Reliance delivered a stronger-than-expected first quarter with record tons sold, up 9.4% sequentially and average selling price up 5.3%. The company converted 15% sales growth into over 30% year-on-year growth in non-GAAP pre-tax income and non-GAAP earnings per share of $5.16. The company won government contracts through AMI Metals, including a $2.2 billion Department of Homeland Security border wall project, with phase one worth approximately $1.4 billion extending through the second quarter of 2027. Shipments began in April. Reliance raised its full-year LIFO outlook to $150 million after first-quarter LIFO expense of $37.5 million. The company guided second-quarter non-GAAP earnings per share of $5.15 to $5.35, whilst planning approximately $300 million in capital expenditure, raising its annual dividend to $5 and continuing share buybacks.

Reliance reported solid second quarter 2025 results, with record tons sold outperforming the industry average by 7 percentage points. The company maintained gross profit margins within its sustainable 29% to 31% range whilst achieving non-GAAP earnings per share of $4.43, up over 17% sequentially. The company generated $229 million in cash flow from operations. Its 2025 capital expenditure budget remains at $325 million, with over 50% allocated to growth projects. Total cash outlay for 2025 is expected between $360 million and $380 million. Reliance returned $143 million to stockholders through dividends and share repurchases in the quarter, having repurchased over 1.2 million shares year-to-date. The company continues pursuing acquisition opportunities that expand its geographic footprint and value-added processing capabilities.

Reliance, Inc. has received positive analyst attention, with Wells Fargo raising its price target to $323 from $315 whilst maintaining an Equal Weight rating on 2nd March. Seaport Global also increased its target to $340 from $315, keeping a Buy rating and highlighting the metals distributor's bottom-line growth potential and shareholder returns. The Phoenix-based company reported fiscal fourth quarter revenue of $3.5 billion and full-year revenue of $14.2 billion on 19th February, marking increases of 11.9% and 3.3% respectively. However, JPMorgan cut its rating to Neutral from Overweight and lowered its price target to $330 from $340, citing earnings misses due to margin pressure in the aluminium business. Reliance serves construction, manufacturing, aerospace and electronics industries.