Ryerson Reports Second Quarter 2024 Results
Quarterly business highlights include ramp-up of operations at
Highlights:
- Delivered Net Income attributable to
Ryerson Holding Corporation of$9.9 million and Adjusted EBITDA1, excluding LIFO of$42.6 million - Earned diluted EPS2 of
$0.29 on$1.23 billion of revenue from 508,000 tons shipped and average selling price of$2,412 per ton - Reduced operating expenses3 by
$17.8 million , compared to the first quarter of 2024, as part of previously announced cost reductions. Annualized cost reduction expectations updated to savings of approximately$60 million from previously announced$40 million - Reduced inventory by
$107.1 million on a FIFO cost basis4, compared to the first quarter of 2024 - Returned
$20.4 million to shareholders during the quarter, comprised of$14.0 million in share repurchases and$6.4 million in dividends - Ended the quarter with debt of
$525 million and net debt5 of$497 million as ofJune 30, 2024 , compared to$497 million and$455 million , respectively, onMarch 31, 2024 - Increased share repurchase authorization by
$50 million and extended maturity of authorization toApril 2026 - Announced third quarter 2024 dividend of
$0.1875 per share
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
$ in millions, except tons (in thousands), average selling prices, and earnings per share |
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Financial Highlights: |
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Q2 2024 |
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Q1 2024 |
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Q2 2023 |
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YoY |
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QoQ |
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1H 2024 |
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1H 2023 |
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YoY |
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Revenue |
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(1.1) % |
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(8.8) % |
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(10.4) % |
Tons shipped |
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508 |
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497 |
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496 |
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2.2 % |
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2.4 % |
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1,005 |
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1,015 |
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(1.0) % |
Average selling price/ton |
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(3.2) % |
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(11.0) % |
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(9.5) % |
Gross margin |
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18.2 % |
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17.6 % |
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19.4 % |
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60 bps |
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-120 bps |
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17.9 % |
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19.1 % |
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-120 bps |
Gross margin, excl. LIFO |
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17.4 % |
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17.6 % |
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18.7 % |
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-20 bps |
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-130 bps |
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17.5 % |
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18.9 % |
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-140 bps |
Warehousing, delivery, selling, general, and administrative expenses |
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(8.2) % |
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(1.8) % |
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4.8 % |
As a percentage of revenue |
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16.2 % |
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17.5 % |
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15.1 % |
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-130 bps |
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110 bps |
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16.9 % |
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14.4 % |
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250 bps |
Net income (loss) attributable to |
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230.3 % |
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(73.7) % |
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(97.3) % |
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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6.0 % |
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(39.2) % |
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(48.3) % |
Adj. EBITDA, excl. LIFO margin |
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3.5 % |
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3.2 % |
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5.2 % |
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30 bps |
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-170 bps |
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3.4 % |
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5.8 % |
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-240 bps |
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Balance Sheet and Cash Flow Highlights: |
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Total debt |
