Reliance Q3 2026 Earnings Call Transcript

Reliance (NYSE:RS) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Reliance delivered record quarterly net sales, second-highest gross profit dollars, and third-highest quarterly earnings per share, driven by strong demand and tight supply in carbon steel products.

The company’s strategy focuses on supporting customers and domestic mill partners, resulting in record tons sold and a significant year-over-year increase in non-GAAP diluted earnings per share.

Reliance’s capital expenditure outlook for 2026 remains at $300 million, with half allocated to strategic growth investments, and the company continues to evaluate acquisition opportunities.

The U.S. border wall contract contributed significantly to earnings, with shipments expected to continue into 2027, possibly extending into 2028.

Management highlighted strong performance in non-residential construction, general manufacturing, aerospace, and semiconductor markets, with customer optimism and demand expected to remain strong.

Financial results showed a 4.43% year-over-year increase in sales, with significant pricing improvements and strong operating leverage despite higher LIFO expenses.

The balance sheet remains strong with a net debt to EBITDA ratio of 0.8x, supporting ongoing strategic investments and shareholder returns through share repurchases and dividends.

Full Transcript

OPERATOR

Greetings and welcome to the Reliance third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. You may be placed into the question queue at any time by pressing star-1 on your telephone keypad. We ask that you please ask one question, one follow-up, then return to the queue. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press 0 on your telephone keypad.

It’s now my pleasure to turn the call over to Kim Orlando with Addo Investor Relations. Kim, please go ahead.

Kim Orlando (Investor Relations)

Thank you, operator. Good morning, and thanks to all of you for joining our conference call to discuss Reliance’s third quarter 2026 financial results. I am joined by Carla Lewis, President and Chief Executive Officer; Steve Cook, Executive Vice President and Chief Operating Officer; and Arthur Ajemian, Senior Vice President and Chief Financial Officer. A recording of this call will be posted in the Investors section of our website at investor.reliance.com.

Please read the forward-looking statements disclosure included in our earnings release issued yesterday and note that it applies to all statements made during this teleconference. Reconciliations of the non-GAAP measures are included in the Non-GAAP Reconciliation section of our earnings release. I will now turn the call over to Carla Lewis, President and CEO of Reliance.

Carla Lewis (President and Chief Executive Officer)

Good morning, everyone, and thank you for joining us to discuss our third quarter 2026 results. Reliance delivered an exceptional quarter with record quarterly net sales, our second-highest gross profit dollars and our third-highest quarterly earnings per share. Reliance capitalized on a favorable market environment characterized by continued healthy demand and tight supply, leading to increased pricing levels for most carbon steel products. Our long-term strategy of supporting both our valued customers and our key domestic mill partners positioned us particularly well to benefit from these dynamics.

Our scale, product diversification, expansive value-added processing capabilities and ability to source the inventory our customers need, led by the strong execution of our teams in the field, drove our exceptional results. The U.S. Department of Homeland Security border wall contract we were awarded earlier this year continued to ramp and delivered another meaningful contribution to our third quarter earnings. Our smart, profitable growth strategy once again produced record quarterly tons sold, contributing to non-GAAP diluted earnings per share of $8.02, up 120% year over year. Our strong balance sheet and ample liquidity continue to provide us the means and flexibility to concurrently invest in our businesses, pursue strategic growth investments and return capital to our stockholders.

Our full year 2026 capital expenditure outlook remains approximately $300 million, with about half allocated to strategic growth investments that enhance our processing capabilities, strengthen customer service, expand our footprint and increase volumes in attractive markets. We continue to evaluate acquisition opportunities and stand ready to execute the right opportunities quickly. During the quarter, we funded $79 million of capital expenditures, paid $64 million in dividends and repurchased $45 million of our common stock at an average price of approximately $395 per share.

On October 20th, our Board of Directors increased our share repurchase authorization to $2.5 billion without a set expiration date, further supporting our disciplined approach to returning capital to our stockholders. Since 2021, we have repurchased $3.4 billion of Reliance common stock at an average price of approximately $236 per share, reducing our outstanding common shares by 23% in that period. Looking ahead, we believe Reliance is very well positioned as customer optimism remains high and strengthens across infrastructure, semiconductor, general manufacturing and aerospace. Together, our proven business model, outstanding team and current market dynamics give us confidence in our ability to gain market share and invest through cycles to continue driving profitable growth and strong stockholder returns through the remainder of the year and into 2027.

