Ryerson Reports Second Quarter 2023 Results
Business highlights include
Highlights:
- Achieved Net Income attributable to Ryerson Holding Corporation of
with Adjusted EBITDA1, excluding LIFO of$37.6 million $70.1 million - Earned Diluted EPS2 of
on revenue of$1.06 $1.3 billion - Generated Operating Cash Flow of
and Free Cash Flow of$115.3 million $69.1 million - Maintained Net Leverage ratio within target range at 1.4x, debt of
and net debt3 of$396 million as of June 30, 2023$366 million - Repurchased 1.4 million shares directly from an affiliate of Platinum Equity, concurrent to their secondary public offering, creating value for shareholders and contributing to free float increasing to
77% as of June 30, 2023 - Announced third quarter 2023 dividend of
per share, a$0.18 251.4% increase from the prior quarter
$ in millions, except tons (in thousands), average selling prices, and earnings per share | ||||||||||||||||||||||||||||||||
Financial Highlights: | Q2 2023 | Q2 2022 | Q1 2023 | YoY | QoQ | 1H 2023 | 1H 2022 | YoY | ||||||||||||||||||||||||
Revenue | $ | 1,343.5 | $ | 1,743.5 | $ | 1,406.1 | (22.9) | % | (4.5) | % | $ | 2,749.6 | $ | 3,492.3 | (21.3) | % | ||||||||||||||||
Tons shipped | 496 | 524 | 519 | (5.3) | % | (4.4) | % | 1,015 | 1,052 | (3.5) | % | |||||||||||||||||||||
Average selling price/ton | $ | 2,709 | $ | 3,327 | $ | 2,709 | (18.6) | % | — | $ | 2,709 | $ | 3,320 | (18.4) | % | |||||||||||||||||
Gross margin | 19.4 | % | 26.7 | % | 18.8 | % | -730 bps | 60 bps | 19.1 | % | 25.1 | % | -600 bps | |||||||||||||||||||
Gross margin, excl. LIFO | 18.7 | % | 22.5 | % | 19.1 | % | -380 bps | -40 bps | 18.9 | % | 23.0 | % | -410 bps | |||||||||||||||||||
Warehousing, delivery, | $ | 202.6 | $ | 182.9 | $ | 194.2 | 10.8 | % | 4.3 | % | $ | 396.8 | $ | 358.2 | 10.8 | % | ||||||||||||||||
As a percentage of revenue | 15.1 | % | 10.5 | % | 13.8 | % | 460 bps | 130 bps | 14.4 | % | 10.3 | % | 410 bps | |||||||||||||||||||
Net income attributable to | $ | 37.6 | $ | 196.4 | $ | 47.3 | (80.9) | % | (20.5) | % | $ | 84.9 | $ | 360.0 | (76.4) | % | ||||||||||||||||
Diluted earnings per share | $ | 1.06 | $ | 5.10 | $ | 1.27 | $ | (4.04) | $ | (0.21) | $ | 2.33 | $ | 9.26 | $ | (6.93) | ||||||||||||||||
Adjusted diluted earnings per | $ | 1.06 | $ | 5.31 | $ | 1.27 | $ | (4.25) | $ | (0.21) | $ | 2.33 | $ | 9.56 | $ | (7.23) | ||||||||||||||||
Adj. EBITDA, excl. LIFO | $ | 70.1 | $ | 224.2 | $ | 90.1 | (68.7) | % | (22.2) | % | $ | 160.2 | $ | 474.8 | (66.3) | % | ||||||||||||||||
Adj. EBITDA, excl. LIFO | 5.2 | % | 12.9 | % | 6.4 | % | -770 bps | -120 bps | 5.8 | % | 13.6 | % | -780 bps | |||||||||||||||||||
Balance Sheet and Cash | ||||||||||||||||||||||||||||||||
Total debt | $ | 396.1 | $ | 533.5 | $ | 395.1 | (25.8) | % | 0.3 | % | $ | 396.1 | $ | 533.5 | (25.8) | % | ||||||||||||||||
Cash and cash equivalents | $ | 30.0 | $ | 41.4 | $ | 43.7 | (27.5) | % | (31.4) | % | $ | 30.0 | $ | 41.4 | (27.5) | % | ||||||||||||||||