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5.7 % |
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32.6 % |
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32.6 % |
Cash and cash equivalents |
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(33.2) % |
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(6.7) % |
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(6.7) % |
Net debt |
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9.2 % |
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35.9 % |
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35.9 % |
Net debt / LTM Adj. EBITDA, excl. LIFO |
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3.2x |
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2.5x |
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1.4x |
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0.7x |
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1.8x |
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3.2x |
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1.4x |
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1.8x |
Cash conversion cycle (days) |
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77.6 |
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75.6 |
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76.1 |
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2.0 |
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1.5 |
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76.5 |
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77.2 |
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(0.7) |
Net cash provided by (used in) operating activities |
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Management Commentary
Announcement – Ryerson's Chief Operating Officer,
After more than 40 years of driving excellence,
Second Quarter Results
Ryerson generated net sales of
Gross margin expanded sequentially by 60 basis points to 18.2% in the second quarter of 2024, compared to 17.6% in the first quarter of 2024, primarily driven by
Warehousing, delivery, selling, general and administrative expenses decreased 8.2%, or
Net Income Attributable to
Liquidity & Debt Management
Ryerson generated
Shareholder Return Activity
Dividends. On
Share Repurchases and Authorization. Ryerson repurchased 647,330 shares for
Outlook Commentary
For the third quarter of 2024, Ryerson expects customer shipments to decrease 2% to 4%, quarter-over-quarter. The Company anticipates third-quarter net sales to be in the range of
Second Quarter 2024 Major Product Metrics |
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Q2 2024 |
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Q1 2024 |
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Q2 2023 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
$ |
656 |
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$ |
645 |
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$ |
683 |
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1.7 % |
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(4.0) % |
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Aluminum |
$ |
273 |
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$ |
276 |
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$ |
297 |
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(1.1) % |
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(8.1) % |
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Stainless Steel |
$ |
277 |
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$ |
297 |
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$ |
338 |
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(6.7) % |
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(18.0) % |
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Tons Shipped (thousands) |
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Q2 2024 |
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Q1 2024 |
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Q2 2023 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
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395 |
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385 |
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384 |
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2.6 % |
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2.9 % |
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Aluminum |
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52 |
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50 |
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51 |
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4.0 % |
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2.0 % |
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Stainless Steel |
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58 |
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61 |
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59 |
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(4.9) % |
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(1.7) % |
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Average Selling Prices (per ton) |
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Q2 2024 |
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Q1 2024 |
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Q2 2023 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
$ |
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1,661 |
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$ |
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1,675 |
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$ |
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1,779 |
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(0.9) % |
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(6.6) % |
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Aluminum |
$ |
