Ryerson Reports First Quarter 2021 Results
Ryerson Holding Corporation (RYI) reported Q1 2021 revenues of $1.15 billion, a 13.6% increase year-over-year, driven by strong pricing amidst recovering metals demand. Gross margin, excluding LIFO effects, rose to 24.6%, up 530 bps sequentially. Net income reached $25.3 million, while diluted earnings per share stood at $0.66. The company reduced total debt by 32.4% to $698 million, lowering the leverage ratio to 3.3x. Ryerson anticipates Q2 revenues between $1.32 billion and $1.34 billion, with improved demand and price durability across key commodities.
- Revenues increased by 13.6% year-over-year to $1.15 billion.
- Gross margin, excluding LIFO, expanded to 24.6%, an increase of 530 bps sequentially.
- Net income rose to $25.3 million compared to $16.4 million last year.
- Total debt reduced by 32.4% to $698 million, decreasing leverage ratio to 3.3x.
- Adjusted EBITDA, excluding LIFO increased by $89.1 million year-over-year to $123.5 million.
- Gross margin contracted to 17.2% due to higher cost of goods sold.
- Adjusted net income decreased to $10.2 million from $15.8 million year-over-year.
- Operating cash usage of $47.3 million driven by working capital investments.
CHICAGO, May 5, 2021 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the first quarter ended March 31, 2021.
Q1 2021 Highlights:
- Generated first quarter revenues of
$1.15 billion ,13.6% higher than the year-ago period, driven by strong pricing and recovering metals demand. While gross margin contracted sequentially to17.2% given transient LIFO accounting impacts, gross margin, excluding LIFO expanded during the quarter to24.6% , an increase of 530 bps sequentially. - Exhibited exceptional working capital management, achieving a cash conversion cycle of 53 days, compared to 77 days for the first quarter of 2020.
- Realized expense leverage as warehousing, delivery, selling, general and administrative expenses as a percentage of sales decreased by 240 bps sequentially.
- Achieved net income attributable to Ryerson Holding Corporation of
$25.3 million and Adjusted EBITDA, excluding LIFO of$123.5 million ,$3.5 million higher than the full-year 2020. - Generated first quarter earnings per diluted share of
$0.66 , or adjusted earnings per diluted share of$0.26 excluding non-recurring items. - Reduced total debt by
$354.7 million or32.4% compared to the first quarter of 2020, lowering leverage ratio to 3.3x versus 5.5x a year ago.
$ in millions, tons in thousands except average selling prices and EPS | |||||||||||||||||
Financial Highlights: | Q1 2021 | Q1 2020 | Q4 2020 | YoY | QoQ | ||||||||||||
Tons Shipped | 543 | 566 | 492 | (4.1) | % | 10.4 | % | ||||||||||
Revenues | $ | 1,147.3 | $ | 1,010.3 | $ | 853.0 | 13.6 | % | 34.5 | % | |||||||
Average selling prices | $ | 2,113 | $ | 1,785 | $ | 1,734 | 18.4 | % | 21.9 | % | |||||||
Gross Margin, excl. LIFO | 24.6 | % | 17.4 | % | 19.3 | % | 720 bps | 530 bps | |||||||||
Warehousing, delivery, general, & administrative expenses | $ | 171.8 | $ | 155.7 | $ | 149.1 | 10.3 | % | 15.2 | % | |||||||
As a percentage of revenue | 15.0 | % | 15.4 | % | 17.4 | % | -40 bps | -240 bps | |||||||||
Adjusted net income (loss) | $ | 10.2 | $ | 15.8 | $ | (6.6) | $ | (5.6) | $ | 16.8 | |||||||
Diluted adjusted earnings (loss) per share | $ | 0.26 | $ | 0.41 | $ | (0.17) | $ | (0.15) | $ | 0.43 | |||||||
Adj. EBITDA, excl. LIFO | $ | 123.5 | $ | 34.4 | $ | 33.6 | $ | 89.1 | $ | 89.9 | |||||||
As a percentage of revenue | 10.8 | % | 3.4 | % | 3.9 | % | 740 bps | 690 bps | |||||||||
Balance Sheet and Cash Flow Highlights: | |||||||||||||||||
Net debt | $ | 698 | $ | 893 | $ | 679 | (21.8) | % | 2.8 | % | |||||||
Net debt / LTM Adj. EBITDA, excl. LIFO | 3.3x | 5.5x | 5.7x | (2.2x) | (2.4x) | ||||||||||||
Days of supply | 61.3 | 73.5 | 68.0 | (12.2) | (6.7) | ||||||||||||
Net cash provided by (used in) operating activities | $ | (47.3) | $ | 72.8 | $ | (18.8) | $ | (120.1) | $ | (28.5) | |||||||
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
Management Commentary
Eddie Lehner, Ryerson's President and Chief Executive Officer, said, "I want to thank my Ryerson teammates for performing exceedingly well in the first quarter of 2021 as we built upon improving demand and self-help initiatives and delivered higher Adjusted EBITDA, excluding LIFO than the full-year 2020 with exceptional asset management and expense leverage. I also want to thank our customers whose business we never take for granted and our suppliers for their support during what continues to be a time of market modulations without precedent or peer. Despite ongoing risks and challenges presented by the COVID-19 pandemic, Ryerson is harvesting the benefits of its improved operating model while further strengthening its balance sheet with opportunities to accelerate debt reduction in firm sight. We share a collective gratitude of working safely and together as we navigate through year two of the pandemic. We continue to invest in digitalization, value-add capabilities and Ryerson's organizational culture to drive consistently great customer experiences at speed and scale across our intelligently interconnected metals service center network."
