Ryerson Reports Fourth Quarter and Full Year 2023 Results
Quarterly business highlights include three acquisitions and tenth consecutive increase in quarterly dividend. Results include strong cash flow generation and continued investment in organic growth initiatives, including the
Highlights:
- Achieved fourth quarter Net Income attributable to
Ryerson Holding Corporation of$26 million and Adjusted EBITDA1, excluding LIFO of$26 million - Delivered fourth quarter Diluted Earnings Per Share of
$0.74 on revenue of$1.1 billion - Generated fourth quarter Operating Cash Flow of
$90 million and Free Cash Flow of$65 million - Acquired three businesses in the fourth quarter, two value-added processors,
Norlen Incorporated ("Norlen") and TSA Processing ("TSA "), as well as a tool steel processor and distributor,Hudson Tool Steel Corporation ("Hudson") - Published 2023 Sustainability Report
- Announced first quarter 2024 dividend of
$0.1875 per share, our tenth consecutive dividend increase - Maintained fourth-quarter Net Leverage ratio within target range at 1.7x, with debt of
$436 million and net debt2 of$382 million as ofDecember 31, 2023 - Earned full-year Net Income attributable to
Ryerson Holding Corporation of$146 million and Adjusted EBITDA1, excluding LIFO of$231 million - Delivered full-year Diluted Earnings Per Share of
$4.10 on revenue of$5.1 billion - Generated full-year Operating Cash Flow of
$365 million and Free Cash Flow of$244 million - Completed second year of an investment cycle in next-stage operating model growth and shareholder returns through cumulative investments of
$422 million in acquisitions and capex and returns to shareholders of$209 million in share buybacks and dividends since 2022
$ in millions, except tons (in thousands), average selling prices, and earnings per share |
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Financial Highlights: |
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Q4 2023 |
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Q3 2023 |
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Q4 2022 |
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QoQ |
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YoY |
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2023 |
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2022 |
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YoY |
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Revenue |
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(10.8) % |
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(13.6) % |
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(19.2) % |
Tons shipped |
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450 |
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478 |
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465 |
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(5.9) % |
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(3.2) % |
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1,943 |
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2,029 |
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(4.2) % |
Average selling price/ton |
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(5.2) % |
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(10.8) % |
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(15.7) % |
Gross margin |
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22.2 % |
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20.0 % |
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12.7 % |
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220 bps |
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950 bps |
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20.0 % |
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20.7 % |
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-70 bps |
Gross margin, excl. LIFO |
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16.9 % |
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17.3 % |
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15.3 % |
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-40 bps |
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160 bps |
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18.1 % |
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19.8 % |
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-170 bps |
Warehousing, delivery, selling, general, and |
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5.5 % |
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6.9 % |
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7.9 % |
As a percentage of revenue |
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18.3 % |
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15.5 % |
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14.8 % |
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280 bps |
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350 bps |
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15.5 % |
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11.6 % |
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390 bps |
Net income (loss) attributable to |
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(26.3) % |
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(207.1) % |
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(62.7) % |
Diluted earnings (loss) per share |
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Adjusted diluted earnings (loss) per share |
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Adj. EBITDA, excl. LIFO |
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(42.4) % |
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(9.8) % |
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(60.3) % |
Adj. EBITDA, excl. LIFO margin |
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2.3 % |
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3.6 % |
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2.2 % |
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-130 bps |
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10 bps |
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4.5 % |
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9.2 % |
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-470 bps |
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Balance Sheet and Cash Flow Highlights: |
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Total debt |
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19.3 % |
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18.9 % |
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18.9 % |
Cash and cash equivalents |
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45.2 % |
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38.5 % |
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38.5 % |
Net debt |
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16.3 % |
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16.6 % |
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16.6 % |
Net debt / LTM Adj. EBITDA, excl. LIFO |
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1.7x |
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1.4x |
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0.6x |
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0.3x |
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1.1x |
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1.7x |
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0.6x |
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1.1x |
Cash conversion cycle (days) |
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84.6 |
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78.3 |
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91.6 |
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6.3 |
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(7.0) |
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79.3 |
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80.9 |
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(1.6) |
Net cash provided by (used in) operating |
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A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
Management Commentary
Over the fourth quarter and the entire year, as we carried out our investments in modernization, integration, and expansion, our business operated against a backdrop of slowing manufacturing activity. You could say the sun wasn't shining on our addressable markets as full-year industry stainless volumes corrected down 14% and nickel traded down by more than 40%, while other industrial metal-consuming verticals to which we have less exposure performed better, such as automotive, aerospace, defense and non-residential construction. Fourth quarter volumes decreased across most of our end-markets due to holiday seasonality and ongoing destocking across non-ferrous product lines. For the full-year 2023, our end-market volumes mainly increased in our commercial ground transportation and oil & gas end-markets, while decreasing across most other industrial and consumer end-markets. Despite moving through a counter-cyclical bottom across the majority of our commercial book of business, we continue to believe that our aforementioned investments in our next-gen operating model will position us to deliver higher thru-the-cycle earnings to our shareholders with less volatility as we inflect to an anticipated industry upturn as well as expected longer-term secular growth drivers in North American manufacturing."