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5,250 |
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$ |
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5,520 |
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$ |
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5,824 |
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(4.9) % |
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(9.8) % |
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Stainless Steel |
$ |
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4,776 |
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$ |
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4,869 |
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$ |
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5,729 |
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(1.9) % |
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(16.6) % |
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First Half 2024 Major Product Metrics |
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2024 |
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2023 |
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Year-over-year |
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Carbon Steel |
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$ |
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1,301 |
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$ |
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1,375 |
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(5.4) % |
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Aluminum |
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$ |
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549 |
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$ |
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607 |
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(9.6) % |
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Stainless Steel |
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$ |
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574 |
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$ |
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716 |
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(19.8) % |
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Tons Shipped (thousands) |
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2024 |
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2023 |
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Year-over-year |
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Carbon Steel |
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780 |
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786 |
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(0.8) % |
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Aluminum |
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102 |
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103 |
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(1.0) % |
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Stainless Steel |
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119 |
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122 |
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(2.5) % |
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Average Selling Prices (per ton) |
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2024 |
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2023 |
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Year-over-year |
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Carbon Steel |
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$ |
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1,668 |
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$ |
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1,749 |
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(4.7) % |
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Aluminum |
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$ |
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5,382 |
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$ |
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5,893 |
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(8.7) % |
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Stainless Steel |
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$ |
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4,824 |
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$ |
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5,869 |
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(17.8) % |
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Earnings Call Information
Ryerson will host a conference call to discuss second 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
2Diluted EPS is Diluted earnings per share
3Operating expenses are Warehousing, delivery, selling, general, and administrative expenses
4FIFO cost basis is inventory cost excluding LIFO
5Net 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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2024 |
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2023 |
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First Six Months Ended |
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Second |
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First |
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Second |
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Quarter |
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Quarter |
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Quarter |
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2024 |
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2023 |
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$ |
1,225.5 |
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$ |
