Ryerson Reports First Quarter 2024 Results
Quarterly business highlights include start-up of operations at
Highlights:
- Earned Revenue of
$1.24 billion on 497,000 tons shipped and average selling price of$2,493 per ton. - Net Loss attributable to
Ryerson Holding Corporation of$7.6 million with Adjusted EBITDA1, excluding LIFO of$40.2 million as counter-cyclical industry conditions persisted and transitory operating expenses related to capital expenditures, acquisitions and ERP system conversions occurred through the quarter. - Debt of
$497 million and net debt2 of$455 million as ofMarch 31, 2024 , compared to$436 million and$382 million , respectively, onDecember 31, 2023 . - Started operations at
University Park, IL service center and completed Enterprise Resource Planning ("ERP") conversion and integration program that began in 2022 covering 31 service centers, of which 17 service centers were converted from 2023 through the first quarter of 2024. - Announced
$40 million in expected annualized cost reductions through targeted reductions in force and network cost-outs as Ryerson begins pivoting from its investment program to integrating, optimizing, and generating expected returns on investments in acquisitions and capital expenditures moving through the balance of 2024 and into 2025. As such Ryerson expects capital expenditures to come in at plan in 2024 of$110 million with expected capital expenditures in 2025 of$50 million .
$ in millions, except tons (in thousands), average selling prices, and earnings per share |
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Financial Highlights: |
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Q1 2024 |
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Q4 2023 |
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Q1 2023 |
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QoQ |
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YoY |
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Revenue |
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$ |
1,239.2 |
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$ |
1,112.4 |
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$ |
1,406.1 |
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11.4 |
% |
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(11.9) |
% |
Tons shipped |
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497 |
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450 |
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519 |
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10.4 |
% |
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(4.2) |
% |
Average selling price/ton |
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$ |
2,493 |
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$ |
2,472 |
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$ |
2,709 |
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0.8 |
% |
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(8.0) |
% |
Gross margin |
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17.6 |
% |
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22.2 |
% |
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18.8 |
% |
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-460 bps |
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-120 bps |
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Gross margin, excl. LIFO |
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17.6 |
% |
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16.9 |
% |
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19.1 |
% |
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70 bps |
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-150 bps |
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Warehousing, delivery, selling, general, and administrative expenses |
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$ |
216.8 |
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$ |
203.7 |
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$ |
194.2 |
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6.4 |
% |
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11.6 |
% |
As a percentage of revenue |
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17.5 |
% |
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18.3 |
% |
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13.8 |
% |
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-80 bps |
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370 bps |
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Net income (loss) attributable to |
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$ |
(7.6) |
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$ |
25.8 |
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$ |
47.3 |
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(129.5) |
% |
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(116.1) |
% |
Diluted earnings (loss) per share |
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$ |
(0.22) |
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$ |
0.74 |
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$ |
1.27 |
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$ |
(0.96) |
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$ |
(1.49) |
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Adjusted diluted earnings (loss) per share |
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$ |
(0.18) |
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$ |
0.73 |
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$ |
1.27 |
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$ |
(0.91) |
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$ |
(1.45) |
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Adj. EBITDA, excl. LIFO |
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$ |
40.2 |
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$ |
25.9 |
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$ |
90.1 |
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55.2 |
% |
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(55.4) |
% |
Adj. EBITDA, excl. LIFO margin |
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3.2 |
% |
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2.3 |
% |
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6.4 |
% |
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90 bps |
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-320 bps |
