Ryerson Reports Fourth Quarter and Full Year 2023 Results
- Acquired three businesses in Q4 2023, including Norlen, TSA, and Hudson Tool Steel Corporation.
- Published the 2023 Sustainability Report and announced a dividend increase for the first quarter of 2024.
- Maintained a net leverage ratio of 1.7x and generated $365 million in operating cash flow for the full year 2023.
- Completed second year of investment cycle with cumulative investments of $422 million and returns to shareholders of $209 million since 2022.
- Revenue declined by 10.8% in Q4 2023 compared to Q3 2023, with a net income of $26 million and Adjusted EBITDA of $26 million.
- Gross margin expanded to 22.2% in Q4 2023, driven by LIFO income, but contracted to 16.9% excluding LIFO.
- Net income attributable to Ryerson Holding Corporation was $25.8 million in Q4 2023, with diluted earnings per share of $0.74.
- Debt increased to $436.5 million in Q4 2023, with net debt of $382.2 million and a leverage ratio of 1.7x.
- Paid dividends of $0.72 per share for full year 2023 and repurchased 3.3 million shares, returning $113.9 million to shareholders.
- Outlook for Q1 2024 includes expected revenue range of $1.21 to $1.25 billion and Adjusted EBITDA range of $58 million to $62 million.
- Revenue declined by 19.2% for full year 2023 compared to 2022.
- Net income attributable to Ryerson Holding Corporation decreased by 62.7% for full year 2023 compared to 2022.
- Adjusted EBITDA, excluding LIFO, declined by 60.3% for full year 2023 compared to 2022.
- Gross margin contracted to 16.9% in Q4 2023, excluding LIFO.
- Net debt increased by 16.3% in Q4 2023 compared to the previous quarter.
- Share repurchase authorization remains with $39.4 million available out of $100.0 million.
- Full-year industry stainless volumes corrected down by 14% in 2023.
- End-market volumes decreased across most segments in 2023, except for commercial ground transportation and oil & gas.
- Fourth quarter volumes decreased due to holiday seasonality and ongoing destocking across non-ferrous product lines.
Insights
The reported financial results of Ryerson Holding Corporation indicate a mixed performance with both positive and negative elements. The company's strategic acquisitions and consistent dividend increases underscore a commitment to growth and shareholder returns. However, this is juxtaposed against a backdrop of declining revenues and shipped tonnage year-over-year (YoY) and quarter-over-quarter (QoQ), which could be a cause for concern among investors.
The increase in gross margin is a positive sign, suggesting improved cost management or value-added services that could mitigate the impact of lower revenues. Yet, the contraction of gross margin excluding LIFO (Last In, First Out accounting method), along with increased warehousing and administrative expenses, suggests that efficiency gains may be offset by other cost pressures. The rise in debt levels and net debt is notable, but the company's leverage ratio remains within its target range, implying a managed approach to debt financing.
Overall, the company's financial health appears stable with a strong liquidity position, evidenced by a global liquidity of $656 million. Nonetheless, the decrease in net income and Adjusted EBITDA, excluding LIFO, raises questions about the sustainability of current dividend levels and share repurchase activities in the longer term, especially in the context of a slowing manufacturing sector and potential headwinds in the industrial metals market.
Ryerson's performance reflects broader trends in the industrial metals sector, where slowing manufacturing activity can significantly impact demand. The company's acquisitions, such as Norlen Incorporated and TSA Processing, are likely aimed at diversifying its product offerings and consolidating its market position. These strategic moves are critical for maintaining competitiveness, especially given the reported declines in industry stainless volumes and nickel prices.
The company's focus on modernization and expansion, including the ERP system conversion and the opening of new service centers, indicates a long-term strategy to enhance operational efficiency and customer experience. These investments, while potentially beneficial for future profitability, may place short-term strain on cash flows and margins.
Given the cyclical nature of the industry, Ryerson's belief in positioning itself for an anticipated industry upturn could be a prudent strategy, provided that the company can effectively manage the balance between investment in growth and maintaining financial resilience during industry downturns.