I’ll now turn the call over to our COO, Steve Cook.

Steve Cook (Executive Vice President and Chief Operating Officer)

Thanks, Carla, and good morning, everyone. Our outstanding third quarter results reflect Reliance’s ability to capitalize on favorable market conditions. This performance would not be possible without the relentless efforts of our teams across the Reliance family of companies. I want to thank each of them for their unwavering commitment to our customers and the safety of our employees. Turning to our demand and pricing trends, the strength of the market was evident in our shipment volumes, which increased sequentially despite normal seasonal patterns and constrained material availability. Record tons sold increased 4.3% from the prior quarter, including a 3.7% contribution from the U.S. border wall project. Our third quarter year-over-year growth in tons sold of 15.6% outperformed the industry-wide increase of 10.1% reported by the Metal Service Center Institute.

Carbon steel products continue to lead our tons sold growth. Our third quarter average selling price increased 8.2% from the second quarter of 2026, significantly exceeding our expectation of flat to up 2%. Pricing for all commodities, particularly carbon steel products, increased during the quarter amid constrained supply, extended lead times and strengthening demand. These dynamics highlight the value of our strong domestic mill relationships and reliable access to metal, which differentiate Reliance in a tight supply environment.

Turning to our end markets, non-residential construction represented a little more than one-third of our third quarter sales, primarily from carbon steel tubing, plate and structural products. Third quarter shipments remained strong despite supply constraints, driven by sustained strength in data center and related energy infrastructure projects alongside solid demand in heavy civil and public infrastructure. Our participation in the U.S. border wall project further strengthened our presence in the public infrastructure sector of the non-residential construction market.

General manufacturing represented about one-third of our third quarter sales. Our participation spans a diverse range of products, industries and geographies. Shipments showed strong year-over-year growth driven by industrial machinery, including data center equipment, as well as shipbuilding, military and construction machinery. Aerospace products accounted for approximately 8% of our third quarter sales. Commercial aerospace demand improved during the quarter with continued progress in OEM build rates and growing backlogs, though elevated inventories persist. Defense and space-related activity remained strong during the quarter.

Automotive, which we primarily serve through our toll processing operations, represented about 4% of our third quarter sales, and as a reminder, our toll processing volumes are excluded from our tons sold. Demand improved compared to the prior year as our flexible toll processing operations quickly adapted to the variable demands of the automotive market. Lastly, demand in the semiconductor market strengthened meaningfully. We’re seeing momentum accelerate, supported by increased data center activity.

In summary, Reliance continues to distinguish itself through our people, our domestic mill relationships and our relentless focus on delivering unmatched customer service against the backdrop of tight supply and continuing market volatility. Our teams remain nimble in adjusting our approach while prioritizing support for our long-standing customers and their metal needs. The strategic investments we’ve made across our footprint are generating tangible returns, and our dynamic commercial and operational approach continues to drive the market outperformance and profitability that further distinguish us.

I will now turn the call over to our CFO, Arthur, to review our financial results and outlook.

Carla Lewis (President and Chief Executive Officer)

Thanks, Steve, and thanks everyone for joining today’s call. We delivered a very strong quarter with sales of 4.43 percent year over year driven by better than anticipated shipments and pricing. As a result, non-GAAP earnings per diluted share of $8.02 significantly exceeded our guidance range of $6.40 to $6.60 despite considerably higher than anticipated LIFO expense. On a per share basis, LIFO expense was $2.74 compared to the $1.10 included in our guidance, representing an incremental $1.64 per share headwind.

We generated our second highest quarterly gross profit of $1.5 billion, up 12% compared to the second quarter of 2026 and up 41% compared to the third quarter of 2025. Gross profit margin of 27.9% decreased 20 basis points sequentially due to increased LIFO expense associated with carbon steel costs rising significantly more than anticipated and the product mix impact of the U.S. border wall project. On a FIFO basis, non-GAAP gross profit margin expanded to 31.6% compared to 30.5% in the second quarter of 2026 and 29% in the prior-year quarter, despite a roughly 60 basis point year-over-year reduction attributable to the U.S. border wall project.