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Balance Sheet and Cash Flow Highlights: |
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Total debt |
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$ |
497.3 |
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$ |
436.5 |
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$ |
395.1 |
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13.9 |
% |
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25.9 |
% |
Cash and cash equivalents |
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$ |
41.9 |
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$ |
54.3 |
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$ |
43.7 |
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(22.8) |
% |
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(4.1) |
% |
Net debt |
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$ |
455.4 |
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$ |
382.2 |
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$ |
351.4 |
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19.2 |
% |
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29.6 |
% |
Net debt / LTM Adj. EBITDA, excl. LIFO |
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2.5x |
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1.7x |
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0.8x |
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0.8x |
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1.7x |
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Cash conversion cycle (days) |
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75.6 |
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84.6 |
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77.4 |
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(9.0) |
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(1.8) |
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Net cash provided by (used in) operating activities |
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$ |
(47.8) |
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$ |
90.1 |
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$ |
80.4 |
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$ |
(137.9) |
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$ |
(128.2) |
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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
During the first quarter of 2024, we met our guidance range for revenue and shipments but missed on earnings per share and Adjusted EBITDA, excluding LIFO. The variance from guidance was partially due to lower than expected gross margins as commodity price moving averages for our carbon and stainless product franchises declined through the quarter before inflecting positively toward the end of the quarter. Additionally, our results differing from guidance expectations was also partially attributable to transitory operating expenses as a by-product of a record investment cycle in fixed assets, digitalization and acquisitions, which is migrating to more normative and targeted levels. As we move through the third year of our operating model investment program, it is time to begin the integration and optimization phase of our operating model renovation. As such, we are targeting
First Quarter Results
Ryerson generated net sales of
Gross margin contracted sequentially by 460 basis points to 17.6% in the first quarter of 2024, compared to 22.2% in the fourth quarter of 2023, primarily driven by
Warehousing, delivery, selling, general and administrative expenses increased 6.4% to
Net loss attributable to
Liquidity & Debt Management
Ryerson used
Shareholder Return Activity
Dividends. On
Share Repurchase. Ryerson repurchased 30,120 shares for
Outlook Commentary
For the second quarter of 2024, Ryerson expects customer shipments to increase 1% to 3%, quarter-over-quarter. The Company anticipates second quarter net sales to be in the range of
First Quarter 2024 Major Product Metrics |
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Q1 2024 |
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Q4 2023 |
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Q1 2023 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
$ |
645 |
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$ |
575 |
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$ |
692 |
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12.2 % |
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(6.8) % |
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Aluminum |
$ |
276 |
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$ |
241 |
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$ |
310 |
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14.5 % |
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(11.0) % |
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Stainless Steel |
$ |
297 |
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$ |
271 |
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$ |
378 |
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9.6 % |
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(21.4) % |
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Tons Shipped (thousands) |
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Q1 2024 |
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Q4 2023 |
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Q1 2023 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
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385 |
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347 |
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402 |
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11.0 % |
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(4.2) % |
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Aluminum |
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50 |
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48 |
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52 |
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4.2 % |
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(3.8) % |
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Stainless Steel |
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61 |
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52 |
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63 |
