Overview

• U.S. metals distributor's Q1 net sales and adjusted EPS beat analyst expectations

• Company repurchased $234 mln of common stock during the quarter

• Results driven by record tons sold and higher pricing across key product categories

Outlook

• Reliance expects Q2 2026 tons sold to rise 1%-3% from Q1 2026

• Company sees Q2 2026 average selling price per ton up 1.5%-3.5% from Q1 2026

• Reliance forecasts Q2 2026 non-GAAP EPS of $5.15-$5.35

Result Drivers

• SHIPMENT VOLUME - Record tons sold increased 2.7% year-over-year and 9.4% sequentially, exceeding management's expectations and outpacing industry trends

• HIGHER SELLING PRICES - Average selling price per ton sold rose 5.3% sequentially and 12.6% year-over-year, supported by higher carbon steel, aluminum and stainless steel pricing

Company press release: ID:nGNX8ThV5x

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$4.03 bln	$3.91 bln (8 Analysts)
Q1 Adjusted EPS	Beat	$5.16	$4.67 (8 Analysts)
Q1 EPS		$5.10
Q1 Adjusted Gross Margin		29.1%
Q1 Adjusted Pretax Profit		$353.8 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the iron & steel peer group is "buy."

• Wall Street's median 12-month price target for Reliance Inc is $325.00, about 3.3% below its April 21 closing price of $335.99

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 16 three months ago

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