Reliance Q3 2026: Non-GAAP EPS of $8.02 Beats Expectations
As seen on the 24/7 Wall St. homepage on October 21, 2026.
Carbon steel pricing is doing the heavy lifting: average selling price per ton rose 8.2% sequentially against guidance of flat to up 2%. Management guided Q4 to $7.40 to $7.60, with part of that still coming from the federal border wall contract.
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Reliance delivered non-GAAP diluted EPS of $8.02 in Q3 2026, beating expectations and clearing management's own guidance range, with record net sales and operating income that more than doubled year over year.
Carbon steel pricing rose 8.2% sequentially against guidance for flat to slightly higher, lifting carbon steel sales well above year-ago levels. The surge came with a heavier LIFO expense than anticipated, which management largely absorbed.
The federal border wall contract added $0.74 per share to Q3 earnings, exceeding the company's own expectation and driving much of the year-over-year tonnage gain. Tons shipped grew faster than the broader industry per MSCI data, pointing to market share gains on top of the contract volume.
Management guided Q4 2026 non-GAAP EPS to a range that would represent growth of over 200% year over year, with the border wall project again contributing and average selling price per ton seen rising sequentially. A seasonal dip in core volumes excluding that project is anticipated.
The board expanded the share repurchase authorization to $2.5 billion with no set expiration date, extending a program that has reduced the share count by 23% since 2021. A quarterly cash dividend was declared, payable December 4.
Mentioned: RS