Gregg J. Mollins
joining financial thank to and everyone, our today us you discuss morning, Good for results.
are in third was second Following managers and continued by we execution field. our pricing, characterized a excellent healthy quarter, pleased performance, record the quarter demand with by which very solid our
were on Our majority sell of supported favorable the with pricing conditions earnings by remaining products the we levels high prices the at quarter. throughout
highest produced a second second XX% quarterly Reliance's and million profit $XXX.X second highest $XXX.X highest net gross pre-tax which of non-GAAP our in of of combined As $X.XX history we generated with our our growth dollars result, sales income when billion, of solid the margin profit million.
non-GAAP share Our history, that per would end diluted have third been the of in high Karla earnings our discuss also $X.XX Adjusting company's non-GAAP guidance. growing our share expected per at diluted diluted earnings year-over-year. our LIFO $X.XX, second for quarter the XX.X% of detail, will third highest more than in the quarter expense $X.XX per higher were share
nearly markets encouraged by the we operate. in positive the conditions which We all across are seeing we're very end demand continuing
the compared second shipping we from XXXX. of pricing down the of experienced due as volumes less due includes all tons to normal of of expected the Metals quarter the months, one as in and Our commodities major our quarter positive. day which to lower shipping summer The of to range was schedules, across our decline quarter X%. X.X% during shutdowns vacation well quarter to second were remained slightly third customer in the third XXXX, the decrease down seasonal sold outside X%
stable the to Our price exceeding more we average to quarter are demand actions year as strong macro environment regarding quarter second compared the to certainty quarter testament environment our selling average a in selling same pricing and increased the ago. third per Compared XXXX, price as increased period expectations. our of ton a increased the X.X% and second XX.X%, to the a sold XXXX, experiencing of compared trade well
multiple passed higher metal to higher impacted prior profit normal into prices XX.X% and has in quarter, inventory, which through Given we our of rate in second XX.X%, of line receiving margin. increase the the XXXX, practice metal with but FIFO was slowed achieved a followed gross price down quarter our expectations. of positively third Because which our profit XXXX, gross the cost FIFO increases we in margin the from in
So rising for especially carbon have steady month. year, the generally and remained announced throughout flat-rolled expect remainder light positive, continue far in of prices costs quarter, of earlier products scrap fourth in to the the to which increases we price this
whether This changed is due still to believe profitability tell resulted evaluate hold, its to or too the energy we certain it of continuously of that factors will standards. our one increase our solid. early industry outlook We operations sells. not determine in they future fundamentals price has our each product competitive remain if XXX-plus to meet downsize businesses, as it of decision for to our While
$XX.X quarter restructuring the as and included of few a locations. restructuring charge related to the as impairment of million well our of pre-tax for downsizing costs Our smaller this
strategic XXXX to and facilities growth. Turning organic drive allocation, of $XXX investments expenditure million in capital both our is budget to on capital focused equipment
our metal, helped processed also believe our have continue to it margins capabilities, our important expanding enhance As which processing over demand value-added we customers is more time.
services evaluate the geography, pipeline we We those acquisition momentarily, growth which to support the address support an automotive in capabilities. remain we in focus significant robust of enhance and complement to well has will prospects increased our a as of heavily, acquisition that increasing Today, are primarily and the products, invest number the area To that opportunities is value-added our usage an aluminum diversification processing businesses shown Jim in As further at in is growth, as market opportunities market. for seeing continuously key continuing of are well-run and autos. particular Reliance.
be continue our to will we selective activities. growth in However,
Fab KMS ranging companies South and a precision large companies. methods. metal metals Pennsylvania variety the of South out and sheet out prototypes the during wide utilizing production of Carolina, to of from KMS In fabrication in of as to refer I fact, fabrication specialize will quarter, we acquisition runs, which The KMS completed the KMS
companies to been KMS in line immediately were perform to in earnings, fuel additional of high these expectations. performance our through have our their As companies The we processing able in growth processing, equipment. levels been capabilities their has with value-added tracking investments new accretive and
with enhance we week, constructed Prime remaining Corporation. an is facility, recently acquired joint locations, long-term Monterey the the volume including Acero in ownership we interest in Acero Prime earnings in Prime States supports from Acquiring Mexico opened important And Additionally, remaining our processor toll fully July complete as allocation which XXXX. partner, to potential. XX% end growth just Steel our this of a United ownership venture having automotive. believe more our interests Acero ownership the capital investing us Acero markets support opportunities in such in that affiliate four in Prime of allow high-return of will strategy
I call, turn returning the like remains capital top over stockholders Before I'd to a to that our priority. reinforce
XX IPO. which paid have regular years, consecutive increased have we dividends, we since XXXX times XX had our quarterly For
and the quarter, our repurchased our and worth in $XX.X business board management strong strategy stock reflecting the team common million also and consistent trust outlook. have our We during of confidence and
our earnings activity. our as significant environment Reliance's summary, XXXX positive to In nine following of a quarter with quarter opportunistic achievement pricing second in it performance. The months and We repurchase will milestones. to very stock continue demand the contributed approach first relates pleased we are results third record be in of to
who However, these accomplishments without control. of would disciplined committed and the executing inventory not the field possible extraordinary performance pricing, be remain in managers management to our expense
experience in in we now over our and our activity our nearly I operations earnings ability to remain and our and to confident to Jim? on in further we Looking the increasing ahead, we end to continue conditions. Jim hand stockholders. on market call the to markets will comment power maintain operate, our healthy value focus which all maximize
