We were most following XXXX. performance to XXXX. response to in first Overall financial joining had to first of pandemic. our our XXXX of thank records demand quarter results for you morning, quarter COVID-XX start several and through levels the a strong and healthy, the us everyone, Good year, the discuss
and profit sales produce gross non-GAAP was above non-GAAP billion XX.X% on of of gross margin to net and profit non-GAAP estimated of $XXX.X XX% sustainable $XXX.X million. of million $X.XX range of XX% pretax strong income dollars our Our
earnings significantly Our share guidance. of first quarter non-GAAP $X.XX diluted per exceeded our
on But performance details how additional business, coronavirus extraordinary to would provide to moment. pandemic our is will like in a it Reliance drivers this actions expect taking I our QX impact we I situation. address and to address and the first,
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metal systems masks. converted metal the sanitize of supplying be supporting pleased to decontamination around aluminum are care aid to many being country. construction for Importantly, processed the facilities on patient NXX our necessary name for are to few, for in walls COVID-XX businesses ventilator projects we of mission-critical for a customers To production, hospital and and response doors
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the again, safety time is stated, health, As most Reliance. well-being core and of and at our value employees our I important have time
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our to employees fund assistance Reliance employee COVID-XX. provide to impacted emergency our Cares We expanded grants have by
unwavering one our I at want communities dedication their to large. employees to of health take a for thank and each every at and our and safety and commitment minute to Reliance
the Finally, bad would support like model is throughout to we and our good history. both company designed operating times to I reinforce as XX-year have through our demonstrated that
in business the current Although unlike anything past. we experienced, believe our will model this the has us it particularly resilience as situation, we help have challenging the time just through of manage
to September XXXX. and These in allowed a Reliance need what fell doing through to and June the shipments For and by over price year. immediate declined X during We inventory stay from we We're our XX% XXXX actions safe to reducing us billion lowering month selling for by XXXX on our workforce average the of $X XXXX ensure period recession remain XX% healthy. great including do from XX.X% instance took XXXX. our profitable actions
concurrently solid focused our financial position. on maintaining We're
our very $XXX.X of a revolving credit balance of available as XX. sheet on borrowing have facility million with an investment-grade March strong $X.X rating for billion We credit
countercyclical promotes with effective which model business combined Our working when liquidity. enhances flow generation, management capital cash
of our being with In addition, expense our highly provides flexibility, variable cost SG&A people-related. XX% structure financial approximately
further As our including flow approximately in our we support decision our reduced Since we March reductions quickly stronger I further, have back if workforce to force. difficult These decisions a the by X,XXX workforce warranted made with X made cuts, X, and employees to have energy continues basis, as location-by-location earlier, provides reduce XX% to or either the by us to continue layoffs first, demand. flexibility permanently. reductions on changes of bringing the which closed at were to business businesses through people make going we mentioned or workforce,
we nature extended unique transitionary have past. health support their the impacted in downturn, to employees of benefits for never and we something period done Recognizing is a the families, which care this
to procedures hourly would reliance social this shift and well daily home, to sense, to we We situation, good most and practical other detailed see of times. unprecedented these in a monitor together continue safe all to application common sharing judgment first thank public of as working Perhaps to gears protect developments consistent including performance extraordinary in from importantly, colleagues recommendations workplace of emergency work the and orders I by discussion grateful as to of more actively of distancing and I'll as sanitation heightened drivers. healthy federal, each quarter health state the if authorities. practical. local and for practicing commitment promote my workforce unprecedented I our a the each and now am like
Our business. non-GAAP as of expectations, pricing of supported shipments healthy approach margin the management's overall our while high-margin compared generally a on FIFO environment, strong in a were XX.X% to pricing to softened metals by line gross prior disciplined our direct and focus levels high-quality, with pricing at demand result pressure, our profit remained Despite relatively quarter.
key conditions solid. in markets. to remain nonresidential our for Turning serve largest the construction, Demand end we end market market
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as quarter commercial forward, are to for activity Going of in second direct COVID-XX. aerospace beginning we decline the result expecting the
aerospace defense-related aerospace air We for our February. the end steady has and Conversely, supporting throughout businesses evolving Demand into these the industry both in will given traffic situation January continue equipment markets, monitor April. impact. and stable to agriculture uncertain with heavy was regarding long-term and construction trends strong continuing remained demand
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capital to Turning allocation.
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levels, cash as demand which in are needs to a current to continuing quarter, cash model, business generation our the continue Further, consistent which our the cash downturn. which capital during a result of even operations period rightsize into first free Our are flow with built typically up working helps generate countercyclical our a we our higher. to inventory during philosophy, ongoing reflect is
capital remain we position, comfortable reduced XXXX $XXX million. with $XXX Although have to liquidity our expenditure million from budget we current our
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continue for are done have pleased through our to XX quarterly consecutive a payment delivering the as dividend We years. to regular stockholders we value of
the XXx, increased the increase recent our most Since our we've quarter IPO dividend of first in XXXX, including XXXX. XX.X% in of
of also our repurchased in $XXX first stock the We million quarter. common
unwavering that concurrently focus results expect opportunistic markets the extraordinarily In near-term market directly delivered despite in circumstances approach cash from our as coronavirus difficult mid-March. empower in as the on and we customers the again their family we impact to each first would beginning must every through conditions in our quarter, repurchases, we for this solid preservation While in companies efforts to employee crisis. impacted we to ongoing and our summary, in hard COVID-XX. Reliance support business work operating as Their of a businesses flexibility thank collective their manage of remain recover were pandemic to generally our from and safe resulting I to us in essential unprecedented as our consider favorable like once environment. commitment the well
challenge result, continuous a to improvement As our aspects business. will we in ourselves drive all of
our of to in want and as I forward. will that safety However, make the reign health customers, suppliers moving always employees, we communities emphasize decisions supreme. and
diversification on of and help will our look businesses model our us will focusing recovery support follow value-added As the strategy processing that higher-margin through and this believe we forward, crisis. we
enables evaluate its Our up operations us decentralized ramp of each quickly. model to individual and merits operating on our to business own
sheet situation results innovative Our as Karla dedicated time laid a to strong employees our and will quarter We I company, currently preserve our of stronger jobs flow are are from and detail. the the operating off. Karla? bringing more attention once with over situation look financial this to emerge those you from future today. call enables help Thank and key forward our review employees, to today, our we XXXX and in support stabilizes. for cash now more we customers business and first positioned who back to for your turn us suppliers well balance partner believe to the continue demand strategically that majority our
