the material we sell. We use gross profit and gross profit margin as shown above as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures as their fluctuations can have a significant impact on our earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.
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Second Quarter and Six Months Ended June 30, 2024 Compared to Second Quarter and Six Months Ended June 30, 2023
Net Sales
June 30,
Dollar
Percentage
2024
2023
Change
Change
(dollars in millions)
Net sales (three months ended)
$
3,643.3
$
3,880.3
$
(237.0)
(6.1)
%
Net sales, same-store (three months ended)
$
3,534.8
$
3,871.4
$
(336.6)
(8.7)
%
Net sales (six months ended)
$
7,288.1
$
7,845.6
$
(557.5)
(7.1)
%
Net sales, same-store (six months ended)
$
7,152.9
$
7,836.7
$
(683.8)
(8.7)
%
June 30,
Tons
Percentage
2024
2023
Change
Change
(tons in thousands)
Tons sold (three months ended)
1,553.5
1,484.1
69.4
4.7
%
Tons sold, same-store (three months ended)
1,489.6
1,478.9
10.7
0.7
%
Tons sold (six months ended)
3,047.5
3,004.2
43.3
1.4
%
Tons sold, same-store (six months ended)
2,966.0
2,999.0
(33.0)
(1.1)
%
June 30,
Price
Percentage
2024
2023
Change
Change
Average selling price per ton sold (three months ended)
$
2,348
$
2,626
$
(278)
(10.6)
%
Average selling price per ton sold, same-store (three months ended)
$
2,376
$
2,630
$
(254)
(9.7)
%
Average selling price per ton sold (six months ended)
$
2,394
$
2,625
$
(231)
(8.8)
%
Average selling price per ton sold, same-store (six months ended)
$
2,414
$
2,626
$
(212)
(8.1)
%
Our tons sold and average selling price per ton sold exclude our tons toll processed. Our average selling price per ton sold includes intercompany transactions that are eliminated from our consolidated net sales. Same-store amounts exclude the results of our 2024 and 2023 acquisitions.
Our same-store net sales declined from the comparable 2023 periods mainly due to declines in carbon steel pricing that lowered our average selling price per ton sold. Demand remained relatively healthy in the majority of end markets we serve. The decline in same-store tons sold for the six months ended June 30, 2024 mainly resulted from one less shipping day compared to the same period in 2023.
Since we primarily purchase and sell our inventories in the spot market, our average selling prices generally fluctuate similarly with the changes in the costs of the various metals we purchase; the mix of products sold can also have an impact on our overall average selling price per ton sold. As c arbon steel sales represented 54% of our gross sales for the six months ended June 30, 2024, changes in carbon steel prices have the most significant impact on changes in our overall average selling price per ton sold.
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Y ear-over-year changes in the selling prices of our major commodity products and related mix of our tons sold are presented below:
Three Months Ended
Six Months Ended
June 30,
June 30,
Change in
Change in
Change in
Change in
Average Selling
Percentage of
Average Selling
Percentage of
Price Per
Total
Price Per
Total
Ton Sold
Tons Sold
Ton Sold
Tons Sold
Carbon steel
(10.5)
%
0.8
%
(7.4)
%
0.5
%
Aluminum
(6.2)
%
(0.4)
%
(6.3)
%
(0.3)
%
Stainless steel
(16.0)
%
(0.1)
%
(14.6)
%
(0.1)
%
Alloy
(5.2)
%
(0.2)
%
(3.2)
%
(0.2)
%
Cost of Sales and Gross Profit
June 30,
2024
2023
% of
% of
Dollar
Percentage
$
Net Sales
$
Net Sales
Change
Change
(dollars in millions)
Cost of sales (three months ended)
$
2,557.3
70.2
%
$
2,657.6
68.5
%
$
(100.3)
(3.8)
%
Cost of sales (six months ended)
$
5,073.9
69.6
%
$
5,396.9
68.8
%
$
(323.0)
(6.0)
%
Gross profit (three months ended)
$
1,086.0
29.8
%
$
1,222.7
31.5
%
$
(136.7)
(11.2)
%
Gross profit (six months ended)
$
2,214.2
30.4
%
$
2,448.7
31.2
%
$
(234.5)
(9.6)
%
LIFO income, included in cost of sales (three months ended)
$
(50.0)
(1.4)
%
$
(45.0)
(1.2)
%
$
(5.0)
LIFO income, included in cost of sales (six months ended)
$
(100.0)
(1.4)
%
$
(60.0)
(0.8)
%
$
(40.0)
Gross profit in the second quarter and six months ended June 30, 2024 decreased from the same periods in 2023 mainly due to lower sales as a result of decreases in average selling price per ton sold partially offset by gross profit contributions from our acquisitions.