Net debt | $ | 366.1 | $ | 492.1 | $ | 351.4 | (25.6) | % | 4.2 | % | $ | 366.1 | $ | 492.1 | (25.6) | % | ||||||||||||||||
Net debt / LTM Adj. | 1.4 | x | 0.5 | x | 0.8 | x | 0.9 | x | 0.6 | x | 1.4 | x | 0.5 | x | 0.9 | x | ||||||||||||||||
Cash conversion cycle (days) | 76.1 | 77.5 | 77.4 | (1.4) | (1.3) | 77.2 | 77.3 | (0.1) | ||||||||||||||||||||||||
Net cash provided by | $ | 115.3 | $ | 85.5 | $ | 80.4 | $ | 29.8 | $ | 34.9 | $ | 195.7 | $ | 168.0 | $ | 27.7 |
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 all of my Ryerson teammates for their continued dedication to operating safely and productively, and I want to thank our customers for the opportunity to create and deliver better customer experiences which we never take for granted. Counter-cyclical industry conditions, particularly within our stainless-steel products franchise, arrived mid-quarter and were evidenced by industrial metals bellwether price index declines and demand contraction in Ryerson's later-cycle end markets. Counter-cyclical conditions as experienced during the second half of last year re-emerged in the second quarter of this year for a myriad of reasons. Shifting consumer spending patterns, higher interest rates, quieted but still present financial system stress and tightening as well as an economic recovery in
Second Quarter Results
Ryerson generated net sales of
Gross margin expanded sequentially by 60 basis points to
Excluding the impact of LIFO, gross margin contracted 40 basis points to
Net income attributable to Ryerson Holding Corporation for the second quarter of 2023 was
Liquidity & Debt Management
Ryerson generated
Shareholder Return Activity
Dividends. During the second quarter of 2023, Ryerson paid a quarterly dividend in the amount of
Share Repurchase. On May 8, 2023, Ryerson repurchased 1,369,300 shares of common stock for approximately
Outlook Commentary
For the third quarter of 2023, Ryerson expects a continuation of slowing demand conditions, with customer shipments expected to decrease approximately
Second Quarter 2023 Major Product Metrics | ||||||||||||
Tons Shipped (thousands) | ||||||||||||
Q2 2023 | Q2 2022 | Q1 2023 | Year-over-year | Quarter-over- | ||||||||
Carbon Steel | 384 | 408 | 402 | (5.9) % | (4.5) % | |||||||
Aluminum | 51 | 51 | 52 | — | (1.9) % | |||||||
Stainless Steel | 59 | 63 | 63 | (6.3) % | (6.3) % | |||||||
Net Sales (millions) | ||||||||||||
Q2 2023 | Q2 2022 | Q1 2023 | Year-over-year | Quarter-over- | ||||||||
Carbon Steel | $ | 683 | $ | 911 | $ | 692 | (25.0) % | (1.3) % | ||||
Aluminum | $ | 297 | $ | 344 | $ | 310 | (13.7) % | (4.2) % | ||||
Stainless Steel | $ | 338 | $ | 464 | $ | 378 | (27.2) % | (10.6) % | ||||
Average Selling Prices (per ton) | ||||||||||||
Q2 2023 | Q2 2022 | Q1 2023 | Year-over-year | Quarter-over- | ||||||||
Carbon Steel | $ | 1,779 | $ | 2,233 | $ | 1,721 | (20.3) % | 3.3 % | ||||
Aluminum | $ | 5,824 | $ | 6,745 | $ | 5,962 | (13.7) % | (2.3) % | ||||
Stainless Steel | $ | 5,729 | $ | 7,365 | $ | 6,000 | (22.2) % | (4.5) % | ||||