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17.3 % |
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(3.2) % |
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Average Selling Prices (per ton) |
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Q1 2024 |
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Q4 2023 |
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Q1 2023 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
$ |
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1,675 |
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$ |
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1,657 |
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$ |
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1,721 |
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1.1 % |
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(2.7) % |
Aluminum |
$ |
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5,520 |
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$ |
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5,021 |
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$ |
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5,962 |
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9.9 % |
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(7.4) % |
Stainless Steel |
$ |
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4,869 |
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$ |
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5,212 |
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$ |
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6,000 |
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(6.6) % |
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(18.9) % |
Earnings Call Information
Ryerson will host a conference call to discuss first quarter 2024 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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Fourth |
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First Quarter |
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Quarter |
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2024 |
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2023 |
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2023 |
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$ |
1,239.2 |
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$ |
1,406.1 |
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$ |
1,112.4 |
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Cost of materials sold |
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1,021.6 |
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1,141.9 |
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865.2 |
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Gross profit |
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217.6 |
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264.2 |
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247.2 |
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Warehousing, delivery, selling, general, and administrative |
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216.8 |
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194.2 |
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203.7 |
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OPERATING PROFIT |
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0.8 |
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70.0 |
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43.5 |
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Other income and (expense), net |
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(0.2) |
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(0.1) |
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(0.5) |
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Interest and other expense on debt |
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(10.1) |
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(7.6) |
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(9.5) |
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INCOME (LOSS) BEFORE INCOME TAXES |
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(9.5) |
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62.3 |
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33.5 |
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Provision (benefit) for income taxes |
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(2.1) |
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14.8 |
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7.5 |
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NET INCOME (LOSS) |
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(7.4) |
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47.5 |
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26.0 |
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Less: Net income attributable to noncontrolling interest |
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0.2 |
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0.2 |
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0.2 |
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NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION |
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$ |
(7.6) |
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$ |
47.3 |
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$ |
25.8 |
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EARNINGS (LOSS) PER SHARE |
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Basic |
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$ |
(0.22) |
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$ |
1.30 |
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$ |
0.76 |
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Diluted |
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$ |
(0.22) |
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$ |
1.27 |
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$ |
0.74 |
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Shares outstanding - basic |
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34.0 |
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36.5 |
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34.1 |
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Shares outstanding - diluted |
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34.0 |