Fourth Quarter Results
Ryerson generated revenue of
Gross margin expanded sequentially by 220 basis points to 22.2% in the fourth quarter of 2023, compared to 20.0% in the third quarter. Gross margins reflected LIFO income of
Warehousing, delivery, selling, general and administrative expenses increased 5.5% to
Net income attributable to
Liquidity & Debt Management
Ryerson generated
Shareholder Return Activity
Dividends. On
Share Repurchase. Ryerson repurchased 219,614 shares for
Outlook Commentary
For the first quarter of 2024, Ryerson expects normal seasonal demand conditions, with customer shipments expected to increase approximately 8% to 10%, quarter-over-quarter. The Company anticipates first-quarter revenue to be in the range of
Fourth Quarter 2023 Major Product Metrics |
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Q4 2023 |
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Q3 2023 |
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Q4 2022 |
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Quarter-over- |
Year-over-year |
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Carbon Steel |
$ |
575 |
$ |
647 |
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$ |
684 |
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(11.1) % |
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(15.9) % |
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Aluminum |
$ |
241 |
$ |
273 |
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$ |
269 |
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(11.7) % |
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(10.4) % |
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Stainless Steel |
$ |
271 |
$ |
304 |
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$ |
313 |
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(10.9) % |
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(13.4) % |
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Tons Shipped (thousands) |
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Q4 2023 |
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Q3 2023 |
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Q4 2022 |
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Quarter-over- |
Year-over-year |
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Carbon Steel |
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347 |
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371 |
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365 |
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(6.5) % |
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(4.9) % |
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Aluminum |
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48 |
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49 |
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45 |
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(2.0) % |
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6.7 % |
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Stainless Steel |
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52 |
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55 |
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52 |
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(5.5) % |
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— |
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Average Selling Prices (per ton) |
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Q4 2023 |
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Q3 2023 |
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Q4 2022 |
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Quarter-over- |
Year-over-year |
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Carbon Steel |
$ |
1,657 |
$ |
1,744 |
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$ |
1,874 |
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(5.0) % |
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(11.6) % |
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Aluminum |
$ |
5,021 |
$ |
5,571 |
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$ |
5,978 |
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(9.9) % |
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(16.0) % |
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Stainless Steel |
$ |
5,212 |
$ |
5,527 |
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$ |
6,019 |
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(5.7) % |
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(13.4) % |
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Full Year 2023 Major Product Metrics |
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2023 |
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2022 |
Year-over-year |
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Carbon Steel |
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$ |
2,597 |
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$ |
3,371 |
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(23.0) % |
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Aluminum |
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$ |
1,121 |
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$ |
1,235 |
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(9.2) % |
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Stainless Steel |
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$ |
1,291 |
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$ |
1,625 |
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(20.6) % |
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Tons Shipped (thousands) |
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2023 |
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2022 |
Year-over-year |
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Carbon Steel |
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1,504 |
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1,583 |
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(5.0) % |
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Aluminum |
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200 |
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195 |
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2.6 % |
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Stainless Steel |
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229 |
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242 |
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(5.4) % |
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Average Selling Prices (per ton) |
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2023 |
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2022 |
Year-over-year |
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Carbon Steel |