First Quarter Results
Ryerson achieved revenues of
In the first quarter of 2021, warehousing, delivery, selling, general, and administrative expenses increased by
Net income attributable to Ryerson Holding Corporation for the first quarter of 2021 was
Liquidity & Debt Management
Ryerson's inventory days of supply decreased to 61 days as of the end of the first quarter of 2021, reflecting the improving demand conditions and simultaneous supply-side tensioning. This compares to 68 inventory days of supply for the fourth quarter of 2020 and 74 inventory days of supply for the same quarter last year. The Company continued to improve receivables and payables cycles in the first quarter, contributing to a cash conversion cycle of 53 days for the period, compared to 62 days for the fourth quarter of 2020 and 77 days for the year-ago period.
Ryerson's use of operating cash in the first quarter of
Jim Claussen, Executive Vice President & Chief Financial Officer said, "Ryerson's first quarter results highlight our teams' ability to expertly manage our working capital assets throughout this extraordinary environment. The fruits of our balance sheet transformation achievements were also exhibited in our results as our leverage multiple decreased toward our target of 1 to 3x and our net book value of equity increased to
Outlook Commentary
Although pandemic driven uncertainties persist, Ryerson is optimistic about the second quarter industry environment. At this point in the second quarter, demand fundamentals have continued to improve while supply-side constraints remain, resulting in price durability in all three of Ryerson's primary commodities. Given these factors, Ryerson anticipates second quarter 2021 revenues in the range of
First Quarter 2021 Major Product Metrics | ||||||||||||||||||||||
Tons Shipped (thousands) | Average Selling Prices | |||||||||||||||||||||
Q1 2021 | Q1 2020 | Q4 2020 | Year-over-year | Quarter- | Year-over-year | Quarter-over- | ||||||||||||||||
Carbon Steel | 414 | 434 | 382 | (4.6) | % | 8.4 | % | 20.4 | % | 26.3 | % | |||||||||||
Aluminum | 53 | 52 | 46 | 1.9 | % | 15.2 | % | 7.5 | % | 7.8 | % | |||||||||||
Stainless Steel | 74 | 77 | 61 | (3.9) | % | 21.3 | % | 19.5 | % | 15.3 | % | |||||||||||
Net Sales (millions) | ||||||||||||||||||||||
Q1 2021 | Q1 2020 | Q4 2020 | Year-over-year | Quarter-over- | ||||||||||||||||||
Carbon Steel | $ | 587 | $ | 511 | $ | 429 | 14.9 | % | 36.8 | % | ||||||||||||
Aluminum | $ | 241 | $ | 220 | $ | 194 | 9.5 | % | 24.2 | % | ||||||||||||
Stainless Steel | $ | 302 | $ | 263 | $ | 216 | 14.8 | % | 39.8 | % | ||||||||||||
Earnings Call Information
Ryerson will host a conference call to discuss its first quarter results Thursday, May 6, 2021 at 10 a.m. Eastern Time. Participants may access the conference call by dialing 888-254-3590 (U.S. & Canada) / 929-477-0448 (International) and using conference ID 3582914. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson has around 3,900 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.
