RUSSEL METALS INC - RUSMF STOCK NEWS

Russel Metals Inc. announces their 2024 first quarter financial results, reporting revenues of $1.1 billion, EBITDA of $84 million, and cash generated from operating activities of $85 million. The company repurchased $15 million of shares, increased quarterly dividend by 5% to $0.42 per share, and redeemed $150 million of 6% notes. Liquidity stands at $956 million. Although net income and earnings per share declined compared to the previous year, gross margins improved. Market conditions affected steel prices, with the company experiencing higher average selling prices and volumes. Capital investment growth initiatives include expansions and new facilities. The acquisition of service centers is delayed due to Competition Bureau concerns. The company continues its flexible approach to returning capital to shareholders through dividends and share buybacks. Strong liquidity and capital structure position the company for debt structure improvements. The outlook is positive, expecting stable steel prices and growth in steel consumption. Energy field stores are poised for continued growth in 2024.

Russel Metals Inc. provides an update on its transaction with Samuel, Son & Co., , regarding the acquisition of seven service center locations. The Competition Bureau has concerns related to a specific product segment in a particular geography, leading to a delay in the expected closing of the transaction in the second quarter of 2024.

Russel Metals Inc. will release its 2024 first-quarter results on May 1, 2024, followed by an Investor Conference Call on May 2, 2024, led by key executives.

Russel Metals Inc. (RUSMF) plans to redeem its 6% senior unsecured notes due March 16, 2026, totaling $150 million, on May 2, 2024. The redemption will be funded from the company's $629 million cash and cash equivalents as of December 31, 2023. The move aims to cut interest expenses and enhance liquidity, paving the way for further debt structure enhancements.

Russel Metals Inc. (RUSMF) reported revenues of $4.5 billion in 2023 and $1.0 billion in Q4 2023, with EBITDA of $426 million in 2023 and $82 million in Q4 2023. The company generated $146 million of cash from working capital in 2023 and $82 million in Q4 2023. They repurchased $82 million of shares in 2023, declared a quarterly dividend of $0.40 per share, and maintained a strong capital structure with liquidity of $1.0 billion. The average steel prices in 2023 were lower than 2022 but began to recover late in the fourth quarter. The company invested $73 million in capital expenditures in 2023 and actively evaluated acquisition opportunities to grow their business. They completed the acquisition of Alliance Supply Ltd. for approximately $7 million in cash and announced an agreement to acquire seven service center locations from Samuel, Son & Co., Limited for approximately $225 million. Russel Metals also sold their equity interest in TriMark to their venture partner for $60 million. They increased their quarterly dividend from $0.38 to $0.40 per share and purchased 2,159,656 shares for $82 million in 2023. The company ended the year with total available liquidity of over $1 billion and expects steel prices to remain relatively stable over the near term.

Russel Metals Inc. (RUS) to announce 2023 year-end and fourth-quarter results in an Investor Conference Call on February 9, 2024, hosted by Executive Vice President and CFO Martin L. Juravsky and President and CEO John G. Reid.

Russel Metals Inc. (TSX: RUS) announces the retirement of Linh Austin from the Board of Directors and the appointment of Stewart Burton as an independent Director. Stewart Burton, a highly experienced professional with a strong background in global capital markets, joins the board, bringing valuable expertise to benefit the shareholders.

Russel Metals Inc. (TSX: RUS) announces the acquisition of seven service center locations from Samuel, Son & Co., Limited for approximately $225 million, including $186 million of working capital. The transaction increases non-ferrous business and extends value-added processing capabilities in Western Canada and extends the geographic footprint into the US Northeast. The transaction is expected to close in the first or second quarter of 2024.

RUS: Russel Metals Inc. Announces Q3 2023 Financial Results with $1.1 Billion in Revenues, $96 Million EBITDA, and $115 Million Cash Generated from Operating Activities. The company returned $45 million to shareholders through dividends and share buybacks, with Liquidity of $965 Million.