However, due to the project’s below company average operating cost per ton profile, it added 40 basis points to pre-tax income margin. Gross profit dollars per ton remained historically strong for aluminum products and continued to increase across carbon and stainless steel product. With respect to LIFO outlook and true-up, we increased our full-year LIFO expense outlook to $450 million from our prior estimate of $300 million and recorded third-quarter LIFO expense of $187.5 million, well above our estimate of $75 million, reflecting the year-to-date catch-up impact of our higher full-year LIFO estimate. Based on our updated outlook, we expect to record LIFO expense of $112.5 million in the fourth quarter of 2026.

At the end of the third quarter, the LIFO reserve on our balance sheet was nearly $890 million, which remains available to support future operating results by partially mitigating the impact of future metal price declines. Non-GAAP SG&A expense increased 18% compared to the third quarter of 2025 driven by higher incentive compensation from improved profitability, inflationary impact on compensation and related employee benefits, freight and fuel cost inflation, and higher variable warehousing and delivery costs associated with our increased tons sold. On a per-ton basis, non-GAAP SG&A expense increased just 2%, reflecting favorable operating leverage from higher shipment volumes, including contributions from the U.S. border wall project.

Continued market share gains, higher shipment volumes and increased gross profit dollars drove meaningful operating leverage, resulting in non-GAAP pre-tax income of $544 million, more than double the prior-year amount. As noted, our non-GAAP earnings per diluted share grew 120% year over year to $8.02, with the U.S. border wall project contributing $0.74 per share, exceeding our expectation of approximately $0.60 per share. Moving on to our balance sheet and cash flow, cash flow from operations in the third quarter improved sequentially to $212 million despite a significant working capital build attributable to increased shipments and higher metal pricing. Our total debt was $1.6 billion at the end of the quarter. Our balance sheet and leverage profile remain very strong with a net debt to EBITDA ratio of 0.8x, providing substantial liquidity and flexibility to continue executing on all of our capital allocation priorities.

Looking ahead to the fourth quarter, we expect healthy demand and tight supply across our key products and end markets will continue subject to ongoing risks from domestic and international trade policy and geopolitical conditions, as well as normal seasonality. We anticipate fourth quarter 2026 non-GAAP earnings per diluted share in the range of $7.40 to $7.60, including an estimated $112.5 million of LIFO expense, or about $1.64 per diluted share.

This outlook also includes approximately $0.70 of earnings per share from shipments associated with the U.S. border wall project at pre-tax income margin levels above the company average. Please refer to our third quarter earnings release for further details on our fourth quarter outlook. This concludes our prepared remarks. Thank you again for your time and participation, and we’ll now open the call for your questions.

OPERATOR

Thank you. We’ll now be conducting a question-and-answer session. If you’d like to be placed into the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you’d like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star one. One moment please, while we poll for questions.

Our first question today is coming from Katya Jansenk from BMO Capital Markets. Your line is now live.

Katya Jansenk (Analyst)

Hi. Thank you for taking my questions. Starting on the border wall, so it outperformed expectations on the volume side for this quarter. Can you talk about what’s driving that? In other words, is the volume being pulled forward or how should we think about it?

Carla Lewis (President and Chief Executive Officer)

Yeah, hi Katya, good morning. On the border wall, you know this is a new project for us. It started, we started shipping under it in April and, you know, the government issues, we have to first rely on our suppliers who are supporting us to ship the metal to us, and then we release to the government’s subcontractors as they instruct us to do so. And, you know, there could be variability of course, but it really ramped and we feel we’re at a pretty steady flow now through Q3 where we had a full quarter, so we’re just supplying and the subcontractors, everything has been flowing well.

We haven’t seen any major disruptions, so we think this is a good run rate for us based upon the contract and the activity under the contract. And then you mentioned some supply constraint that the industry is dealing with right now. Are there specific products that are more challenging to get for you or you can get across the board without major issues? Yeah, I mean, I think the whole industry supply is tight in many products. Steve will speak a little more specifically on where we’re seeing more tightness than others, but that’s generally a good market environment for Reliance as I think you saw in our results and our outlook.

And, you know, our people are working really hard to source the metal that our customers need and make sure we’re taking care of our longtime, you know, valued customers. Also, you know, appropriately allocating our metal the way that our suppliers are doing with their customers.