First Half 2023 Major Product Metrics | ||||||||||||
Tons Shipped (thousands) | ||||||||||||
1H 2023 | 1H 2022 | Year-over-year | ||||||||||
Carbon Steel | 786 | 813 | (3.3 %) | |||||||||
Aluminum | 103 | 101 | 2.0 % | |||||||||
Stainless Steel | 122 | 134 | (9.0 %) | |||||||||
Net Sales (millions) | ||||||||||||
1H 2023 | 1H 2022 | Year-over-year | ||||||||||
Carbon Steel | $ | 1,375 | $ | 1,853 | (25.8 %) | |||||||
Aluminum | $ | 607 | $ | 651 | (6.8 %) | |||||||
Stainless Steel | $ | 716 | $ | 942 | (24.0 %) | |||||||
Average Selling Prices (per ton) | ||||||||||||
1H 2023 | 1H 2022 | Year-over-year | ||||||||||
Carbon Steel | $ | 1,749 | $ | 2,279 | (23.2 %) | |||||||
Aluminum | $ | 5,893 | $ | 6,446 | (8.6 %) | |||||||
Stainless Steel | $ | 5,869 | $ | 7,030 | (16.5 %) |
Earnings Call Information
Ryerson will host a conference call to discuss second quarter 2023 financial results for the period ended June 30, 2023, on Tuesday, August 1, 2023, 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
2EPS is Earnings per Share
3Net 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 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; the impact of geopolitical events, including
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) | ||||||||||||||||||||
2023 | 2022 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2023 | 2022 | ||||||||||||||||
NET SALES | $ | 1,343.5 | $ | 1,406.1 | $ | 1,743.5 | $ | 2,749.6 | $ | 3,492.3 | ||||||||||
Cost of materials sold | 1,082.6 | 1,141.9 | 1,277.6 | 2,224.5 | 2,616.3 | |||||||||||||||
Gross profit | 260.9 | 264.2 | 465.9 | 525.1 | 876.0 | |||||||||||||||
Warehousing, delivery, selling, general, and administrative | 202.6 | 194.2 | 182.9 | 396.8 | 358.2 | |||||||||||||||
Gain on sale of assets | — | — | (3.8) | — | (3.8) | |||||||||||||||
OPERATING PROFIT | 58.3 | 70.0 | 286.8 | 128.3 | 521.6 | |||||||||||||||
Other income and (expense), net | (0.3) | (0.1) | (15.3) | (0.4) | (21.0) | |||||||||||||||
Interest and other expense on debt | (8.3) | (7.6) | (8.3) | (15.9) | (18.6) | |||||||||||||||
INCOME BEFORE INCOME TAXES | 49.7 | 62.3 | 263.2 | 112.0 | 482.0 | |||||||||||||||
Provision for income taxes | 12.1 | 14.8 | 66.8 | 26.9 | 121.8 | |||||||||||||||
NET INCOME | 37.6 | 47.5 | 196.4 | 85.1 | 360.2 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | — | 0.2 | — | 0.2 | 0.2 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO RYERSON HOLDING | $ | 37.6 | $ | 47.3 | $ | 196.4 | $ | 84.9 | $ | 360.0 | ||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||
Basic | $ | 1.07 | $ | 1.30 | $ | 5.20 | $ | 2.38 | $ | 9.45 | ||||||||||
Diluted | $ | 1.06 | $ | 1.27 | $ | 5.10 | $ | 2.33 | $ | 9.26 | ||||||||||
Shares outstanding - basic | 35.0 | 36.5 | 37.8 | 35.7 | 38.1 | |||||||||||||||
Shares outstanding - diluted | 35.5 | 37.2 | 38.5 | 36.3 | 38.9 | |||||||||||||||
Dividends declared per share | $ | 0.180 | $ | 0.170 | $ | 0.125 | $ | 0.350 | $ | 0.225 | ||||||||||