Safe Harbor Provision
Certain statements made in this presentation 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; fluctuating metal prices; our substantial 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 the United States; impacts and implications of adverse health events, including the COVID-19 pandemic; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2020, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Selected Income and Cash Flow Data - Unaudited | ||||||||||||
(Dollars and Shares in Millions, except Per Share and Per Ton Data) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2021 | 2020 | 2020 | ||||||||||
NET SALES | $ | 1,147.3 | $ | 1,010.3 | $ | 853.0 | ||||||
Cost of materials sold | 949.4 | 814.5 | 699.1 | |||||||||
Gross profit | 197.9 | 195.8 | 153.9 | |||||||||
Warehousing, delivery, selling, general, and administrative | 171.8 | 155.7 | 149.1 | |||||||||
Gain on sale of assets (1) | (20.3) | — | — | |||||||||
OPERATING PROFIT | 46.4 | 40.1 | 4.8 | |||||||||
Other income and (expense), net (2) | 0.3 | 0.9 | (10.0) | |||||||||
Interest and other expense on debt | (13.5) | (21.7) | (15.2) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 33.2 | 19.3 | (20.4) | |||||||||
Provision (benefit) for income taxes | 7.6 | 2.9 | (3.9) | |||||||||
NET INCOME (LOSS) | 25.6 | 16.4 | (16.5) | |||||||||
Less: Net income attributable to noncontrolling interest | 0.3 | — | 0.2 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING | $ | 25.3 | $ | 16.4 | $ | (16.7) | ||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||
Basic | $ | 0.66 | $ | 0.43 | $ | (0.44) | ||||||
Diluted | $ | 0.66 | $ | 0.43 | $ | (0.44) | ||||||
Shares outstanding - basic | 38.1 | 37.8 | 38.1 | |||||||||
Shares outstanding - diluted | 38.6 | 38.2 | 38.1 | |||||||||
Supplemental Data : | ||||||||||||
Tons shipped (000) | 543 | 566 | 492 | |||||||||
Shipping days | 63 | 64 | 61 | |||||||||
Average selling price/ton | $ | 2,113 | $ | 1,785 | $ | 1,734 | ||||||
Gross profit/ton | 364 | 346 | 313 | |||||||||
Operating profit/ton | 85 | 71 | 10 | |||||||||
LIFO expense (income) per ton | 154 | (36) | 22 | |||||||||
LIFO expense (income) | 83.8 | (20.2) | 10.7 | |||||||||
Depreciation and amortization expense | 13.6 | 13.3 | 13.4 | |||||||||
Cash flow provided by (used in) operating activities | (47.3) | 72.8 | (18.8) | |||||||||
Capital expenditures | (6.5) | (6.9) | (8.1) | |||||||||
(1) In the first quarter of 2021, we recorded a | ||||||||||||
(2) The fourth quarter of 2020 includes a non-recurring | ||||||||||||
See Schedule 1 for Condensed Consolidated Balance Sheets | ||||||||||||
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation | ||||||||||||
See Schedule 3 for Adjusted EPS reconciliation | ||||||||||||
See Schedule 4 for Free Cash Flow reconciliation | ||||||||||||
See Schedule 5 for Adjusted EPS versus prior estimate | ||||||||||||
See Schedule 6 for Second Quarter 2021 Guidance reconciliation | ||||||||||||
Schedule 1 | |||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||
(In millions, except shares) | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Assets | (unaudited) | ||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 43.3 | $ | 61.4 | |||||||||||||
Restricted cash | 1.1 | 1.1 | |||||||||||||||
Receivables, less provisions of | 544.1 | 378.9 | |||||||||||||||
Inventories | 617.2 | 604.5 | |||||||||||||||
Prepaid expenses and other current assets | 89.4 | 57.5 | |||||||||||||||
Total current assets | 1,295.1 | 1,103.4 | |||||||||||||||
Property, plant, and equipment, at cost | 819.1 | 822.9 | |||||||||||||||
Less: accumulated depreciation | 407.2 | 401.1 | |||||||||||||||
Property, plant, and equipment, net | 411.9 | 421.8 | |||||||||||||||
Operating lease assets | 110.6 | 108.3 | |||||||||||||||
Other intangible assets | 42.2 | 43.2 | |||||||||||||||
Goodwill | 121.2 | 120.3 | |||||||||||||||
Deferred charges and other assets | 5.2 | 5.1 | |||||||||||||||
Total assets | $ | 1,986.2 | $ | 1,802.1 | |||||||||||||
Liabilities | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 493.2 | $ | 365.1 | |||||||||||||
Salaries, wages, and commissions | 62.7 | 43.1 | |||||||||||||||
Other accrued liabilities | 98.9 | 78.3 | |||||||||||||||
Short-term debt | 18.1 | 13.8 | |||||||||||||||
Current portion of operating lease liabilities | 21.8 | 20.7 | |||||||||||||||