The reported results from Ryerson Holding Corporation offer insights into the economic forces at play within the industrial metals sector. The YoY and QoQ declines in revenue and tons shipped may be indicative of macroeconomic headwinds, such as reduced industrial production or shifts in global trade dynamics. The significant downturn in Adjusted EBITDA, excluding LIFO, suggests that the company is not immune to these pressures despite its strategic initiatives.
The company's investment in organic growth initiatives and acquisitions, while forward-looking, must be carefully balanced against the potential for continued economic softening. The impact of such investments on the company's financials will be critical to monitor, particularly in light of the company's increased debt and net leverage ratio.
Ryerson's outlook for the first quarter of 2024, with expected increases in customer shipments and average selling prices, offers a cautiously optimistic view. However, the reliance on seasonal demand conditions and the absence of expected LIFO income in the first quarter suggest that the company's near-term performance will be closely tied to market fluctuations and inventory management strategies.
Quarterly business highlights include three acquisitions and tenth consecutive increase in quarterly dividend. Results include strong cash flow generation and continued investment in organic growth initiatives, including the
Highlights:
- Achieved fourth quarter Net Income attributable to Ryerson Holding Corporation of
$26 million $26 million - Delivered fourth quarter Diluted Earnings Per Share of
$0.74 $1.1 billion - Generated fourth quarter Operating Cash Flow of
$90 million $65 million - Acquired three businesses in the fourth quarter, two value-added processors, Norlen Incorporated ("Norlen") and TSA Processing ("TSA"), as well as a tool steel processor and distributor, Hudson Tool Steel Corporation ("Hudson")
- Published 2023 Sustainability Report
- Announced first quarter 2024 dividend of
$0.18 75 - Maintained fourth-quarter Net Leverage ratio within target range at 1.7x, with debt of
$436 million $382 million - Earned full-year Net Income attributable to Ryerson Holding Corporation of
$146 million $231 million - Delivered full-year Diluted Earnings Per Share of
$4.10 $5.1 billion - Generated full-year Operating Cash Flow of
$365 million $244 million - Completed second year of an investment cycle in next-stage operating model growth and shareholder returns through cumulative investments of
$422 million $209 million
$ in millions, except tons (in thousands), average selling prices, and earnings per share | ||||||||||||||||
Financial Highlights: | Q4 2023 | Q3 2023 | Q4 2022 | QoQ | YoY | 2023 | 2022 | YoY | ||||||||
Revenue | (10.8) % | (13.6) % | (19.2) % | |||||||||||||
Tons shipped | 450 | 478 | 465 | (5.9) % | (3.2) % | 1,943 | 2,029 | (4.2) % | ||||||||
Average selling price/ton | (5.2) % | (10.8) % | (15.7) % | |||||||||||||
Gross margin | 22.2 % | 20.0 % | 12.7 % | 220 bps | 950 bps | 20.0 % | 20.7 % | -70 bps | ||||||||
Gross margin, excl. LIFO | 16.9 % | 17.3 % | 15.3 % | -40 bps | 160 bps | 18.1 % | 19.8 % | -170 bps | ||||||||
Warehousing, delivery, selling, general, and | 5.5 % | 6.9 % | 7.9 % | |||||||||||||
As a percentage of revenue | 18.3 % | 15.5 % | 14.8 % | 280 bps | 350 bps | 15.5 % | 11.6 % | 390 bps | ||||||||
Net income (loss) attributable to Ryerson | (26.3) % | (207.1) % | (62.7) % | |||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||
Adjusted diluted earnings (loss) per share | ||||||||||||||||
Adj. EBITDA, excl. LIFO | (42.4) % | (9.8) % | (60.3) % | |||||||||||||