1,239.2 |
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$ |
1,343.5 |
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$ |
2,464.7 |
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$ |
2,749.6 |
Cost of materials sold |
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1,002.0 |
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1,021.6 |
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1,082.6 |
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2,023.6 |
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2,224.5 |
Gross profit |
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223.5 |
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217.6 |
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260.9 |
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441.1 |
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525.1 |
Warehousing, delivery, selling, general, and administrative |
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199.0 |
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216.8 |
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202.6 |
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415.8 |
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396.8 |
Restructuring and other charges |
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1.7 |
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— |
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— |
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1.7 |
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— |
OPERATING PROFIT |
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22.8 |
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0.8 |
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58.3 |
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23.6 |
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128.3 |
Other income and (expense), net |
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1.8 |
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(0.2) |
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(0.3) |
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1.6 |
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(0.4 |
Interest and other expense on debt |
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(11.3) |
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(10.1) |
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(8.3) |
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(21.4) |
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(15.9 |
INCOME (LOSS) BEFORE INCOME TAXES |
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13.3 |
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(9.5) |
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49.7 |
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3.8 |
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112.0 |
Provision (benefit) for income taxes |
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3.0 |
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(2.1) |
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12.1 |
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0.9 |
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26.9 |
NET INCOME (LOSS) |
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|
10.3 |
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(7.4) |
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|
37.6 |
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|
2.9 |
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85.1 |
Less: Net income attributable to noncontrolling interest |
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|
0.4 |
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0.2 |
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— |
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0.6 |
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0.2 |
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION |
|
$ |
9.9 |
|
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$ |
(7.6) |
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$ |
37.6 |
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$ |
2.3 |
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$ |
84.9 |
EARNINGS (LOSS) PER SHARE |
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Basic |
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$ |
0.29 |
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$ |
(0.22) |
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$ |
1.07 |
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$ |
0.07 |
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$ |
2.38 |
Diluted |
|
$ |
0.29 |
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$ |
(0.22) |
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$ |
1.06 |
|
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$ |
0.07 |
|
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$ |
2.33 |
Shares outstanding - basic |
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|
34.2 |
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|
34.0 |
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|
35.0 |
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|
34.1 |
|
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|
35.7 |
Shares outstanding - diluted |
|
|
34.4 |
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|
34.0 |
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|
35.5 |
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34.6 |
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36.3 |
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Dividends declared per share |
|
$ |
0.1875 |
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$ |
0.1875 |
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$ |
0.180 |
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$ |
0.375 |
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$ |