Current portion of deferred employee benefits | 6.6 | 6.6 | |||||||||||||||
Total current liabilities | 701.3 | 527.6 | |||||||||||||||
Long-term debt | 723.3 | 726.2 | |||||||||||||||
Deferred employee benefits | 211.6 | 231.6 | |||||||||||||||
Noncurrent operating lease liabilities | 92.3 | 93.0 | |||||||||||||||
Deferred income taxes | 63.3 | 58.2 | |||||||||||||||
Other noncurrent liabilities | 19.7 | 20.4 | |||||||||||||||
Total liabilities | 1,811.5 | 1,657.0 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||
Equity | |||||||||||||||||
Ryerson Holding Corporation stockholders' equity: | |||||||||||||||||
Preferred stock, | — | — | |||||||||||||||
Common stock, | 0.4 | 0.4 | |||||||||||||||
Capital in excess of par value | 384.7 | 383.1 | |||||||||||||||
Retained earnings | 59.1 | 33.8 | |||||||||||||||
Treasury stock, at cost - Common stock of 212,500 shares at March 31, 2021 and | (6.6) | (6.6) | |||||||||||||||
Accumulated other comprehensive loss | (269.4) | (271.9) | |||||||||||||||
Total Ryerson Holding Corporation Stockholders' Equity | 168.2 | 138.8 | |||||||||||||||
Noncontrolling interest | 6.5 | 6.3 | |||||||||||||||
Total Equity | 174.7 | 145.1 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,986.2 | $ | 1,802.1 | |||||||||||||
Schedule 2 | |||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Fourth | |||||||||||||||||
First Quarter | Quarter | ||||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | 25.3 | $ | 16.4 | $ | (16.7) | |||||||||||
Interest and other expense on debt | 13.5 | 21.7 | 15.2 | ||||||||||||||
Provision (benefit) for income taxes | 7.6 | 2.9 | (3.9) | ||||||||||||||
Depreciation and amortization expense | 13.6 | 13.3 | 13.4 | ||||||||||||||
EBITDA | $ | 60.0 | $ | 54.3 | $ | 8.0 | |||||||||||
Gain on sale of assets | (20.3) | — | — | ||||||||||||||
Reorganization | 0.3 | 0.8 | 3.7 | ||||||||||||||
Foreign currency transaction gains | — | (0.1) | (0.1) | ||||||||||||||
(Gain) loss on retirement of debt | — | (0.8) | 1.5 | ||||||||||||||
Pension settlement charge | — | — | 12.1 | ||||||||||||||
Purchase consideration and other transaction costs | — | 0.4 | — | ||||||||||||||
Other adjustments | (0.3) | — | (2.3) | ||||||||||||||
Adjusted EBITDA | $ | 39.7 | $ | 54.6 | $ | 22.9 | |||||||||||
Adjusted EBITDA | $ | 39.7 | $ | 54.6 | $ | 22.9 | |||||||||||
LIFO expense (income) | 83.8 | (20.2) | 10.7 | ||||||||||||||
Adjusted EBITDA, excluding LIFO expense (income) | $ | 123.5 | $ | 34.4 | $ | 33.6 | |||||||||||
Net sales | $ | 1,147.3 | $ | 1,010.3 | $ | 853.0 | |||||||||||
Adjusted EBITDA, excluding LIFO expense (income), as a percentage of | 10.8 | % | 3.4 | % | 3.9 | % | |||||||||||
Gross profit | $ | 197.9 | $ | 195.8 | $ | 153.9 | |||||||||||
Gross margin | 17.2 | % | 19.4 | % | 18.0 | % | |||||||||||
Gross profit | $ | 197.9 | $ | 195.8 | $ | 153.9 | |||||||||||
LIFO expense (income) | 83.8 | (20.2) | 10.7 | ||||||||||||||
Gross profit, excluding LIFO expense (income) | $ | 281.7 | $ | 175.6 | $ | 164.6 | |||||||||||
Gross margin, excluding LIFO expense (income) | 24.6 | % | 17.4 | % | 19.3 | % | |||||||||||
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 on insurance settlement, gain or loss on retirement of debt, pension settlement charge, 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 U.S. generally accepted accounting principles, or GAAP, expenses, revenues, and gains (losses) that are unrelated to the day to day performance of our business. We also establish compensation programs for our executive management and regional employees that are based upon the achievement of pre-established EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), targets. We also use EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), to benchmark our operating performance to that of our competitors. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), do not represent, and should not be used as a substitute for, net income or cash flows from operations as determined in accordance with generally accepted accounting principles, and neither EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), is necessarily an indication of whether cash flow will be sufficient to fund our cash requirements. This release also presents gross margin, excluding LIFO expense (income), which is calculated as gross profit minus LIFO expense (income), divided by net sales. We have excluded LIFO expense (income) from gross margin and Adjusted EBITDA as a percentage of net sales metrics in order to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories as we do. Our definitions of EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO expense (income), gross margin, excluding LIFO expense (income), and Adjusted EBITDA, excluding LIFO expense (income), as a percentage of sales may differ from that of other companies. | |||||||||||||||||
