today. by quarterly most third produced serve. demand quarter second and gross second of quarter dollars in key very We Reliance's $X.XX which steady you profit the gross profit history. highest We sales joining the billion you I'm XXXX of $XXX.X second margin of to everyone, in XX.X%, we of markets strong million, a generated conditions pleased discuss thank and Brenda. with solid relatively our quarter had a morning, for Good Thanks, characterized results us.
Our the record net of share our income were also and only non-GAAP earnings quarter XXXX. the the quarter quarterly second XXXX in per highest trailing third of and non-GAAP history, first
also for a which remains We employees every commitment like safety to a to their plus to our top working I'd the ongoing day. improving thank environment XX,XXX each maintaining progress continue priority. safe and performance, make
Underlying in demand relatively trends the serve. healthy key second the markets remained across quarter end we
than However, we weaker anticipated. metal was pricing slightly
While multiple carbon of of there the diversification price steel decreases business. on products end helped mill impact and sell, our customers were many our the markets mitigate broad we products, on
buying declining often delaying metal purchases their of order sizes. and customers prices, pattern, changes reducing periods During
our typically which more more believe industry We average. However, versus customers' need declining to as focus involves sizes on volume consistent deliver. a order less than smaller just-in-time the buying price. of that day patterns require generally We contributed our majority next are service they shipment customers this our on basis, the
tons X.X% by in the half same-store industry X.X% the XXXX, declined which of favorably compared of the decline to sold to of period. comparable the Our half XXXX reported for first MSCI compares the first
levels our including processing. maintain on of to disciplined business, Our high continue managers in strategy quality, of the high-margin increasing field focusing value-added
XXXX, declining peers. gross to As maintain XXXX, was the value-added also first such, FIFO significant differentiate despite gross processing XX.X% and capabilities maintained diverse expenses just-in-time This sizes, characteristics customer from delivery us especially our ability as in quarter we base, profit support a smaller compared believe profit of evident order our our meaningfully business and margins throughout of in quarter we prices. of to industry-leading XX.X% margin the These second the industry cycles. models
strong. in processing key as to operations we Mexico the mainly which through toll markets. Demand serve our Turning remained services to our provide for market processing market, we the U.S. end in and conditions automotive
very Our aluminum in toll as vehicles grow. outlook for processing positive continues for remains to content demand
demand. in increasing have meet to investing this processing been facilities proactively value-added and equipment We
completed During building is the in a foot up the nicely. ramping quarter, line XXX,XXX and expansion additional square we Kentucky and production aluminum installation slitting of
process support expanding also are operations processing the our three activity of in automotive that Mexico in increased toll of We region. in to
Aerospace demand order strong backlog. a remained growing with
August titanium fully market sales increase environment, steel by well strong heat-treated Our X% the supported price specialty recently effective market. into plate aerospace as the demand on aluminum aluminum consist products, plate stainless the primarily of and announced as has given in been and heat-treated products,
Demand in our going although, the Demand experienced, pricing construction remained which sheet for steel steady has second industry in previously Demand the relatively common products levels remains steady. also study, aluminum flat heavy quarter. and tight for stainless forward. alloy pressure could availability increased remained from non-residential
in by declining in buying were believe near-term. volumes and have to customer our products. some areas more patterns the generally However, certain patterns for of customers normal to carbon impacted carbon buying resume expect prices bottomed, prices due We steel therefore, steel
in conditions the to of believe tailwinds second construction optimistic non-residential of to in year. in the we were weather are potential half difficult half projects the as due We regards delayed first XXXX, large in
In the U.S. shift addition, activity the more active fabricated to structural steel trade case could
anticipate Demand oil is activity in in rig continued market mainly the steady slowing which declining and energy, term. counts and overall natural been muted for activity. this slowdown has gas with near We in
allocation. to capital Turning
drive investments million Our XXXX customers' of capital strategic includes needs and to budget growth. our organic support $XXX expenditure
expansions, Our innovative investments facility equipment advanced focus primarily on technology. and upgrades new and
opportunities to high to contribute capabilities performing Importantly, value-added margins that operations processing to our and expand significantly identify gross in profit earnings. our we continue
we the are regard acquisitions, with are the In to in of pleased we market. area broad seeing opportunity
to selective earnings. with opportunities our customer are to businesses team accretive management remain service and that our and quality product to immediately offerings in complementary experienced high executing service of and our on strict activities, criteria excellent will diverse and meet our We M&A
to capital shareholders on remains to focus key Reliance. Return our a
and repurchased outlook. Board strategy quarter, long-term reflecting stock, and our the the confidence in of $XX second have team During million our the management we our
stock in continue to be repurchase to will We our approach opportunistic activity.
done marking the dividend, now years. XXth most quarterly have first pay dividend increased consecutive We increase XXXX, We of since by the our for regular in continued XXXX have our IPO. recently XX% quarter our XX quarterly to as we regular
despite are pleased with which concentrating non-GAAP of highest We declines execution again we managers business. third than profit to strategy strong were non-GAAP attributed net earnings the well testament once our per achieved and business results, as model pricing our discipline share in higher we the steeper the dollars history to closing, and which gross field. our margin pricing a our quarter of in on as second In income is our anticipated, largely unique
at our earnings power our time, on increasing maximizing to will the same ahead, value continue service Looking we while focus to our and stockholders. providing to industry-leading customers,
you financial over for the XXXX will Thank and review to your second more quarter now I in call outlook detail. attention quarter third our results Karla Karla? today. turn to
