RS — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-07-28

• Record tons sold and significant increases in average selling price per ton sold drove net sales to $4.63 billion in the second quarter and $8.66 billion in the first six months of 2026, up 26.5% and 21.2%, respectively, from the prior year periods. For the second quarter of 2026, tons sold increase…

• Our second quarter of 2026 year-over-year growth in tons sold exceeded the industry-wide increase of 5.5% reported by the Metals Service Center Institute by over five percentage points, continuing a multi-year trend of outperformance relative to industry shipments. We believe our scale, diversified …

• Carbon steel prices have benefited from tight supply conditions and solid underlying demand. Aluminum prices continue to be at historically elevated levels, largely due to the 50% tariff imposed under Section 232 in June 2025.

• Gross profit margin under our LIFO method was 28.1% for the second quarter and 28.6% for the first six months of 2026, compared to 29.7% for the same 2025 periods. Higher carbon steel and aluminum product costs significantly increased our LIFO expense, year-over-year. On a FIFO basis, which excludes…

• The increases in SG&A expense were primarily due to variable warehousing and delivery costs associated with higher tons sold, increased incentive compensation resulting from higher profitability, inflationary impacts on transportation costs from higher fuel prices and wage and benefit inflation. On …

Text removed vs the prior filing · source: 10-Q · 2026-04-29

• Net sales were $4.03 billion in the first quarter of 2026, an increase of 15.5% compared to 2025, driven by record tons sold, which increased 2.7%, and a 12.6% increase in average selling price per ton sold. Shipments grew across most end markets, with notably strong underlying demand across the bro…

• sector, primarily due to growth in industrial machinery, shipbuilding, military, consumer products and construction machinery. Demand in our largest end market by tons sold, non-residential construction, including infrastructure and data centers, also improved year-over-year.

• Growth in tons sold exceeded the industry-wide decline of 5.1% reported by the Metals Service Center Institute (“MSCI”) by nearly 8 percentage points, continuing a multi-year trend of outperformance relative to industry shipments. We believe our scale, diversified business model, and customer servic…

• Carbon steel prices have benefited from tight supply conditions and solid underlying demand. Aluminum prices are at record levels, driven primarily by the 50% tariff imposed under Section 232 in June 2025.

• Gross profit margin under our LIFO method was 29.1% compared to 29.7% in 2025. On a FIFO basis, which excludes the impact of LIFO accounting and is how we evaluate our ongoing operating performance, gross profit margin declined approximately 40 basis points to 30.0%. Despite the lower margin, gross …

Text added vs the prior filing · source: 10-Q · 2026-07-28

• Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), an evaluation was performed on the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant t…

• There have been no changes in the Company’s internal control over financial reporting during the second quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2026-04-29

• Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), an evaluation was performed on the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant t…

• including the CEO and the CFO, concluded that, as of the end of the period covered in this report, the Company’s disclosure controls and procedures were effective to ensure information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, proce…

• There have been no changes in the Company’s internal control over financial reporting during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.