Reliance more than doubles earnings on record steel sales, boosts buyback to $2.5 billion

Metals service center operator Reliance more than doubled its quarterly earnings as tight supply pushed steel prices higher, and it expanded its stock buyback.

Diluted EPS rose to $7.84 from $3.59 a year earlier, according to the earnings release Reliance filed with an 8-K on Wednesday. Non-GAAP EPS climbed 120% to $8.02. Net income rose to $402.9 million from $189.5 million.

Net sales hit a record $5.21 billion, up 42.8% from a year earlier and 12.6% from the second quarter. Tons sold rose 15.6% from a year ago to a record, and the average selling price per ton climbed 24.0% to $2,815.

"We capitalized on a favorable market environment, characterized by continued healthy demand and tight supply, leading to increased price levels for most carbon steel products," President and CEO Karla Lewis said in the release.

Buyback and dividend

The board raised the company's share repurchase authorization to $2.5 billion with no set expiration date. Reliance said it has bought back $3.4 billion of stock since 2021 at an average of about $236 a share, cutting its share count by 23%. It also declared a quarterly dividend of $1.25 a share, payable Dec. 4.

Fourth-quarter outlook

Reliance expects non-GAAP EPS of $7.40 to $7.60 in the fourth quarter, up more than 200% from a year earlier, including LIFO expense of $1.64 a share. The outlook includes about 70 cents a share from shipments tied to the U.S. border wall project.

Including the border wall project, Reliance expects fourth-quarter tons sold to rise 13.5% to 15.5% from a year earlier, with average selling prices up 1% to 3% from the third quarter.

By the numbers

• Net sales: $5.21 billion, up 42.8%
• Diluted EPS: $7.84, vs. $3.59
• Non-GAAP EPS: $8.02, up 120%
• Average price per ton: $2,815, up 24.0%
• Q4 non-GAAP EPS guide: $7.40 to $7.60

Sources

1. Reliance, Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001171843-26-006744

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