Carbon steel products comprise more than half of our total sales. Our gross profit margins declined from the same periods in 2023 mainly due to declines in prices for carbon steel products throughout the 2024 periods that pressured our gross profit margins. By comparison, in the comparable 2023 periods, we had relatively stable pricing for carbon steel products.
In addition, we record in cost of sales non-cash adjustments to our LIFO method inventory valuation reserve that, in effect, reflects cost of sales at current replacement costs. The inventory caption of our consolidated balance sheet included a LIFO method inventory valuation reserve of $479.3 million at June 30, 2024.
See “Net Sales” above for further discussion on product pricing trends.
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Expenses
June 30,
2024
2023
% of
% of
Dollar
Percentage
$
Net Sales
$
Net Sales
Change
Change
(dollars in millions)
SG&A expense (three months ended)
$
667.7
18.3
%
$
650.6
16.8
%
$
17.1
2.6
%
SG&A expense, same-store (three months ended)
$
645.4
18.3
%
$
649.3
16.8
%
$
(3.9)
(0.6)
%
SG&A expense (six months ended)
$
1,339.2
18.4
%
$
1,301.9
16.6
%
$
37.3
2.9
%
SG&A expense, same-store (six months ended)
$
1,313.5
18.4
%
$
1,300.6
16.6
%
$
12.9
1.0
%
Depreciation & amortization expense (three months ended)
$
66.6
1.8
%
$
60.8
1.6
%
$
5.8
9.5
%
Depreciation & amortization expense (six months ended)
$
130.2
1.8
%
$
121.9
1.6
%
$
8.3
6.8
%
Our same-store SG&A expense for each of the second quarter and six months ended June 30, 2024 were relatively consistent with the same periods in 2023. Our SG&A expense in the 2024 periods reflected lower incentive-based compensation resulting from lower profitability offset by higher costs associated with wage inflation and increased headcounts related to our organic growth activities. SG&A expense as a percentage of sales mainly increased due to lower sales levels.
Operating Income
June 30,
2024
2023
% of
% of
Dollar
Percentage
$
Net Sales
$
Net Sales
Change
Change
(dollars in millions)
Operating income (three months ended)
$
351.7
9.7
%
$
511.3
13.2
%
$
(159.6)
(31.2)
%
Operating income (six months ended)
$
744.8
10.2
%
$
1,024.9
13.1
%
$
(280.1)
(27.3)
%
Operating income declined for the second quarter and six months ended June 30, 2024 as compared to the same periods in 2023 as a result of lower same-store gross profit, driven by lower net sales and gross profit margin, partially offset by contributions to operating income from our acquisitions. Our operating income margins in the second quarter and six months ended June 30, 2024 were lower than in the comparable 2023 periods mainly due to lower gross profit margins and decreased operating leverage of our SG&A expense due to lower sales levels.
See “Net Sales” above for discussion of trends in demand and product costs and “Expenses” for trends in our operating expenses.
Income Tax Rate
Our effective income tax rate for each of the second quarter and six months ended June 30, 2024 was 23.3%, compared to 24.4% for the same 2023 periods. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state income taxes.
Financial Condition
Operating Activities
Net cash provided by operations of $492.6 million in the six months ended June 30, 2024 decreased $187.1 million from $679.7 million in the same period in 2023. The year-over-year decrease was mainly due to a decline of $198.6 million in net income with relatively consistent working capital spend. To manage our working capital, we focus on our days sales outstanding and inventory turnover rate as receivables and inventory are the two most significant elements of our working capital. As of June 30, 2024 and 2023, our days sales outstanding rates were 41.1 days and 40.2 days, respectively. Our
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inventory turnover rate (based on tons) during the six months ended June 30, 2024 was 4.6 times (or 2.6 months on hand), compared to 4.8 times (or 2.5 months on hand) for the same period in 2023.
Investing Activities
Net cash used in investing activities of $562.0 million for the six months ended June 30, 2024 increased $307.0 million from $255.0 million used in the same period in 2023. The significant increase was mainly due to $346.5 million spent on three acquisitions in 2024 partially offset by $26.2 million less of capital expenditures. The majority of our capital expenditures in the six months ended June 30, 2024 and 2023 were related to growth initiatives.