Adj. EBITDA, excl. LIFO margin | 2.3 % | 3.6 % | 2.2 % | -130 bps | 10 bps | 4.5 % | 9.2 % | -470 bps | ||||||||
Balance Sheet and Cash Flow Highlights: | ||||||||||||||||
Total debt | 19.3 % | 18.9 % | 18.9 % | |||||||||||||
Cash and cash equivalents | 45.2 % | 38.5 % | 38.5 % | |||||||||||||
Net debt | 16.3 % | 16.6 % | 16.6 % | |||||||||||||
Net debt / LTM Adj. EBITDA, excl. LIFO | 1.7x | 1.4x | 0.6x | 0.3x | 1.1x | 1.7x | 0.6x | 1.1x | ||||||||
Cash conversion cycle (days) | 84.6 | 78.3 | 91.6 | 6.3 | (7.0) | 79.3 | 80.9 | (1.6) | ||||||||
Net cash provided by (used in) operating | ||||||||||||||||
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, "Reflecting on the fourth quarter, and full-year 2023, I want to start by thanking my Ryerson teammates for prioritizing operating safely throughout our entire organization as safety is always our first priority. As far as our over-all business performance, 2023 marked the second year of Ryerson's longest and most significant investment cycle in more than a generation. We are taking big steps to create our next-generation operating model and the industry's best customer experience. Over the past year, we invested in the modernization, integration and expansion of our network of interconnected intelligent service centers, highlighted by an Enterprise Resource Planning ("ERP") conversion across our largest business unit, new and expanding facilities at
Over the fourth quarter and the entire year, as we carried out our investments in modernization, integration, and expansion, our business operated against a backdrop of slowing manufacturing activity. You could say the sun wasn't shining on our addressable markets as full-year industry stainless volumes corrected down
Fourth Quarter Results
Ryerson generated revenue of
Gross margin expanded sequentially by 220 basis points to
Warehousing, delivery, selling, general and administrative expenses increased
Net income attributable to Ryerson Holding Corporation for the fourth quarter of 2023 was
Liquidity & Debt Management
Ryerson generated
Shareholder Return Activity
Dividends. On February 21, 2024, the Board of Directors declared a quarterly cash dividend of
Share Repurchase. Ryerson repurchased 219,614 shares for
Outlook Commentary
For the first quarter of 2024, Ryerson expects normal seasonal demand conditions, with customer shipments expected to increase approximately
Fourth Quarter 2023 Major Product Metrics | ||||||||||||
Net Sales (millions) | ||||||||||||
Q4 2023 | Q3 2023 | Q4 2022 | Quarter-over- | Year-over-year | ||||||||
Carbon Steel | $ | 575 | $ | 647 | $ | 684 | (11.1) % | (15.9) % | ||||
Aluminum | $ | 241 | $ | 273 | $ | 269 | (11.7) % | (10.4) % | ||||
Stainless Steel | $ | 271 | $ | 304 | $ | 313 | (10.9) % | (13.4) % | ||||
Tons Shipped (thousands) | ||||||||||||
Q4 2023 | Q3 2023 | Q4 2022 | Quarter-over- | Year-over-year | ||||||||
Carbon Steel | 347 | 371 | 365 | (6.5) % | (4.9) % | |||||||
Aluminum | 48 | 49 | 45 | (2.0) % | 6.7 % | |||||||
Stainless Steel | 52 | 55 | 52 | (5.5) % | — | |||||||
Average Selling Prices (per ton) | ||||||||||||
Q4 2023 | Q3 2023 | Q4 2022 | Quarter-over- | Year-over-year | ||||||||
Carbon Steel | $ | 1,657 | $ | 1,744 | $ | 1,874 | (5.0) % | (11.6) % | ||||
Aluminum | $ | 5,021 | $ | 5,571 | $ | 5,978 | (9.9) % | (16.0) % | ||||
Stainless Steel | $ | 5,212 | $ | 5,527 | $ | 6,019 | (5.7) % | (13.4) % | ||||
Full Year 2023 Major Product Metrics | ||||||||||
Net Sales (millions) | ||||||||||
2023 | 2022 | Year-over-year | ||||||||
Carbon Steel | $ | 2,597 | $ | 3,371 | (23.0) % | |||||
Aluminum | $ | 1,121 | $ | 1,235 | (9.2) % | |||||