Supplemental Data : | ||||||||||||||||||||
Tons shipped (000) | 496 | 519 | 524 | 1,015 | 1,052 | |||||||||||||||
Shipping days | 64 | 64 | 64 | 128 | 127 | |||||||||||||||
Average selling price/ton | $ | 2,709 | $ | 2,709 | $ | 3,327 | $ | 2,709 | $ | 3,320 | ||||||||||
Gross profit/ton | 526 | 509 | 889 | 517 | 833 | |||||||||||||||
Operating profit/ton | 118 | 135 | 547 | 126 | 496 | |||||||||||||||
LIFO expense (income) per ton | (18) | 8 | (141) | (5) | (68) | |||||||||||||||
LIFO expense (income) | (9.0) | 4.0 | (73.8) | (5.0) | (71.6) | |||||||||||||||
Depreciation and amortization expense | 15.1 | 13.7 | 14.5 | 28.8 | 28.0 | |||||||||||||||
Cash flow provided by operating activities | 115.3 | 80.4 | 85.5 | 195.7 | 168.0 | |||||||||||||||
Capital expenditures | (46.3) | (27.8) | (24.0) | (74.1) | (42.8) | |||||||||||||||
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 Third Quarter 2023 Guidance reconciliation |
Schedule 1 | ||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In millions, except shares) | ||||||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 30.0 | $ | 39.2 | ||||
Restricted cash | 1.1 | 1.3 | ||||||
Receivables, less provisions of | 580.6 | 514.4 | ||||||
Inventories | 753.5 | 798.5 | ||||||
Prepaid expenses and other current assets | 82.6 | 88.2 | ||||||
Total current assets | 1,447.8 | 1,441.6 | ||||||
Property, plant, and equipment, at cost | 993.7 | 898.6 | ||||||
Less: accumulated depreciation | 461.5 | 440.2 | ||||||
Property, plant, and equipment, net | 532.2 | 458.4 | ||||||
Operating lease assets | 328.3 | 240.5 | ||||||
Other intangible assets | 62.5 | 50.9 | ||||||
Goodwill | 135.9 | 129.2 | ||||||
Deferred charges and other assets | 14.8 | 13.7 | ||||||
Total assets | $ | 2,521.5 | $ | 2,334.3 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 557.4 | $ | 438.4 | ||||
Salaries, wages, and commissions | 44.2 | 67.3 | ||||||
Other accrued liabilities | 73.4 | 77.7 | ||||||
Short-term debt | 3.5 | 5.8 | ||||||
Current portion of operating lease liabilities | 29.1 | 25.2 | ||||||
Current portion of deferred employee benefits | 4.8 | 4.8 | ||||||
Total current liabilities | 712.4 | 619.2 | ||||||
Long-term debt | 392.6 | 361.2 | ||||||
Deferred employee benefits | 111.6 | 118.0 | ||||||
Noncurrent operating lease liabilities | 301.7 | 215.1 | ||||||
Deferred income taxes | 124.6 | 113.5 | ||||||
Other noncurrent liabilities | 12.2 | 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 | 404.0 | 397.7 | ||||||
Retained earnings | 765.1 | 692.5 | ||||||
Treasury stock, at cost - Common stock of 5,060,726 shares at June 30, 2023 and 2,070,654 | (168.9) | (61.1) | ||||||
Accumulated other comprehensive loss | (142.3) | (144.4) | ||||||
Total Ryerson Holding Corporation Stockholders' Equity | 858.3 | 885.1 | ||||||
Noncontrolling interest | 8.1 | 7.9 | ||||||
Total Equity | 866.4 | 893.0 | ||||||
Total Liabilities and Stockholders' Equity | $ | 2,521.5 | $ | 2,334.3 | ||||
