Reliance, Inc. (NYSE: RS) reported record third-quarter 2026 net sales of $5.21 billion, up 13% sequentially, with record tons sold rising 4.3%. EPS was $7.84, and non-GAAP EPS was $8.02, up 120% year over year and well above management's guidance of $6.40 to $6.60. Pretax income rose 115% year over year to $531.9 million, helped by favorable carbon steel pricing and contributions from a U.S. Department of Homeland Security border wall contract. Higher-than-expected LIFO expense reduced earnings by $1.64 per share, while the gross profit margin was 27.9%. The company raised its share repurchase program to $2.5 billion.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on mining.com ↗
Keywords
earningsReliance Steelsteelshare buybacks
Open a keyword to see other news on the same topic.
Related news
- Valmont : 3 Key Takeaways for Long - Term Investors
On its third-quarter 2026 earnings call on October 20, Valmont (VMI) reported net sales up 5.5% year over year to $1.1 billion. North American utility sales rose 23% as utilities expand capacity and modernize grids, lifting the infrastructure backlog to $1.8 billion, and management said it is still early in a multiyear investment cycle. Steel costs rose sharply, so infrastructure margin expansion is temporarily lagging until contractual pass-through pricing catches up, which management expects to take two to three quarters. North American agricultural revenue grew 15.8% on storm-replacement activity and aftermarket demand, while international machinery markets stayed soft. Capital is being directed to targeted utility manufacturing expansions while preserving financial flexibility and shareholder returns.
- Cleveland-Cliffs Declines 6% as Profit Taking Follows Strongest Quarter in Three Years; Critical Metals Slips 2%, Nucor Holds Steady
Cleveland-Cliffs (CLF) fell 6% to $13.31 in morning trading, while Critical Metals (CRML) slipped 2% and Nucor (NUE) was roughly flat. The steelmaker reported adjusted Q3 EPS of $0.28 versus a $0.24 estimate and adjusted EBITDA of $612 million, above its $575 million guidance, though revenue of $5.61 billion missed the $5.72 billion expectation. It guided to Q4 adjusted EBITDA of $715 million and a 2027 figure above $4 billion on newly signed contracts, while indefinitely idling galvanizing lines at its Stelco unit in Canada. The article reads the drop as profit taking after a strong rally, since the VanEck Steel ETF was nearly unchanged, and notes management has ruled out a share sale.
- Cleveland-Cliffs Inc. Q3 2026 Earnings Call Summary
- Cliffs ( CLF ) Q3 2026 Earnings Call Transcript
Cleveland-Cliffs reported third-quarter revenue of $5.6 billion, up from $5.2 billion in the prior quarter on higher shipments and selling prices. Adjusted EBITDA reached $612 million, its strongest quarter in three years, and GAAP net income was $165 million, or $0.26 per diluted share. The average net selling price rose $53 to $1,177 per net ton, while unit costs fell $17 per ton. The company guides to about $715 million of adjusted EBITDA in the fourth quarter and over $4 billion for 2027, and is prioritizing debt reduction to reach a 2 to 2.5 times net debt-to-EBITDA target by mid-2027. The call also flagged slightly higher fourth-quarter costs, and management said Stelco was a negative contributor to results for more than a year after its acquisition.
- Why Cleveland-Cliffs Stock Popped Today
Cleveland-Cliffs confirmed what many steel-sector observers had expected. Strong steel prices helped the company more than double its adjusted EBITDA within a single quarter. It reported adjusted EPS of $0.28, beating the FactSet estimate of $0.21, with adjusted EBITDA of $612 million; it expects more than $700 million in the fourth quarter, versus just $381 million for Q1 and Q2 combined. Shares soared more than 20% in early trading and were still up 15.3% at 11:35 a.m. ET. Management sees adjusted EBITDA exceeding $4 billion next year, as production and selling prices rise partly because steel tariffs limit imports. CEO Lourenco Goncalves said the 2027 outlook has materially improved.
- Cleveland-Cliffs Jumps 10% on Strongest Quarter in Three Years; Nucor and Steel Dynamics Edge Higher
Cleveland-Cliffs (CLF) rose 10% to $13.29 after reporting third-quarter adjusted EBITDA of $612 million, beating its $575 million guidance and up sharply from $143 million a year earlier. Revenue of $5.61 billion missed the $5.72 billion expected, though sales rose 18.6% year over year on a higher average net selling price of $1,177 per ton and larger shipments. Management said imports remain well below historical levels, but it indefinitely idled the galvanizing lines at its Canadian unit Stelco due to oversupply. The company guided to about $715 million of adjusted EBITDA in Q4 and said 2027 adjusted EBITDA should exceed $4 billion based on current index price forecasts. Its target is to bring net debt to EBITDA below 2.5x by mid-2027.