Stainless Steel | $ | 1,291 | $ | 1,625 | (20.6) % | |||||
Tons Shipped (thousands) | ||||||||||
2023 | 2022 | Year-over-year | ||||||||
Carbon Steel | 1,504 | 1,583 | (5.0) % | |||||||
Aluminum | 200 | 195 | 2.6 % | |||||||
Stainless Steel | 229 | 242 | (5.4) % | |||||||
Average Selling Prices (per ton) | ||||||||||
2023 | 2022 | Year-over-year | ||||||||
Carbon Steel | $ | 1,727 | $ | 2,130 | (18.9) % | |||||
Aluminum | $ | 5,605 | $ | 6,333 | (11.5) % | |||||
Stainless Steel | $ | 5,638 | $ | 6,715 | (16.0) % | |||||
Earnings Call Information
Ryerson will host a conference call to discuss fourth quarter and full-year 2023 financial results for the period ended December 31, 2023, on Thursday, February 22, 2024, at 10 a.m. Eastern Time. 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
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 | ||||||||||||||||||||
Selected Income and Cash Flow Data - Unaudited | ||||||||||||||||||||
(Dollars and Shares in Millions, except Per Share and Per Ton Data) | ||||||||||||||||||||
Third | ||||||||||||||||||||
Fourth Quarter | Quarter | Year Ended December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
NET SALES | $ | 1,112.4 | $ | 1,288.2 | $ | 1,246.7 | $ | 5,108.7 | $ | 6,323.6 | ||||||||||
Cost of materials sold | 865.2 | 1,125.1 | 997.4 | 4,087.1 | 5,013.5 | |||||||||||||||
Gross profit | 247.2 | 163.1 | 249.3 | 1,021.6 | 1,310.1 | |||||||||||||||
Warehousing, delivery, selling, general, and administrative | 203.7 | 190.5 | 193.0 | 793.5 | 735.2 | |||||||||||||||
Gain on sale of assets | — | — | — | — | (3.8) | |||||||||||||||
OPERATING PROFIT (LOSS) | 43.5 | (27.4) | 56.3 | 228.1 | 578.7 | |||||||||||||||
Other income and (expense), net (1) | (0.5) | (0.3) | 1.2 | 0.3 | (22.6) | |||||||||||||||
Interest and other expense on debt | (9.5) | (7.0) | (9.3) | (34.7) | (33.2) | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 33.5 | (34.7) | 48.2 | 193.7 | 522.9 | |||||||||||||||
Provision (benefit) for income taxes | 7.5 | (10.9) | 12.9 | 47.3 | 131.4 | |||||||||||||||
NET INCOME (LOSS) | 26.0 | (23.8) | 35.3 | 146.4 | 391.5 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | 0.2 | 0.3 | 0.3 | 0.7 | 0.5 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON | $ | 25.8 | $ | (24.1) | $ | 35.0 | $ | 145.7 | $ | 391.0 | ||||||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||||||||||
Basic | $ | 0.76 | $ | (0.65) | $ | 1.02 | $ | 4.17 | $ | 10.41 | ||||||||||
Diluted | $ | 0.74 | $ | (0.65) | $ | 1.00 | $ | 4.10 | $ | 10.21 | ||||||||||
Shares outstanding - basic | 34.1 | 37.0 | 34.3 | 35.0 | 37.6 | |||||||||||||||
Shares outstanding - diluted | 34.7 | 37.0 | 34.9 | 35.6 | 38.3 | |||||||||||||||
Dividends declared per share | $ | 0.185 | $ | 0.16 | $ | 0.1825 | $ | 0.7175 | $ | 0.535 | ||||||||||
Supplemental Data : | ||||||||||||||||||||
Tons shipped (000) | 450 | 465 | 478 | 1,943 | 2,029 | |||||||||||||||
Shipping days | 60 | 60 | 63 | 251 | 251 | |||||||||||||||
Average selling price/ton | $ | 2,472 | $ | 2,770 | $ | 2,608 | $ | 2,629 | $ | 3,117 | ||||||||||
Gross profit/ton | 549 | 351 | 522 | 526 | 646 | |||||||||||||||
Operating profit (loss)/ton | 97 | (59) | 118 | 117 | 285 | |||||||||||||||
LIFO expense (income) per ton | (132) | 74 | (70) | (50) | (29) | |||||||||||||||
LIFO expense (income) | (59.3) | 34.6 | (33.4) | (97.7) | (58.1) | |||||||||||||||
Depreciation and amortization expense | 20.1 | 16.5 | 13.6 | 62.5 | 59.0 | |||||||||||||||
Cash flow provided by operating activities | 90.1 | 181.6 | 79.3 | 365.1 | 501.2 | |||||||||||||||
Capital expenditures | (25.4) | (33.9) | (22.4) | (121.9) | (105.1) | |||||||||||||||
(1) The year 2022 includes a | ||||||||||||||||||||