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37.2 |
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34.7 |
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Dividends declared per share |
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$ |
0.1875 |
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$ |
0.17 |
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$ |
0.185 |
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Supplemental Data : |
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Tons shipped (000) |
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497 |
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519 |
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450 |
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Shipping days |
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64 |
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64 |
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60 |
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Average selling price/ton |
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$ |
2,493 |
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$ |
2,709 |
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$ |
2,472 |
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Gross profit/ton |
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438 |
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|
509 |
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|
549 |
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Operating profit/ton |
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2 |
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135 |
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97 |
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LIFO expense (income) per ton |
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2 |
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8 |
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(132) |
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LIFO expense (income) |
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1.0 |
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4.0 |
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(59.3) |
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Depreciation and amortization expense |
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17.4 |
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13.7 |
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20.1 |
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Cash flow provided by (used in) operating activities |
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(47.8) |
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80.4 |
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90.1 |
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Capital expenditures |
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(21.8) |
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(27.8) |
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(25.4) |
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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 Second 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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2024 |
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2023 |
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Assets |
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(unaudited) |
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Current assets: |
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Cash and cash equivalents |
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$ |
41.9 |
|
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$ |
54.3 |
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Restricted cash |
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|
1.1 |
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|
1.1 |
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Receivables, less provisions of |
|
|
548.5 |
|
|
|
467.7 |
|
Inventories |
|
|
841.2 |
|
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|
782.5 |
|
Prepaid expenses and other current assets |
|
|
92.6 |
|
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|
77.8 |
|
Total current assets |
|
|
1,525.3 |
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|
1,383.4 |
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Property, plant, and equipment, at cost |
|
|
1,081.2 |
|
|
|
1,071.5 |
|
Less: accumulated depreciation |
|
|
486.5 |
|
|
|
481.9 |
|
Property, plant, and equipment, net |
|
|
594.7 |
|
|
|
589.6 |
|
Operating lease assets |
|
|
353.0 |
|
|
|
349.4 |
|
Other intangible assets |
|
|
71.1 |
|
|
|
73.7 |
|
|
|
|
161.0 |
|
|
|
157.8 |
|
Deferred charges and other assets |
|
|
15.1 |
|
|
|
15.7 |
|
Total assets |
|
$ |
2,720.2 |
|
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$ |
2,569.6 |
|
Liabilities |
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Current liabilities: |
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Accounts payable |
|
$ |
580.0 |
|
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$ |
463.4 |
|
Salaries, wages, and commissions |
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|
39.2 |
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|
51.9 |
|
Other accrued liabilities |
|
|
71.8 |
|
|
|
75.9 |
|
Short-term debt |
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|
3.7 |
|
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|
8.2 |
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Current portion of operating lease liabilities |
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|
30.3 |
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|
30.5 |
|
Current portion of deferred employee benefits |
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|
4.0 |
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|
4.0 |
|
Total current liabilities |
|
|
729.0 |
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|
|
633.9 |
|
Long-term debt |
|
|
493.6 |
|
|
|
428.3 |
|
Deferred employee benefits |
|
|
105.5 |
|
|
|
106.7 |
|
Noncurrent operating lease liabilities |
|
|
341.8 |
|
|
|
336.8 |
|
Deferred income taxes |
|
|
140.5 |
|
|
|
135.5 |
|
Other noncurrent liabilities |
|
|
12.6 |
|
|
|
13.9 |
|
Total liabilities |
|
|
1,823.0 |
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|