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$ |
1,727 |
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$ |
2,130 |
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(18.9) % |
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Aluminum |
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$ |
5,605 |
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$ |
6,333 |
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(11.5) % |
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Stainless Steel |
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$ |
5,638 |
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$ |
6,715 |
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(16.0) % |
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Earnings Call Information
Ryerson will host a conference call to discuss fourth quarter and full-year 2023 financial results for the period ended
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in
Notes:
1For EBITDA, Adjusted EBITDA and Adjusted EBITDA excluding LIFO please see Schedule 2
2Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or buy, or a solicitation of an offer to buy, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or buy, or a solicitation of an offer to buy, any Security in
Safe Harbor Provision
Certain statements made in this release and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "objectives," "goals," "preliminary," "range," "believes," "expects," "may," "estimates," "will," "should," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented metals industry in which we operate; the impact of geopolitical events; fluctuating metal prices; our indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
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Selected Income and Cash Flow Data - Unaudited |
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(Dollars and Shares in Millions, except Per Share and Per Ton Data) |
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Third |
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Fourth Quarter |
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Quarter |
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Year Ended |
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2023 |
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2022 |
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2023 |
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2023 |
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2022 |
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$ |
1,112.4 |
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$ |
1,288.2 |
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$ |
1,246.7 |
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$ |
5,108.7 |
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$ |
6,323.6 |
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Cost of materials sold |
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865.2 |
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1,125.1 |
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|
997.4 |
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4,087.1 |
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5,013.5 |
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Gross profit |
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247.2 |
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163.1 |
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249.3 |
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1,021.6 |
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1,310.1 |
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Warehousing, delivery, selling, general, and administrative |
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203.7 |
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190.5 |
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193.0 |
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793.5 |
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735.2 |
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Gain on sale of assets |
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— |
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— |
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— |
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— |
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(3.8) |
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OPERATING PROFIT (LOSS) |
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43.5 |
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(27.4) |
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56.3 |
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228.1 |
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578.7 |
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Other income and (expense), net (1) |
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(0.5) |
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(0.3) |
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1.2 |
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0.3 |
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(22.6) |
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Interest and other expense on debt |
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(9.5) |
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(7.0) |
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(9.3) |
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(34.7) |
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(33.2) |
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INCOME (LOSS) BEFORE INCOME TAXES |
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33.5 |
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(34.7) |
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48.2 |
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193.7 |
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522.9 |
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Provision (benefit) for income taxes |
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7.5 |
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(10.9) |
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12.9 |
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47.3 |
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131.4 |
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NET INCOME (LOSS) |
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26.0 |
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(23.8) |
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35.3 |
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146.4 |
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391.5 |
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Less: Net income attributable to noncontrolling interest |
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0.2 |
