Reliance Steel & Aluminum Co

Greetings and welcome to the Reliance, Inc. First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Kim Orlando with Addo Investor Relations. Please go ahead.

Thank you, Operator. Good morning, and thanks to all of you for joining our conference call to discuss Reliance's first quarter 2025 financial results. I am joined by Carla Lewis, President and Chief Executive Officer, Steve Cook, Executive Vice President and Chief Operating Officer, and Arthur Ojemian, Senior Vice President and Chief Financial Officer. A recording of this call will be posted on the Investor section of our website at investor.reliance.com. Please read the forward-looking statement disclosures included in our earnings release issued yesterday and note that it applies to all statements made during this teleconference. The reconciliations of the adjusted numbers are included in the non-GAAP reconciliation part of our earnings release. I will now turn the call over to Carla Lewis, President and CEO of Reliance.

Good morning, everyone, and thank you all for joining us today to discuss our first quarter 2025 performance. We delivered stronger than expected results, once again demonstrating the resilience of our proven business model and ability of our teams to provide solutions to our customers in a backdrop of broad market uncertainty. By maintaining our commitment to growth and profitability, we shipped record tons of while industry shipments declined and increased our gross profit margin by 140 basis points quarter over quarter, which drove non-GAAP earnings per share of $3.77, well ahead of our expectations. We generated cash flow from operations during the first quarter, despite a working capital investment to support our successful growth efforts. Our 2025 capital expenditure budget remains $325 million with an expected total cash outlay of approximately $375 to $400 million, which includes carryover projects from prior years that will be completed this year. Our first quarter results also benefited from our four 2024 acquisitions and we remain in a position of financial strength to execute additional acquisitions that align with our disciplined and strategic criteria. While we continue to see new opportunities in the pipeline, the pace has slowed recently due to overall macroeconomic uncertainty. And we also funded stockholder return activities of $318 million. In summary, Despite ongoing uncertainty in both domestic and international economic policy, we are encouraged by positive pricing momentum and continued solid demand conditions, most notably in the non-residential construction market. We applaud our team for their ability to execute on our strategic profitable growth efforts in a disruptive market. We believe our long-standing model of both buying and selling metal, primarily in the U.S. market, is positive for Reliance, as well as our employees, customers, and suppliers. We remain confident in our ability to maximize earnings power while maintaining our consistent focus on increasing value for our stockholders. Thank you for your time today, and I'll now turn the call over to Steve who will review our demand and pricing trends.