Related markets
Latest news
- Musk's wants to merge SpaceX and Tesla: Here's what to know
Musk said SpaceX and Tesla have formed special committees to study a merger, which would be worth about $3.5 trillion combined and would be the largest corporate deal in history. SpaceX, valued at about $2 trillion after a record listing this year, absorbed Musk's AI startup xAI in February, while Tesla is valued at about $1.5 trillion. Musk holds about 82 percent of SpaceX's voting power but only about 20 percent at Tesla. Dan Ives puts the odds of a deal at 90 percent by early 2027, though Musk called the requirement of a majority of all Tesla shares 'quite a high hurdle'. Loyal retail investors hold an estimated 25 to 27 percent of Tesla shares, and legal obstacles appear slight because both companies moved their incorporation to Texas from Delaware.
- CoreWeave and Nebius Stocks Are Crashing. Time to Buy the Dip?
Shares of Nebius and CoreWeave each fell 25% in the week of October 12 to 16. The sell-off stems from the yield on CoreWeave's debt in the secondary market surging to 15%, versus roughly 5% on Treasuries, which pushes the debt into 'distressed' territory and signals doubts about its ability to meet obligations. Nebius sold off in sympathy as a fellow neocloud company. The bigger concern is that both companies must keep issuing debt to fund data centers, and if yields are high at issuance, the assumption of nearly unlimited cheap capital could be challenged. The author says it is unclear whether now is the time to buy.
- Disney’s multiplatform Super Bowl plan frustrates ABC affiliates
ABC station owners are irritated that Disney is airing the Super Bowl across several platforms, including Disney+, ESPN2, NFL Network and ESPNU, even though the game is already on ABC and ESPN. A station group CEO estimates that the combined platforms could cut broadcast ad revenue by up to 35% compared with last year. Local affiliates typically earn about 3% of annual ad revenue from the Super Bowl and pay network owners reverse retransmission fees, but Disney+ lacks geofenced ad insertion, so affiliates cannot sell ads to streaming viewers. Disney says national commercials will be identical on all platforms and that streaming major live events is standard industry practice. Super Bowl LX drew 125.6 million viewers in February.
- Nasdaq sell-off: A momentum unwind 'for the record books'
Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management, calls Thursday’s sell-off in the Nasdaq Composite (^IXIC) a momentum unwind “for the record books.” He says the market spent the first half of 2026 driven by a beta and momentum trade led by semiconductors, but in the third quarter, as rates rose, money shifted into quality stocks. He does not think the sell-off is justified by fundamentals, arguing that institutional portfolio managers swapping out of factor positions can drag down whole baskets of stocks. In semiconductors, spot rental rates for Nvidia Blackwell chips are higher than a month ago, showing tightening compute supply, even as financing costs rise and investors worry about neocloud business models and the rising cost of insuring their bonds.
- Meta’s deal to keep Zuckerberg in California adds fuel to wealth tax debate ahead of election
Meta says Mark Zuckerberg will remain in California for eight years and has created a new stock plan that could help cover his taxes if Proposition 40, a 5% tax on Californians worth over $1 billion, passes on Election Day on Nov. 3. According to a filing released with its third-quarter earnings, Meta will issue non-voting Class C shares starting in January, and Zuckerberg can sell or transfer up to 20% of the shares granted to him without affecting his majority voting control. The filing says Zuckerberg’s leadership is crucial to the company’s growth and its AI ambitions, including Meta Superintelligence Labs. Most of the tech industry opposes the measure, while a recent Citrin-Politico poll found 46% in favor and 43% against, suggesting it may fall short of the majority support it needs.
- Dune launches real-time data feeds covering 200 onchain trading venues
Blockchain analytics platform Dune has launched real-time market data feeds covering more than 200 onchain trading venues, aiming to bring this data into the systems of traditional financial institutions. The feeds draw trade data from 12 blockchains, including Ethereum, Solana and Base, about one second after execution, covering both spot trading on decentralized exchanges and perpetual futures on Hyperliquid and Lighter. Early clients include quant funds, market makers, asset managers and bank trading desks, which use the data to assess liquidity and compare prices, though Dune did not name them. Meanwhile, the tokenized stock market has grown sharply, with distributed value reaching $3.58 billion, but 16 companies, including Microsoft, Alphabet and Goldman Sachs, have objected to their shares being traded on OKXICE’s proposed platform, and liquidity remains fragmented.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.