Steve Cook (Executive Vice President and Chief Operating Officer)

Yeah, Katya, I just want to go back to your question regarding the border wall. In this time of real tightness and unprecedented demand, I have to compliment our domestic suppliers who are using their flat-rolled material, turning it into tube so we can deliver on time and maybe even ahead of schedule. So there are some carbon products that are constrained, but we’re getting what we need. Carbon plate, hot-rolled coil and especially wide flange beams, and aluminum plate heat treated that goes into aerospace and semiconductor general engineering, has been tight, but again, our domestic suppliers are doing a great job for us.

Katya Jansenk (Analyst)

Perfect, thank you.

OPERATOR

Thank you. Next question is coming from Nick Cash from Goldman Sachs. Your line is now live.

Nick Cash (Analyst)

Thank you so much. Thank you for taking my question. On the border wall, shipments of 4 to 6% year over year — a lot of you guys have also mentioned customer optimism across a majority of end markets. As you look into 2027, should we think about this pace of organic growth continuing to outpace the industry by several points, or are current levels benefiting from unusually tight supply and elevated project activity resulting in further tailwinds for you guys?

Carla Lewis (President and Chief Executive Officer)

Good morning, Nick. A little difficult given all the varying factors to look out that far. And we have had very strong organic growth, I think partly because of where we’re positioned with the different products, the different end markets and even within the broad end markets, specifically which parts of those end markets that we participate in. And given the customer optimism, you know, their backlogs that we’re hearing about, you know, we expect demand to remain healthy.

Organic growth though could be tempered by supply availability, you know, next year, given tight supply, although we do feel that we should be able to get, you know, enough supply from the producers to be able to continue to outpace the industry. But we do have some pretty high hurdles to compare to next year. But we think there’s still a lot of opportunity for Reliance. And we think that our teams in the field, they’re motivated, they like to grow and they like to win, and we think we’ll continue to see market share gains.

Nick Cash (Analyst)

That’s extremely helpful. And I guess one more follow up sort of on that basis. But I guess the border wall project is gross margin dilutive, but pre-tax margin accretive, like you said, because the operating cost per ton is below the company average. Are you able to help quantify or help us understand the underlying SG&A leverage excluding the project? How much additional leverage is available if organic shipments can improve?

Carla Lewis (President and Chief Executive Officer)

Yeah, Nick, it would be a little difficult because we’re using existing infrastructure. Yeah, but the contribution certainly to SG&A leverage is meaningful from that project. And, I mean, I think you can make some certain deductions from the disclosures that we’ve provided to come up with an estimate on your own. But certainly it’s a meaningful contribution. And I think, Nick, even in 2025 and the beginning of 2026, as we were organically growing our tons, you can see some leverage that we were picking up before we had the additional border wall tons on the SG&A line. But there are some factors from an SG&A perspective which, you know, we’ve got higher incentive compensation expense because our profitability is higher and, you know, we’re highly structured to be paid for performance. And so we’re seeing increased expense there.

And then, you know, also with the significant increases in freight and fuel cost and just regular inflation on, you know, medical costs and things like that, we’re trying to offset that with some of those volume gains.

Nick Cash (Analyst)

Well, that’s very helpful, thank you, and I will pass it on.

OPERATOR

Thank you. Next question today is coming from Martin Englert from Seaport Research Partners. Your line is now live.

Martin Englert (Analyst)

Hello. Good day everyone. I had a question. I think the volume guide for 4Q implied something at the midpoint around 6% sequential, and that roughly seems to align with the five-year average. Are there any indications from customers that there could be a more muted seasonal decline this 4Q versus a normal year?

Carla Lewis (President and Chief Executive Officer)

I mean, I think given the strength of the market and the customer optimism we just talked about, Martin, I think if metal’s available, you know, there is potential. If our customers are busier, you know, as we’ve talked about I think every year in the fourth quarter, you know, we’re never certain how long some of our customers are going to shut down over the holidays. So if they choose to stay open more days than they have, you know, the last few years, we might see a more muted shipment level.

But, you know, our best estimate at this time is generally normal seasonality.