0.350 |
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Supplemental Data : |
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Tons shipped (000) |
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|
508 |
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|
497 |
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496 |
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|
1,005 |
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|
1,015 |
Shipping days |
|
|
64 |
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|
64 |
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|
64 |
|
|
|
128 |
|
|
|
128 |
Average selling price/ton |
|
$ |
2,412 |
|
|
$ |
2,493 |
|
|
$ |
2,709 |
|
|
$ |
2,452 |
|
|
$ |
2,709 |
Gross profit/ton |
|
|
440 |
|
|
|
438 |
|
|
|
526 |
|
|
|
439 |
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|
517 |
Operating profit/ton |
|
|
45 |
|
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|
2 |
|
|
|
118 |
|
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|
23 |
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|
126 |
LIFO expense (income) per ton |
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|
(20) |
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2 |
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(18) |
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|
(9) |
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|
(5 |
LIFO expense (income) |
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|
(10.0) |
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|
1.0 |
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|
(9.0) |
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|
(9.0) |
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|
(5.0 |
Depreciation and amortization expense |
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|
18.0 |
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17.4 |
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15.1 |
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|
35.4 |
|
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|
28.8 |
Cash flow provided by (used in) operating activities |
|
|
25.9 |
|
|
|
(47.8) |
|
|
|
115.3 |
|
|
|
(21.9) |
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|
195.7 |
Capital expenditures |
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|
(22.7) |
|
|
|
(21.8) |
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|
|
(46.3) |
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|
(44.5) |
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(74.1 |
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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 Third Quarter 2024 Guidance reconciliation |
|
|
|
|
|
|
|
|
|
Schedule 1 |
|||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(In millions, except shares) |
|||||||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
2024 |
|
|
2023 |
||
Assets |
|
(unaudited) |
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
28.0 |
|
|
$ |
54.3 |
Restricted cash |
|
|
1.2 |
|
|
|
1.1 |
Receivables, less provisions of |
|
|
529.0 |
|
|
|
467.7 |
Inventories |
|
|
744.1 |
|
|
|
782.5 |
Prepaid expenses and other current assets |
|
|
86.8 |
|
|
|
77.8 |
Total current assets |
|
|
1,389.1 |
|
|
|
1,383.4 |
Property, plant, and equipment, at cost |
|
|
1,098.8 |
|
|
|
1,071.5 |
Less: accumulated depreciation |
|
|
495.4 |
|
|
|
481.9 |
Property, plant, and equipment, net |
|
|
603.4 |
|
|
|
589.6 |
Operating lease assets |
|
|
351.9 |
|
|
|
349.4 |
Other intangible assets |
|
|
68.7 |
|
|
|
73.7 |
|
|
|
161.0 |
|
|
|
157.8 |
Deferred charges and other assets |
|
|
17.1 |
|
|
|
15.7 |
Total assets |
|
$ |
2,591.2 |
|
|
$ |
2,569.6 |
Liabilities |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
|
$ |
439.3 |
|
|
$ |
463.4 |
Salaries, wages, and commissions |
|
|
38.8 |
|
|
|
51.9 |
Other accrued liabilities |
|
|
69.3 |
|
|
|
75.9 |
Short-term debt |
|
|
1.4 |
|
|
|
8.2 |
Current portion of operating lease liabilities |
|
|
30.2 |
|
|
|
30.5 |
Current portion of deferred employee benefits |
|
|
4.0 |
|
|
|
4.0 |
Total current liabilities |
|
|
583.0 |
|
|
|
633.9 |
Long-term debt |
|
|
524.0 |
|
|
|
428.3 |
Deferred employee benefits |
|
|
102.8 |
|
|
|
106.7 |
Noncurrent operating lease liabilities |
|
|
341.8 |
|
|
|
336.8 |
Deferred income taxes |
|
|
139.3 |
|
|
|
135.5 |
Other noncurrent liabilities |
|
|
13.9 |
|
|
|
13.9 |
Total liabilities |
|
|
1,704.8 |
|
|
|
1,655.1 |
Commitments and contingencies |
|
|
|
|
|
||
Equity |
|
|
|
|
|
||
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
|
— |
Common stock, |
|
|
0.4 |
|
|
|
0.4 |
Capital in excess of par value |
|
|
419.3 |
|
|
|
411.6 |
Retained earnings |
|
|
802.6 |
|
|
|
813.2 |
|
|
|
(198.1) |
|
|
|
(179.3 |
Accumulated other comprehensive loss |
|
|
(146.3) |
|
|
|
(140.0 |
Total Ryerson Holding Corporation Stockholders' Equity |
|
|
877.9 |
|
|
|
905.9 |
Noncontrolling interest |
|
|
8.5 |
|
|
|
8.6 |
Total Equity |
|
|
886.4 |
|
|
|
914.5 |
Total Liabilities and Stockholders' Equity |
|
$ |
2,591.2 |
|
|
$ |
2,569.6 |
Schedule 2 |
|||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|||||||||||||||||||
Reconciliations of Net Income (loss) Attributable toRyerson |
|||||||||||||||||||
(Dollars in millions) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
First Six Months Ended |
|||||||||||
|
|
Second |
|
|
First |
|
|
Second |
|
|
|
||||||||
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
2024 |
|
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to |
|
$ |
9.9 |
|
|
$ |
(7.6) |
|
|
$ |
37.6 |
|
|
$ |
2.3 |
|
|
$ |
84.9 |
Interest and other expense on debt |
|
|
11.3 |
|
|
|
10.1 |
|
|
|
8.3 |
|
|
|
21.4 |
|
|
|
15.9 |
Provision (benefit) for income taxes |
|
|
3.0 |
|
|
|
(2.1) |
|
|
|
12.1 |
|
|
|
0.9 |
|
|
|
26.9 |
Depreciation and amortization expense |
|
|
18.0 |