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0.3 |
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0.3 |
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0.7 |
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0.5 |
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NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON |
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$ |
25.8 |
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$ |
(24.1) |
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$ |
35.0 |
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$ |
145.7 |
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$ |
391.0 |
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EARNINGS (LOSS) PER SHARE |
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Basic |
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$ |
0.76 |
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$ |
(0.65) |
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$ |
1.02 |
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$ |
4.17 |
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$ |
10.41 |
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Diluted |
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$ |
0.74 |
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$ |
(0.65) |
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$ |
1.00 |
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$ |
4.10 |
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$ |
10.21 |
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Shares outstanding - basic |
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|
34.1 |
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|
37.0 |
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34.3 |
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|
35.0 |
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|
37.6 |
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Shares outstanding - diluted |
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|
34.7 |
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|
37.0 |
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|
34.9 |
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35.6 |
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38.3 |
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Dividends declared per share |
|
$ |
0.185 |
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$ |
0.16 |
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$ |
0.1825 |
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$ |
0.7175 |
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$ |
0.535 |
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Supplemental Data : |
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Tons shipped (000) |
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450 |
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465 |
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|
478 |
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1,943 |
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2,029 |
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Shipping days |
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|
60 |
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|
60 |
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|
|
63 |
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|
|
251 |
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|
251 |
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Average selling price/ton |
|
$ |
2,472 |
|
|
$ |
2,770 |
|
|
$ |
2,608 |
|
|
$ |
2,629 |
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$ |
3,117 |
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Gross profit/ton |
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|
549 |
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|
|
351 |
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|
|
522 |
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|
|
526 |
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|
|
646 |
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Operating profit (loss)/ton |
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|
97 |
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(59) |
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|
|
118 |
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|
117 |
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|
|
285 |
|
LIFO expense (income) per ton |
|
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(132) |
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|
|
74 |
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(70) |
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(50) |
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|
(29) |
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LIFO expense (income) |
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|
(59.3) |
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|
34.6 |
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|
(33.4) |
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|
|
(97.7) |
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|
(58.1) |
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Depreciation and amortization expense |
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20.1 |
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|
16.5 |
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|
13.6 |
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|
62.5 |
|
|
|
59.0 |
|
Cash flow provided by operating activities |
|
|
90.1 |
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|
|
181.6 |
|
|
|
79.3 |
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|
|
365.1 |
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|
501.2 |
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Capital expenditures |
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|
(25.4) |
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|
|
(33.9) |
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|
|
(22.4) |
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|
|
(121.9) |
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(105.1) |
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(1) The year 2022 includes a |
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See Schedule 1 for Condensed Consolidated Balance Sheets |
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See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation |
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See Schedule 3 for Adjusted EPS reconciliation |
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See Schedule 4 for Free Cash Flow reconciliation |
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See Schedule 5 for First Quarter 2024 Guidance reconciliation |