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 First Quarter 2024 Guidance reconciliation | ||||||||||||||||||||
Schedule 1 | ||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In millions, except shares) | ||||||||
December 31, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 54.3 | $ | 39.2 | ||||
Restricted cash | 1.1 | 1.3 | ||||||
Receivables, less provisions of | 467.7 | 514.4 | ||||||
Inventories | 782.5 | 798.5 | ||||||
Prepaid expenses and other current assets | 77.8 | 88.2 | ||||||
Total current assets | 1,383.4 | 1,441.6 | ||||||
Property, plant, and equipment, at cost | 1,071.5 | 898.6 | ||||||
Less: accumulated depreciation | 481.9 | 440.2 | ||||||
Property, plant, and equipment, net | 589.6 | 458.4 | ||||||
Operating lease assets | 349.4 | 240.5 | ||||||
Other intangible assets | 73.7 | 50.9 | ||||||
Goodwill | 157.8 | 129.2 | ||||||
Deferred charges and other assets | 15.7 | 13.7 | ||||||
Total assets | $ | 2,569.6 | $ | 2,334.3 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 463.4 | $ | 438.4 | ||||
Salaries, wages, and commissions | 51.9 | 67.3 | ||||||
Other accrued liabilities | 75.9 | 77.7 | ||||||
Short-term debt | 8.2 | 5.8 | ||||||
Current portion of operating lease liabilities | 30.5 | 25.2 | ||||||
Current portion of deferred employee benefits | 4.0 | 4.8 | ||||||
Total current liabilities | 633.9 | 619.2 | ||||||
Long-term debt | 428.3 | 361.2 | ||||||
Deferred employee benefits | 106.7 | 118.0 | ||||||
Noncurrent operating lease liabilities | 336.8 | 215.1 | ||||||
Deferred income taxes | 135.5 | 113.5 | ||||||
Other noncurrent liabilities | 13.9 | 14.3 | ||||||
Total liabilities | 1,655.1 | 1,441.3 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Ryerson Holding Corporation stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 0.4 | 0.4 | ||||||
Capital in excess of par value | 411.6 | 397.7 | ||||||
Retained earnings | 813.2 | 692.5 | ||||||
Treasury stock, at cost - Common stock of 5,413,434 shares at December 31, 2023 and | (179.3) | (61.1) | ||||||
Accumulated other comprehensive loss | (140.0) | (144.4) | ||||||
Total Ryerson Holding Corporation Stockholders' Equity | 905.9 | 885.1 | ||||||
Noncontrolling interest | 8.6 | 7.9 | ||||||
Total Equity | 914.5 | 893.0 | ||||||
Total Liabilities and Stockholders' Equity | $ | 2,569.6 | $ | 2,334.3 | ||||
Note: EBITDA represents net income before interest and other expense on debt, provision for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on sales of assets, gain or loss on retirement of debt, benefit plan curtailment gain, purchase consideration and other transaction costs, and foreign currency transaction gains and losses. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), provides useful information to investors regarding our operational performance because they enhance an investor's overall understanding of our core financial performance and provide a basis of comparison of results between current, past, and future periods. We also disclose the metric Adjusted EBITDA, excluding LIFO expense (income), to provide a means of comparison amongst our competitors who may not use the same basis of accounting for inventories. EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense (income), are three of the primary metrics management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of our business without the effect of |
Schedule 3 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Adjusted Net Income (Loss) and Adjusted Earnings | ||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||||||||||
Third | ||||||||||||||||||||