|
|
|
17.4 |
|
|
|
15.1 |
|
|
|
35.4 |
|
|
|
28.8 |
EBITDA |
|
$ |
42.2 |
|
|
$ |
17.8 |
|
|
$ |
73.1 |
|
|
$ |
60.0 |
|
|
$ |
156.5 |
Reorganization |
|
|
12.7 |
|
|
|
20.1 |
|
|
|
4.9 |
|
|
|
32.8 |
|
|
|
6.7 |
Pension settlement loss |
|
|
— |
|
|
|
2.2 |
|
|
|
— |
|
|
|
2.2 |
|
|
|
— |
Benefit plan curtailment gain |
|
|
— |
|
|
|
(0.3) |
|
|
|
— |
|
|
|
(0.3) |
|
|
|
— |
Foreign currency transaction (gains) losses |
|
|
(0.4) |
|
|
|
(1.2) |
|
|
|
1.3 |
|
|
|
(1.6) |
|
|
|
1.2 |
Purchase consideration and other transaction costs (credits) |
|
|
(1.1) |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
(1.0) |
|
|
|
0.7 |
Other adjustments |
|
|
(0.8) |
|
|
|
0.5 |
|
|
|
(0.6) |
|
|
|
(0.3) |
|
|
|
0.1 |
Adjusted EBITDA |
|
$ |
52.6 |
|
|
$ |
39.2 |
|
|
$ |
79.1 |
|
|
$ |
91.8 |
|
|
$ |
165.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA |
|
$ |
52.6 |
|
|
$ |
39.2 |
|
|
$ |
79.1 |
|
|
$ |
91.8 |
|
|
$ |
165.2 |
LIFO expense (income) |
|
|
(10.0) |
|
|
|
1.0 |
|
|
|
(9.0) |
|
|
|
(9.0) |
|
|
|
(5.0 |
Adjusted EBITDA, excluding LIFO expense (income) |
|
$ |
42.6 |
|
|
$ |
40.2 |
|
|
$ |
70.1 |
|
|
$ |
82.8 |
|
|
$ |
160.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales |
|
$ |
1,225.5 |
|
|
$ |
1,239.2 |
|
|
$ |
1,343.5 |
|
|
$ |
2,464.7 |
|
|
$ |
2,749.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA, excluding LIFO expense (income), as a percentage of net sales |
|
|
3.5 |
% |
|
|
3.2 |
% |
|
|
5.2 |
% |
|
|
3.4 |
% |
|
|
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
$ |
223.5 |
|
|
$ |
217.6 |
|
|
$ |
260.9 |
|
|
$ |
441.1 |
|
|
$ |
525.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross margin |
|
|
18.2 |
% |
|
|
17.6 |
% |
|
|
19.4 |
% |
|
|
17.9 |
% |
|
|
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
$ |
223.5 |
|
|
$ |
217.6 |
|
|
$ |
260.9 |
|
|
$ |
441.1 |
|
|
$ |
525.1 |
LIFO expense (income) |
|
|
(10.0) |
|
|
|
1.0 |
|
|
|
(9.0) |
|
|
|
(9.0) |
|
|
|
(5.0 |
Gross profit, excluding LIFO expense (income) |
|
$ |
213.5 |
|
|
$ |
218.6 |
|
|
$ |
251.9 |
|
|
$ |
432.1 |
|
|
$ |
520.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross margin, excluding LIFO expense (income) |
|
|
17.4 |
% |
|
|
17.6 |
% |
|
|
18.7 |
% |
|
|
17.5 |
% |
|
|
18.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and |
Schedule 3 |
|||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share |
|||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
First Six Months Ended |
|||||||||||
|
|
Second |
|
|
First |
|
|
Second |
|
|
|
||||||||
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
2024 |
|
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to |
|
$ |
9.9 |
|
|
$ |
(7.6) |
|
|
$ |
37.6 |
|
|
$ |
2.3 |
|
|
$ |
84.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Restructuring and other charges |
|
|
1.7 |
|
|
|
— |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
Pension settlement loss |
|
|
— |
|
|
|
2.2 |
|
|
|
— |
|
|
|
2.2 |
|
|
|
— |
Benefit plan curtailment gain |
|
|
— |
|
|
|
(0.3) |
|
|
|
— |
|
|
|
(0.3) |
|
|
|
— |
Benefit for income taxes |
|
|
(0.4) |
|
|
|
(0.5) |
|
|
|
— |
|
|
|
(0.9) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income (loss) attributable to |
|
$ |
11.2 |
|
|
$ |
(6.2) |
|
|
$ |
37.6 |
|
|
$ |
5.0 |
|
|
$ |
84.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted diluted earnings (loss) per share |
|
$ |
0.33 |
|
|
$ |
(0.18) |
|
|
$ |
1.06 |
|
|
$ |
0.14 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shares outstanding - diluted |
|
|
34.4 |
|
|
|
34.0 |
|
|
|
35.5 |
|
|
|
34.6 |
|
|
|
36.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with periods |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Schedule 4 |
|||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|||||||||||||||||||
Cash Flow from Operations to Free Cash Flow Yield |
|||||||||||||||||||
(Dollars in Millions) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
First Six Months Ended |
|||||||||||
|
|
Second |
|
|
First |
|
|
Second |
|
|
|
||||||||
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
2024 |
|
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) operating activities |
|
$ |
25.9 |
|
|
$ |
(47.8) |
|
|
$ |
115.3 |
|
|
$ |
(21.9) |
|
|
$ |
195.7 |
Capital expenditures |
|
|
(22.7) |
|
|
|
(21.8) |
|
|
|
(46.3) |
|
|
|
(44.5) |
|
|
|
(74.1 |
Proceeds from sales of property, plant, and equipment |
|
|
0.1 |
|
|
|
1.4 |
|
|
|
0.1 |
|
|
|
1.5 |
|
|
|
0.1 |
Free cash flow |
|
$ |
3.3 |
|
|
$ |
(68.2) |
|
|
$ |
69.1 |
|
|
$ |
(64.9) |
|
|
$ |
121.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Market capitalization |
|
$ |
657.0 |
|
|
$ |
1,150.1 |
|
|
$ |
1,491.8 |
|
|
$ |
657.0 |
|
|
$ |
1,491.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Free cash flow yield |
|
|
0.5 |
% |
|
|
(5.9) |
% |
|
|
4.6 |
% |
|
|
(9.9) |
% |
|
|
8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: Market capitalization is calculated using |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule 5 |
|
|||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||
Reconciliation of Third Quarter 2024 Net Income Attributable to |
|
|||||||
(Dollars in Millions, except Per Share Data) |
|
|||||||
|
|
Third Quarter 2024 |
|
|||||
|
|
Low |
|
|
High |
|
||
Net income attributable to |
|
$ |
— |
|
|
$ |
3 |
|
|
|
|
|
|
|
|
||
Diluted earnings per share |
|
$ |
0.01 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
||
Interest and other expense on debt |
|
|
12 |
|
|
|
12 |
|
Provision for income taxes |
|
|
— |
|
|
|
1 |
|
Depreciation and amortization expense |
|
|
18 |
|
|
|
18 |
|
EBITDA |
|
$ |
28 |
|
|
$ |
32 |
|
Adjustments |
|
|
5 |
|
|
|
5 |
|
Adjusted EBITDA |
|
$ |
33 |
|
|
$ |
37 |
|
LIFO income |
|
|
(12) |
|
|
|
(12) |
|
Adjusted EBITDA, excluding LIFO income |
|
$ |
21 |
|
|
$ |
25 |
|
|
|
|
|
|
|
|
||
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-second-quarter-2024-results-302210383.html
SOURCE