Steve Cook (Executive Vice President and Chief Operating Officer)

Yeah. And, Martin, you know, when we talk volumes, you know, we often lead with, you know, sequential numbers and in three out of four quarters it’s a downward trend. But what gets lost is the year-over-year growth. So when you sort of step back and look at year-over-year growth, Q4 of this year versus last, you know, you’re looking at, you know,

Carla Lewis (President and Chief Executive Officer)

5% plus, you know, growth. So I think that’s the, that’s the lens that I would, you know, use to look at this and not so much the, the sequential decline. And is that seasonality or not? It’s just in fourth quarter has fewer shipping days and more holidays. So, you know, you’re always going to have a decline. So anyway, I think we’re more focused on the year-over-year growth part.

Martin Englert (Analyst)

That’s all I had. Congratulations on the results.

Carla Lewis (President and Chief Executive Officer)

Thanks, Martin.

OPERATOR

Thank you. Next question is coming from Samuel McKinney from KeyBanc Capital Markets. Your line is now live.

Samuel McKinney (Analyst)

Hi, good morning. I’m going to follow up on Nick’s question. Just fighting the inflationary headwinds, the third quarter SG&A as a percent of sales was the lowest quarterly number you’ve posted in four years. Is this solely a function of the lower cost to serve on the border wall contract that saw higher volumes this quarter, or are you realizing other operational cost benefits within the business to highlight?

Arthur Ajemian (Chief Financial Officer)

Well, pricing is a big part of that. Right. So when you look at it as a percentage of sales, you know, as a business, we get tremendous operating leverage when we sell at higher prices. So that’s one. And then to the extent that we leverage our infrastructure and increase our volumes without adding too much incremental fixed costs, then that’s where we get that operating leverage from incremental volumes. So it’s a combination. So you have both of those factors playing out and supporting the improvement in the operating leverage that the business is getting.

Samuel McKinney (Analyst)

Okay. And then based on the reported commodity revenues and volumes, third quarter implied stainless pricing was up meaningfully versus the second quarter. Just talk about those dynamics and what you expect to see in that arena moving forward.

Steve Cook (Executive Vice President and Chief Operating Officer)

Stainless, there’s a little bit of mixed impact there. We have our semiconductor business picking up and the products that they sell, the average selling price is significantly higher just because of the value-added processing that we do there. But yeah, overall, I mean stainless across the commodities has not had similar types of price appreciation as carbon and aluminum. Although we’re seeing the commodity stainless grades kind of hold their own. And especially stainless grades, we think that they hit the bottom and we’re in the middle of restocking for our customer base.

Samuel McKinney (Analyst)

All right, thank you very much.

Carla Lewis (President and Chief Executive Officer)

Thank you.

OPERATOR

Thank you. As a reminder, that’s star one to be placed into the question queue. Our next question today is coming from Bennett Moore from JPMorgan. Your line is now live.

Bennett Moore (Analyst)

Good morning, Carla, Steve, Arthur, thank you for taking my question. Congrats on the strong quarter. Just in, I guess the context of the border wall contract. I’m wondering what your appetite is to pursue similar opportunities and, frankly, if there are similar opportunities out there that could align with this.

Carla Lewis (President and Chief Executive Officer)

Bennett, you know, the border wall project is, you know, larger than anything we’ve seen before. I don’t know of many other projects of that size, you know, for service center type business that are out there. We’re very happy that we were awarded this contract and it fit our profile of the capabilities we have along with kind of our financial metric profile that it was. We looked at it as a very strong piece of business for Reliance to. Would do more business like this if the opportunities were there and the profile fit.

Bennett Moore (Analyst)

Thank you for that. And then on the inventory side, it looks like the turns rose a bit further this quarter. Got some limited availability from your mill suppliers. Just wondering if you could speak to the company’s inventory positioning looking ahead here.

Carla Lewis (President and Chief Executive Officer)

Yeah, I mean we feel good about where our inventory levels are. You know, we always are focused on turning our inventory. And there has been a focus over the last couple of years too of really looking at any inventory that’s maybe been where we’ve been a little over-inventoried and how to adjust that. But certainly a tight market, you know, helps improve inventory turns. But we’re comfortable with the levels where we are.

Steve Cook (Executive Vice President and Chief Operating Officer)

Yeah, as lead times are extended, we’re keeping a close eye. We’re making sure that we’re not over-ordering. Double ordering. Prices are at pretty high levels. So we’re going to keep our conservative nature, continue to buy locally, buy regionally and buy what we need, trying to match customer demand.