Fourth Quarter | Quarter | Year Ended December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
Net income (loss) attributable to Ryerson Holding | $ | 25.8 | $ | (24.1) | $ | 35.0 | $ | 145.7 | $ | 391.0 | ||||||||||
Gain on bargain purchase | — | — | — | — | (0.6) | |||||||||||||||
Gain on sale of assets | — | — | — | — | (3.8) | |||||||||||||||
Loss on retirement of debt | — | — | — | — | 21.3 | |||||||||||||||
Benefit plan curtailment gain | (0.8) | — | — | (0.8) | — | |||||||||||||||
Provision (benefit) for income taxes | 0.2 | — | — | 0.2 | (4.3) | |||||||||||||||
Adjusted net income (loss) attributable to Ryerson | $ | 25.2 | $ | (24.1) | $ | 35.0 | $ | 145.1 | $ | 403.6 | ||||||||||
Adjusted diluted earnings (loss) per share | $ | 0.73 | $ | (0.65) | $ | 1.00 | $ | 4.08 | $ | 10.54 | ||||||||||
Shares outstanding - diluted | 34.7 | 37.0 | 34.9 | 35.6 | 38.3 | |||||||||||||||
Note: Adjusted net income (loss) and Adjusted diluted earnings (loss) per share is presented to provide a means of comparison with | ||||||||||||||||||||
Schedule 4 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Cash Flow from Operations to Free Cash Flow Yield | ||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
Third | ||||||||||||||||||||
Fourth Quarter | Quarter | Year Ended December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
Net cash provided by operating activities | $ | 90.1 | $ | 181.6 | $ | 79.3 | $ | 365.1 | $ | 501.2 | ||||||||||
Capital expenditures | (25.4) | (33.9) | (22.4) | (121.9) | (105.1) | |||||||||||||||
Proceeds from sales of property, plant, and equipment | 0.4 | — | — | 0.5 | 8.0 | |||||||||||||||
Free cash flow | $ | 65.1 | $ | 147.7 | $ | 56.9 | $ | 243.7 | $ | 404.1 | ||||||||||
Market capitalization | $ | 1,180.4 | $ | 1,119.3 | $ | 996.5 | $ | 1,180.4 | $ | 1,119.3 | ||||||||||
Free cash flow yield | 5.5 | % | 13.2 | % | 5.7 | % | 20.6 | % | 36.1 | % | ||||||||||
Note: Market capitalization is calculated using December 31, 2023, September 30, 2023, and December 31, 2022 stock prices and | ||||||||||||||||||||
Schedule 5 | ||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||
Reconciliation of First Quarter 2024 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO | ||||
(Dollars in Millions, except Per Share Data) | ||||
First Quarter 2024 | ||||
Low | High | |||
Net income attributable to Ryerson Holding Corporation | ||||
Diluted earnings per share | ||||
Interest and other expense on debt | 10 | 10 | ||
Provision for income taxes | 3 | 4 | ||
Depreciation and amortization expense | 17 | 17 | ||
EBITDA | ||||
Adjustments | 20 | 20 | ||
Adjusted EBITDA | ||||
LIFO income | — | — | ||
Adjusted EBITDA, excluding LIFO | ||||
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. | ||||
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SOURCE Ryerson Holding Corporation
FAQ
What were Ryerson Holding Corporation's acquisitions in Q4 2023?
What was the revenue for Ryerson Holding Corporation in Q4 2023?
What was the net income for Ryerson Holding Corporation in Q4 2023?
What was the diluted earnings per share for Ryerson Holding Corporation in Q4 2023?
What was the debt amount for Ryerson Holding Corporation in Q4 2023?
What was the dividend amount per share for Ryerson Holding Corporation in Q4 2023?
What is Ryerson Holding Corporation's leverage ratio as of Q4 2023?
What was the revenue decline percentage for Ryerson Holding Corporation in full year 2023 compared to 2022?
What was the net income decline percentage for Ryerson Holding Corporation in full year 2023 compared to 2022?
What was the Adjusted EBITDA decline percentage for Ryerson Holding Corporation in full year 2023 compared to 2022?
