Reliance (RS) Q3 FY2023 earnings: revenue $3.6 billion, down 14.7% on the year

Reliance, Inc. (RS) reported revenue of $3.6 billion for Q3 FY2023, the quarter ended 30 September 2023, down 14.7% on the same quarter a year earlier. Net income was $295 million, down 25.0% on the year, and diluted earnings per share $4.99. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$3.6 billiondown 14.7%

Net income$295 milliondown 25.0%

Diluted EPS$4.99

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	3,623	n/a	n/a	n/a
Cost of revenue	2,546	n/a	n/a	n/a
Gross profit	1,077	n/a	n/a	n/a
Gross margin	29.7%	n/a	n/a
Selling, general and administrative	627	n/a	n/a	n/a
Operating income	390	n/a	n/a	n/a
Operating margin	10.8%	n/a	n/a
Interest expense	9.7	n/a	n/a	n/a
Pre-tax income	388	n/a	n/a	n/a
Income tax	92.0	n/a	n/a	n/a
Effective tax rate	23.7%	n/a	n/a
Net income	295	n/a	n/a	n/a
Net margin	8.1%	n/a	n/a
Diluted EPS	$4.99	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	466	n/a	n/a	n/a
Capital expenditure	126	n/a	n/a	n/a
Free cash flow	340	n/a	n/a	n/a
Free cash flow margin	9.4%	n/a	n/a
Cash from investing	-113	n/a	n/a	n/a
Cash from financing	-190	n/a	n/a	n/a
Depreciation and amortisation	60.6	n/a	n/a	n/a
Share-based compensation	16.8	n/a	n/a	n/a
Buybacks	126	n/a	n/a	n/a
Dividends paid	58.5	n/a	n/a	n/a
Dividend per share	$1.00	n/a	n/a	n/a
Diluted shares, weighted	59m	n/a	n/a	n/a
Shares outstanding at period end	58m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	7,724	n/a	n/a	n/a
Non-controlling interest	10.9	n/a	n/a	n/a
Debt	1,152	n/a	n/a	n/a
Operating lease liabilities	175	n/a	n/a	n/a
Other liabilities	1,431	n/a	n/a	n/a
Total liabilities and equity	10,493	n/a	n/a	n/a
Fixed assets	2,189	n/a	n/a	n/a
Goodwill	2,109	n/a	n/a	n/a
Intangible assets	990	n/a	n/a	n/a
Cash and equivalents	977	n/a	n/a	n/a
Receivables	1,666	n/a	n/a	n/a
Inventory	2,110	n/a	n/a	n/a
Other assets	452	n/a	n/a	n/a
Total assets	10,493	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,623	3,337	3,645	3,643	3,420	3,127	3,485	3,660	3,651	3,499	4,026	4,630
Cost of revenue	2,546	2,316	2,517	2,557	2,414	2,240	2,451	2,572	2,620	2,544	2,854	3,330
Gross profit	1,077	1,022	1,128	1,086	1,006	886	1,033	1,088	1,032	955	1,172	1,300
Gross margin	30%	31%	31%	30%	29%	28%	30%	30%	28%	27%	29%	28%
SG&A	627	634	672	668	665	662	690	706	701	709	735	789
Operating income	390	325	393	352	273	142	274	312	260	166	368	442
Operating margin	11%	10%	11%	10%	8%	5%	8%	9%	7%	5%	9%	10%
Interest expense	9.7	9.8	9.7	9.7	10.9	10.0	11.5	14.3	14.4	15.5	15.4	18.2
Pre-tax income	388	333	396	350	260	134	262	304	248	155	350	430
Tax rate	24%	18%	23%	23%	23%	21%	24%	23%	23%	24%	24%	25%
Net income	295	273	303	268	199	105	200	234	190	116	265	323
Net margin	8%	8%	8%	7%	6%	3%	6%	6%	5%	3%	7%	7%
Diluted EPS	$4.99	$4.70	$5.23	$4.67	$3.61	$1.93	$3.74	$4.42	$3.59	$2.22	$5.10	$6.29
Operating cash flow	466	526	126	366	464	473	64.5	229	262	276	151	162
Capital expenditure	126	110	109	98.2	113	111	86.9	87.6	81.2	73.2	64.2	93.4
Free cash flow	340	415	17.6	268	351	362	-22.4	141	181	203	87.2	68.8
Buybacks	126	240	n/a	n/a	432	n/a	253	79.9	60.9	200	234	0.0
Dividends paid	58.5	n/a	63.2	62.5	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	58m	57m	57m	56m	54m	54m	53m	53m	52m	52m	51m	51m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001558370-23-017398: the filing on EDGAR. All of Reliance, Inc.'s filings: EDGAR company page.

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