Arthur Ajemian (Chief Financial Officer)

And just a little bit more color on overall working capital. You know, I mean while the total.

Bennett Moore (Analyst)

That’s a great context, Arthur. And then if I could just squeeze one real quick, you guys talked about rising pricing for most carbon steel products. So just kind of wondering which buckets may be lagging behind a bit.

Lawson (Analyst)

Thank you, operator, and good morning. Carla, Stephen and Arthur, thank you for today’s presentation and, of course, for fitting me in. If I could just follow up on the border wall question. Thank you for the color around that and the fact that you believe it is starting to hit its run rate. What about sustainability? How should we think about how long that business can sustain those Q3 run rates?

Carla Lewis (President and Chief Executive Officer)

Good morning, Lawson. So as we mentioned, border wall, which the award was on, $5 billion, which we are executing under right now, the initial expectation was for that to run through Q2 2027, and at the run rate we’re at, we think sometime in Q2 we’ll fulfill the first phase of this. The second phase of the project was $800 million, but that had not been secured or fully executed at the time. Although we felt that the probability is high that the government would execute phase two.

And we have, although still in progress, started to receive bookings under phase two. So we’re at over half of the estimated $800 million phase two with orders already secured for over half of that. So, you know, we think this should run through 2027. Depending if they execute the full amount of phase two, it could run into early 2028 and just a little bit more color on phase one, as Carla said.

Arthur Ajemian (Chief Financial Officer)

So when you look at year to date through Q3, in fact, they’re in our Q4 guide for the border wall contributions. That’ll probably put us roughly halfway through the phase one. And again, depending on, you know, the run rate and how fast the supply chain is able to absorb the quantities and install at that run rate, that takes us through mid-2027-ish to wrap up phase one.

Lawson (Analyst)

Okay. Wow. First of all, yeah, that’s very helpful. Just following up on a comment or sort of tangentially picking up on something you said there. So obviously the border wall, that all has to be American-made steel, but, I mean, given the supply constraints that you’re seeing in the market, is there an increasing propensity to consider imported steel for those customers where made in America isn’t necessarily a requirement?

Steve Cook (Executive Vice President and Chief Operating Officer)

So we’ve always tried to buy the majority of our material domestically for reasons we want to support U.S. manufacturing, we want to be able to control our inventory lead times. There are some traditional import markets: the West Coast on flat-rolled, the Gulf region. We brought some material in. Whether it’s long products or flat-rolled, there are opportunities out there, but we’re all in with our domestic suppliers. We work with them side by side.

And we’re going to continue with our business model. There are certain areas where we do have to bring in certain materials, but we’re going to kind of stay the course.

Carla Lewis (President and Chief Executive Officer)

And I think, Lawson, on a broader industry perspective, while you can just look at the price and see the numbers and maybe say it would make sense to start to see a lot more import come in, I think industry-wide people are more hesitant to do that. There’s risk with the time involved. There are a lot of higher costs for freight right now, uncertainty because of some of the events going on in the world. So, you know, we believe people are being more thoughtful and that there will be, you know, some import material brought in, including by us, as Steve said, but, you know, we don’t believe that.

So we saw some pickup there but, you know, fairly broad based, especially like I said on the carbon side, you know, plate, long products, really just encouraging our teams and it’s not just about tons gains. It’s also balancing with the profitability and going after the right pieces of business, and we think our teams have been doing a very good job of balancing that and we hope that we’re winning business because of our high levels of customer service and really being able to provide solutions to our customers and helping them.

Lawson (Analyst)

Thank you very much.

OPERATOR

Thank you. We reached the end of our question and answer session. I’d like to turn the floor back over for any further closing comments.

Carla Lewis (President and Chief Executive Officer)

Once again we would like to thank everyone for joining us today and continuing to support Reliance. As we mentioned earlier, we’re very thankful to our teams across Reliance, all of our Reliance family members who make it happen every day and keep our people safe. We appreciate all of your efforts and we’re excited about the opportunities ahead and we look forward to updating you on our continued progress. So thanks everyone and goodbye.

OPERATOR

Thank you. That does conclude today’s teleconference. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.