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Schedule 1 |
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|||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
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|||||||
Condensed Consolidated Balance Sheets |
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(In millions, except shares) |
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||
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||
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2023 |
|
|
2022 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
54.3 |
|
|
$ |
39.2 |
|
Restricted cash |
|
|
1.1 |
|
|
|
1.3 |
|
Receivables, less provisions of |
|
|
467.7 |
|
|
|
514.4 |
|
Inventories |
|
|
782.5 |
|
|
|
798.5 |
|
Prepaid expenses and other current assets |
|
|
77.8 |
|
|
|
88.2 |
|
Total current assets |
|
|
1,383.4 |
|
|
|
1,441.6 |
|
Property, plant, and equipment, at cost |
|
|
1,071.5 |
|
|
|
898.6 |
|
Less: accumulated depreciation |
|
|
481.9 |
|
|
|
440.2 |
|
Property, plant, and equipment, net |
|
|
589.6 |
|
|
|
458.4 |
|
Operating lease assets |
|
|
349.4 |
|
|
|
240.5 |
|
Other intangible assets |
|
|
73.7 |
|
|
|
50.9 |
|
|
|
|
157.8 |
|
|
|
129.2 |
|
Deferred charges and other assets |
|
|
15.7 |
|
|
|
13.7 |
|
Total assets |
|
$ |
2,569.6 |
|
|
$ |
2,334.3 |
|
Liabilities |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
463.4 |
|
|
$ |
438.4 |
|
Salaries, wages, and commissions |
|
|
51.9 |
|
|
|
67.3 |
|
Other accrued liabilities |
|
|
75.9 |
|
|
|
77.7 |
|
Short-term debt |
|
|
8.2 |
|
|
|
5.8 |
|
Current portion of operating lease liabilities |
|
|
30.5 |
|
|
|
25.2 |
|
Current portion of deferred employee benefits |
|
|
4.0 |
|
|
|
4.8 |
|
Total current liabilities |
|
|
633.9 |
|
|
|
619.2 |
|
Long-term debt |
|
|
428.3 |
|
|
|
361.2 |
|
Deferred employee benefits |
|
|
106.7 |
|
|
|
118.0 |
|
Noncurrent operating lease liabilities |
|
|
336.8 |
|
|
|
215.1 |
|
Deferred income taxes |
|
|
135.5 |
|
|
|
113.5 |
|
Other noncurrent liabilities |
|
|
13.9 |
|
|
|
14.3 |
|
Total liabilities |
|
|
1,655.1 |
|
|
|
1,441.3 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
0.4 |
|
|
|
0.4 |
|
Capital in excess of par value |
|
|
411.6 |
|
|
|
397.7 |
|
Retained earnings |
|
|
813.2 |
|
|
|
692.5 |
|
|
|
|
(179.3) |
|
|
|
(61.1) |
|
Accumulated other comprehensive loss |
|
|
(140.0) |
|
|
|
(144.4) |
|
Total Ryerson Holding Corporation Stockholders' Equity |
|
|
905.9 |
|
|
|
885.1 |
|
Noncontrolling interest |
|
|
8.6 |
|
|
|
7.9 |
|
Total Equity |
|
|
914.5 |
|
|
|
893.0 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
2,569.6 |
|
|
$ |
2,334.3 |
|
|
Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, benefit plan curtailment gain, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of |
Schedule 3 |
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|||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
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Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings |
|
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(Dollars and Shares in Millions, Except Per Share Data) |
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Third |
|
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|||||
|
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Fourth Quarter |
|
|
Quarter |
|
|
Year Ended |
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|||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to |
|
$ |
25.8 |
|
|
$ |
(24.1) |
|
|
$ |
35.0 |
|
|
$ |
145.7 |
|
|
$ |
391.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on bargain purchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6) |
|
Gain on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.8) |
|
Loss on retirement of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.3 |
|
Benefit plan curtailment gain |
|
|
(0.8) |
|
|
|
— |
|
|
|
— |
|
|
|
(0.8) |
|
|
|
— |
|
Provision (benefit) for income taxes |
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
(4.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income (loss) attributable to |
|
$ |
25.2 |
|
|
$ |
(24.1) |
|
|
$ |
35.0 |
|
|
$ |
145.1 |
|
|
$ |
403.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted diluted earnings (loss) per share |
|
$ |
0.73 |
|
|
$ |
(0.65) |
|
|
$ |
1.00 |
|
|
$ |
4.08 |
|
|
$ |
10.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shares outstanding - diluted |
|
|
34.7 |
|
|
|
37.0 |
|
|
|
34.9 |
|
|
|
35.6 |
|
|
|
38.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with |
|
|||||||||||||||||||
|
|
|
|
|
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|
|||||
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|
|||||
Schedule 4 |
|
|||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||||||||||
Cash Flow from Operations to Free Cash Flow Yield |
|
|||||||||||||||||||
(Dollars in Millions) |
|
|||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
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|
|||||
|
|
|
|
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|
|
|
Third |
|
|
|
|
|
|
|
|||||
|
|
Fourth Quarter |
|
|
Quarter |
|
|
Year Ended |
|
|||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities |
|
$ |
90.1 |
|
|
$ |
181.6 |
|
|
$ |
79.3 |
|
|
$ |
365.1 |
|
|
$ |
501.2 |
|
Capital expenditures |
|
|
(25.4) |
|
|
|
(33.9) |
|
|
|
(22.4) |
|
|
|
(121.9) |
|
|
|
(105.1) |
|
Proceeds from sales of property, plant, and equipment |
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
8.0 |
|
Free cash flow |
|
$ |
65.1 |
|
|
$ |
147.7 |
|
|
$ |
56.9 |
|
|
$ |
243.7 |
|
|
$ |
404.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Market capitalization |
|
$ |
1,180.4 |
|
|
$ |
1,119.3 |
|
|
$ |
996.5 |
|
|
$ |
1,180.4 |
|
|
$ |
1,119.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Free cash flow yield |
|
|
5.5 |
% |
|
|
13.2 |
% |
|
|
5.7 |
% |
|
|
20.6 |
% |
|
|
36.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: Market capitalization is calculated using |
|
Schedule 5 |
||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
||||
Reconciliation of First Quarter 2024 Net Income Attributable to |
||||
(Dollars in Millions, except Per Share Data) |
||||
|
|
First Quarter 2024 |
||
|
|
Low |
|
High |
Net income attributable to |
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
Interest and other expense on debt |
|
10 |
|
10 |
Provision for income taxes |
|
3 |
|
4 |
Depreciation and amortization expense |
|
17 |
|
17 |
EBITDA |
|
|
|
|
Adjustments |
|
20 |
|
20 |
Adjusted EBITDA |
|
|
|
|
LIFO income |
|
— |
|
— |
Adjusted EBITDA, excluding LIFO |
|
|
|
|
|
|
|
|
|
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. |
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/ryerson-reports-fourth-quarter-and-full-year-2023-results-302068144.html
SOURCE