Reliance, Inc. Hits Stride with Record Q1 Volumes, Pricing, and Earnings
Rising customer optimism and activity across its broad end markets have Reliance, Inc. off to a strong start in 2026. The company's first quarter results exceeded expectations, driven by favorable market fundamentals, strong pricing, and demand momentum.
Carla Lewis, President and CEO of Reliance, stated during the Q1 2026 earnings call that the company capitalized on these fundamentals with record tons sold, which rose both sequentially and year-over-year. This achievement is especially notable given the unusually strong tariff-driven demand pull forward in the prior year period.
Reliance's diversified product and end market portfolio continued to benefit from this momentum throughout the quarter. The company's first quarter volumes, pricing, and earnings all outperformed expectations, with average selling price per ton sold rising over the prior quarter. This success was reflected in the company's non-GAAP pre-tax income, which grew by over 30% year-over-year, and non-GAAP earnings per share, which nearly doubled to $5.16.
These strong results demonstrate Reliance's ability to execute on its growth strategies, leveraging its scale, logistics capabilities, processing expertise, deep supply chain relationships, and existing operating infrastructure. The company's disciplined capital deployment and strong cash profile give it the flexibility to invest in both its growth activities and stockholder return initiatives concurrently.
During the quarter, Reliance secured two significant government contracts through its AMI Metals wholly-owned subsidiary. These contracts, which collectively represent up to approximately $3 billion in revenue, further reinforce the company's role as a trusted partner on critical U.S. infrastructure and defense programs. The wins demonstrate Reliance's ability to support large and complex projects by leveraging its scale, logistics capabilities, processing expertise, deep supply chain relationships, and existing operating infrastructure.
The company's strong balance sheet and liquidity position remain key competitive advantages, affording it the ability to invest in its business, pursue strategic acquisitions, and return capital to its stockholders while maintaining its disciplined approach to capital deployment. Reliance increased its dividend rate by 4% to an annualized $5 per share during the quarter and repurchased $234 million of its shares.
As Reliance enters the second quarter, extending lead times at its mill suppliers also bode well for a continued strong pricing environment where access to metal becomes a strategic advantage. The company's unique scale and capabilities, along with its domestic mill relationships and exceptional teams, position it well to further capitalize on the opportunities ahead in 2026.