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 | ||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | 25.3 | $ | 16.4 | $ | (16.7) | ||||||
Gain on sale of assets | (20.3) | — | — | |||||||||
(Gain) loss on retirement of debt | — | (0.8) | 1.5 | |||||||||
Pension settlement charge | — | — | 12.1 | |||||||||
Provision (benefit) for income taxes | 5.2 | 0.2 | (3.5) | |||||||||
Adjusted net income (loss) attributable to Ryerson Holding Corporation | $ | 10.2 | $ | 15.8 | $ | (6.6) | ||||||
Diluted adjusted earnings (loss) per share | $ | 0.26 | $ | 0.41 | $ | (0.17) | ||||||
Shares outstanding - diluted | 38.6 | 38.2 | 38.1 | |||||||||
Note: Adjusted net income and Adjusted earnings (loss) per share is presented to provide a means of comparison with | ||||||||||||
Schedule 4 | ||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||
Cash Flow from Operations to Free Cash Flow Yield | ||||||||||||
(Dollars in Millions) | ||||||||||||
Fourth | ||||||||||||
First Quarter | Quarter | |||||||||||
2021 | 2020 | 2020 | ||||||||||
Net cash provided by (used in) operating activities | $ | (47.3) | $ | 72.8 | $ | (18.8) | ||||||
Capital expenditures | (6.5) | (6.9) | (8.1) | |||||||||
Proceeds from sales of property, plant, and equipment | 29.0 | — | — | |||||||||
Free cash flow | $ | (24.8) | $ | 65.9 | $ | (26.9) | ||||||
Market capitalization | $ | 649.5 | $ | 201.0 | $ | 519.9 | ||||||
Free cash flow yield | (3.8) | % | 32.8 | % | (5.2) | % | ||||||
Note: Market capitalization is calculated using March 31, 2021, December 31, 2020, and March 31, 2020 stock prices and | ||||||||||||
Schedule 5 | ||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||
Impact of Difference in LIFO Expense Estimate Versus Actual Results Adjusted Net Income and Adjusted Earnings | ||||
(Dollars in Millions) | ||||
First | ||||
Quarter | ||||
2021 | ||||
Adjusted net income attributable to Ryerson Holding Corporation (see Schedule 3) | $ | 10.2 | ||
Less: Difference in actual vs. estimated LIFO expense per fourth quarter 2020 earnings release | 32.8 | |||
Less: Provision for income taxes on difference of LIFO expense | (8.4) | |||
Adjusted net income attributable to Ryerson Holding Corporation excluding impact of | $ | 34.6 | ||
Diluted adjusted earnings per share excluding impact of difference in actual LIFO expense that | $ | 0.90 | ||
Shares outstanding - diluted | 38.6 | |||
Note: Adjusted net income attributable to Ryerson Holding Corporation and Adjusted earnings per share excluding the | ||||
Schedule 6 | |||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||||||
Reconciliation of Second Quarter 2021 Net Income Attributable to Ryerson Holding Corporation | |||||||
(Dollars in Millions, except Per Share Data) | |||||||
Second Quarter 2021 | |||||||
Low | High | ||||||
Net income attributable to Ryerson Holding Corporation | $ | 19 | $ | 23 | |||
Diluted earnings per share | $ | 0.49 | $ | 0.60 | |||
Interest and other expense on debt | 14 | 14 | |||||
Provision for income taxes | 7 | 9 | |||||
Depreciation and amortization expense | 13 | 13 | |||||
EBITDA | $ | 53 | $ | 59 | |||
Adjustments | — | 2 | |||||
Adjusted EBITDA | $ | 53 | $ | 61 | |||
LIFO expense | 78 | 74 | |||||
Adjusted EBITDA, excluding LIFO income | $ | 131 | $ | 135 | |||
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. | |||||||
View original content to download multimedia:http://www.prnewswire.com/news-releases/ryerson-reports-first-quarter-2021-results-301284971.html
SOURCE Ryerson Holding Corporation
FAQ
What were Ryerson's Q1 2021 revenue figures?
How much did Ryerson reduce its debt in Q1 2021?
What is Ryerson's projected revenue for Q2 2021?
What was Ryerson's earnings per share for Q1 2021?
How did Ryerson's gross margin perform in Q1 2021?