|
1,655.1 |
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Commitments and contingencies |
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Equity |
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Preferred stock,
|
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— |
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|
— |
|
Common stock,
shares issued at |
|
|
0.4 |
|
|
|
0.4 |
|
Capital in excess of par value |
|
|
415.1 |
|
|
|
411.6 |
|
Retained earnings |
|
|
799.2 |
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|
|
813.2 |
|
shares at |
|
|
(184.0) |
|
|
|
(179.3) |
|
Accumulated other comprehensive loss |
|
|
(142.2) |
|
|
|
(140.0) |
|
Total Ryerson Holding Corporation Stockholders' Equity |
|
|
888.5 |
|
|
|
905.9 |
|
Noncontrolling interest |
|
|
8.7 |
|
|
|
8.6 |
|
Total Equity |
|
|
897.2 |
|
|
|
914.5 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
2,720.2 |
|
|
$ |
2,569.6 |
|
|
|
|
|
|
|
|
Schedule 2 |
|
|||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||
Reconciliations of Net Income (Loss) Attributable to |
|
|||||||||||
(Dollars in millions) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Fourth |
|
|||
|
|
First Quarter |
|
|
Quarter |
|
||||||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) attributable to |
|
$ |
(7.6) |
|
|
$ |
47.3 |
|
|
$ |
25.8 |
|
Interest and other expense on debt |
|
|
10.1 |
|
|
|
7.6 |
|
|
|
9.5 |
|
Provision (benefit) for income taxes |
|
|
(2.1) |
|
|
|
14.8 |
|
|
|
7.5 |
|
Depreciation and amortization expense |
|
|
17.4 |
|
|
|
13.7 |
|
|
|
20.1 |
|
EBITDA |
|
$ |
17.8 |
|
|
$ |
83.4 |
|
|
$ |
62.9 |
|
Reorganization |
|
|
20.1 |
|
|
|
1.8 |
|
|
|
21.0 |
|
Pension settlement loss |
|
|
2.2 |
|
|
|
— |
|
|
|
— |
|
Benefit plan curtailment gain |
|
|
(0.3) |
|
|
|
— |
|
|
|
(0.8) |
|
Foreign currency transaction (gains) losses |
|
|
(1.2) |
|
|
|
(0.1) |
|
|
|
0.7 |
|
Purchase consideration and other transaction costs |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.5 |
|
Other adjustments |
|
|
0.5 |
|
|
|
0.7 |
|
|
|
0.9 |
|
Adjusted EBITDA |
|
$ |
39.2 |
|
|
$ |
86.1 |
|
|
$ |
85.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA |
|
$ |
39.2 |
|
|
$ |
86.1 |
|
|
$ |
85.2 |
|
LIFO expense (income) |
|
|
1.0 |
|
|
|
4.0 |
|
|
|
(59.3) |
|
Adjusted EBITDA, excluding LIFO expense (income) |
|
$ |
40.2 |
|
|
$ |
90.1 |
|
|
$ |
25.9 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net sales |
|
$ |
1,239.2 |
|
|
$ |
1,406.1 |
|
|
$ |
1,112.4 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA, excluding LIFO expense (income), as a percentage of net sales |
|
|
3.2 |
% |
|
|
6.4 |
% |
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Gross profit |
|
$ |
217.6 |
|
|
$ |
264.2 |
|
|
$ |
247.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Gross margin |
|
|
17.6 |
% |
|
|
18.8 |
% |
|
|
22.2 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Gross profit |
|
$ |
217.6 |
|
|
$ |
264.2 |
|
|
$ |
247.2 |
|
LIFO expense (income) |
|
|
1.0 |
|
|
|
4.0 |
|
|
|
(59.3) |
|
Gross profit, excluding LIFO expense (income) |
|
$ |
218.6 |
|
|
$ |
268.2 |
|
|
$ |
187.9 |
|
|
|
|
|
|
|
|
|
|
|
|||
Gross margin, excluding LIFO expense (income) |
|
|
17.6 |
% |
|
|
19.1 |
% |
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Note: EBITDA represents net income (loss) 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, pension settlement losses, benefit plan curtailment gains, 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 |
|
|||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||
Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share |
|
|||||||||||
(Dollars and Shares in Millions, Except Per Share Data) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Fourth |
|
|||
|
|
First Quarter |
|
|
Quarter |
|
||||||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) attributable to |
|
$ |
(7.6) |
|
|
$ |
47.3 |
|
|
$ |
25.8 |
|
|
|
|
|
|
|
|
|
|
|
|||
Pension settlement loss |
|
|
2.2 |
|
|
|
— |
|
|
|
— |
|
Benefit plan curtailment gain |
|
|
(0.3) |
|
|
|
— |
|
|
|
(0.8) |
|
Provision (benefit) for income taxes |
|
|
(0.5) |
|
|
|
— |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted net income (loss) attributable to |
|
$ |
(6.2) |
|
|
$ |
47.3 |
|
|
$ |
25.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted diluted earnings (loss) per share |
|
$ |
(0.18) |
|
|
$ |
1.27 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|||
Shares outstanding - diluted |
|
|
34.0 |
|
|
|
37.2 |
|
|
|
34.7 |
|
|
|
|||||||||||
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. |
|
Schedule 4 |
|
|||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||
Cash Flow from Operations to Free Cash Flow Yield |
|
|||||||||||
(Dollars in Millions) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Fourth |
|
|||
|
|
First Quarter |
|
|
Quarter |
|
||||||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Net cash provided by (used in) operating activities |
|
$ |
(47.8) |
|
|
$ |
80.4 |
|
|
$ |
90.1 |
|
Capital expenditures |
|
|
(21.8) |
|
|
|
(27.8) |
|
|
|
(25.4) |
|
Proceeds from sales of property, plant, and equipment |
|
|
1.4 |
|
|
|
— |
|
|
|
0.4 |
|
Free cash flow |
|
$ |
(68.2) |
|
|
$ |
52.6 |
|
|
$ |
65.1 |
|
|
|
|
|
|
|
|
|
|
|
|||
Market capitalization |
|
$ |
1,150.1 |
|
|
$ |
1,301.3 |
|
|
$ |
1,180.4 |
|
|
|
|
|
|
|
|
|
|
|
|||
Free cash flow yield |
|
|
(5.9) |
% |
|
|
4.0 |
% |
|
|
5.5 |
% |
|
|
|||||||||||
Note: Market capitalization is calculated using |
|
Schedule 5 |
|
|||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||
Reconciliation of Second Quarter 2024 Net Income Attributable to |
|
|||||||
(Dollars in Millions, except Per Share Data) |
|
|||||||
|
|
Second Quarter 2024 |
|
|||||
|
|
Low |
|
|
High |
|
||
Net income attributable to |
|
$ |
5 |
|
|
$ |
10 |
|
|
|
|
|
|
|
|
||
Diluted earnings per share |
|
$ |
0.15 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
||
Interest and other expense on debt |
|
|
11 |
|
|
|
11 |
|
Provision for income taxes |
|
|
2 |
|
|
|
3 |
|
Depreciation and amortization expense |
|
|
18 |
|
|
|
18 |
|
EBITDA |
|
$ |
36 |
|
|
$ |
42 |
|
Adjustments |
|
|
10 |
|
|
|
10 |
|
Adjusted EBITDA |
|
$ |
46 |
|
|
$ |
52 |
|
LIFO expense |
|
|
1 |
|
|
|
1 |
|
Adjusted EBITDA, excluding LIFO |
|
$ |
47 |
|
|
$ |
53 |
|
|
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. |
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SOURCE