Financing Activities
Net cash used in financing activities of $654.1 million for the six months ended June 30, 2024 declined $126.3 million from $780.4 million in the same period in 2023. The decrease was mainly the result of lower debt repayments that offset increased share repurchases. The prior year period included the redemption of $500.0 million of senior notes in January 2023 compared to no debt activity in the six months ended June 30, 2024. In the six months ended June 30, 2024, we repurchased $519.3 million of our common stock compared to $112.8 million in the same period in 2023. Our returns to stockholders also included an increase in our quarterly dividend rate of 10% in February 2024 with total dividend payments of $127.9 million in the six months ended June 30, 2024 compared to $120.6 million in the same period in 2023.
On July 23, 2024, our Board of Directors declared the 2024 third quarter cash dividend of $1.10 per share. We have increased our quarterly dividend 31 times since our IPO in 1994, with the most recent increase of 10.0% from $1.00 to $1.10 per share effective in the first quarter of 2024. We have paid quarterly cash dividends on our common stock for 65 consecutive years and have never reduced or suspended our regular quarterly dividend.
Share Repurchase Plan
See Note 9—“Equity ” to our consolidated financial statements for information on our 2024 and 2023 share repurchases.
Subsequent to quarter end, we repurchased an additional 637,669 shares at an average cost of $285.36, for a total of $182.0 million, resulting in $738.5 million remaining as of July 25, 2024 under our $1.5 billion share repurchase program authorized by our Board of Directors effective October 30, 2023. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time.
Debt
We have a $1.5 billion unsecured revolving credit facility with no outstanding borrowings at June 30, 2024 under our Amended and Restated Credit Agreement (as amended, the “Credit Agreement”). We also had an aggregate of $1.15 billion principal amount of senior unsecured note obligations with various maturities through 2036 issued under indentures as of June 30, 2024 .
See Note 6—“Debt ” to our consolidated financial statements for further information on our amended credit agreement and indentures governing our debt securities.
Liquidity and Capital Resources
We believe our primary sources of liquidity, including funds generated from operations, cash and cash equivalents and our $1.5 billion revolving credit facility, will be sufficient to satisfy our cash requirements and stockholder return activities over the next 12 months and beyond. As of June 30, 2024, we had $350.8 million in cash and cash equivalents and our net debt-to-total capital ratio was 9.4%, up from 0.8% as of December 31, 2023.
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As of June 30, 2024, we had $400.3 million of debt obligations coming due before our $1.5 billion revolving credit facility matures on September 3, 2025.
We believe that we will continue to have sufficient liquidity to fund our future operating needs and to repay our debt obligations as they become due . In addition to funds generated from operations and approximately $1.5 billion available under our revolving credit facility, we expect to continue to be able to access the capital markets to raise funds, if desired. We believe our investment grade credit ratings enhance our ability to effectively raise capital. We believe our sources of liquidity will continue to be adequate to maintain operations, make necessary capital expenditures, finance strategic growth through acquisitions and internal initiatives, pay dividends and repurchase our common stock.
Covenants
The Credit Agreement and indentures governing our debt securities include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, two financial maintenance covenants that require us to comply with a minimum interest coverage ratio and a maximum leverage ratio.
We were in compliance with all financial maintenance covenants in our Credit Agreement at June 30, 2024.
Seasonality
Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. However, our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter also has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.
Goodwill and Other Intangible Assets
Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $2.17 billion at June 30, 2024, or approximately 21% of total assets and 28% of total equity. Additionally, other intangible assets, net amounted to $1.04 billion at June 30, 2024, or approximately 10% of total assets and 14% of total equity. Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests and further evaluation when certain events occur. Other intangible assets with finite useful lives are amortized over their estimated useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.
Critical Accounting Estimates
Management’s Discussion and Analysis of Financial Condition and Results of Operations discusses our Unaudited Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. When we prepare these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of our accounting policies are critical due to the fact that they involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our most critical accounting estimates include those related to the recoverability of goodwill and other indefinite-lived intangible assets and long-lived assets. We base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.
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During the quarter ended June 30, 2024, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.
Website Disclosure
The Company may use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at www.reliance.com , and our investors relations website, investor.reliance.com . In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section at investor.reliance.com . The website is for informational purposes only and is not intended for use as a hyperlink. The Company is not incorporating any material on its website into this quarterly report on Form 10-Q.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.