Schedule 2 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Reconciliations of Net Income Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
2023 | 2022 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2023 | 2022 | ||||||||||||||||
Net income attributable to Ryerson Holding Corporation | $ | 37.6 | $ | 47.3 | $ | 196.4 | $ | 84.9 | $ | 360.0 | ||||||||||
Interest and other expense on debt | 8.3 | 7.6 | 8.3 | 15.9 | 18.6 | |||||||||||||||
Provision for income taxes | 12.1 | 14.8 | 66.8 | 26.9 | 121.8 | |||||||||||||||
Depreciation and amortization expense | 15.1 | 13.7 | 14.5 | 28.8 | 28.0 | |||||||||||||||
EBITDA | $ | 73.1 | $ | 83.4 | $ | 286.0 | $ | 156.5 | $ | 528.4 | ||||||||||
Gain on sale of assets | — | — | (3.8) | — | (3.8) | |||||||||||||||
Reorganization | 4.9 | 1.8 | 0.6 | 6.7 | 1.0 | |||||||||||||||
Foreign currency transaction (gains) losses | 1.3 | (0.1) | 0.7 | 1.2 | 0.7 | |||||||||||||||
Loss on retirement of debt | — | — | 14.5 | — | 19.8 | |||||||||||||||
Purchase consideration and other transaction costs | 0.4 | 0.3 | — | 0.7 | — | |||||||||||||||
Other adjustments | (0.6) | 0.7 | — | 0.1 | 0.3 | |||||||||||||||
Adjusted EBITDA | $ | 79.1 | $ | 86.1 | $ | 298.0 | $ | 165.2 | $ | 546.4 | ||||||||||
Adjusted EBITDA | $ | 79.1 | $ | 86.1 | $ | 298.0 | $ | 165.2 | $ | 546.4 | ||||||||||
LIFO expense (income) | (9.0) | 4.0 | (73.8) | (5.0) | (71.6) | |||||||||||||||
Adjusted EBITDA, excluding LIFO expense (income) | $ | 70.1 | $ | 90.1 | $ | 224.2 | $ | 160.2 | $ | 474.8 | ||||||||||
Net sales | $ | 1,343.5 | $ | 1,406.1 | $ | 1,743.5 | $ | 2,749.6 | $ | 3,492.3 | ||||||||||
Adjusted EBITDA, excluding LIFO expense (income), as a | 5.2 | % | 6.4 | % | 12.9 | % | 5.8 | % | 13.6 | % | ||||||||||
Gross profit | $ | 260.9 | $ | 264.2 | $ | 465.9 | $ | 525.1 | $ | 876.0 | ||||||||||
Gross margin | 19.4 | % | 18.8 | % | 26.7 | % | 19.1 | % | 25.1 | % | ||||||||||
Gross profit | $ | 260.9 | $ | 264.2 | $ | 465.9 | $ | 525.1 | $ | 876.0 | ||||||||||
LIFO expense (income) | (9.0) | 4.0 | (73.8) | (5.0) | (71.6) | |||||||||||||||
Gross profit, excluding LIFO expense (income) | $ | 251.9 | $ | 268.2 | $ | 392.1 | $ | 520.1 | $ | 804.4 | ||||||||||
Gross margin, excluding LIFO expense (income) | 18.7 | % | 19.1 | % | 22.5 | % | 18.9 | % | 23.0 | % |
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, loss on retirement of debt, 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 to Adjusted Net Income and Adjusted Earnings per Share | ||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||||||||||
2023 | 2022 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2023 | 2022 | ||||||||||||||||
Net income attributable to Ryerson Holding | $ | 37.6 | $ | 47.3 | $ | 196.4 | $ | 84.9 | $ | 360.0 | ||||||||||
Gain on sale of assets | — | — | (3.8) | — | (3.8) | |||||||||||||||
Loss on retirement of debt | — | — | 14.5 | — | 19.8 | |||||||||||||||
Benefit for income taxes | — | — | (2.7) | — | (4.1) | |||||||||||||||
Adjusted net income attributable to Ryerson Holding | $ | 37.6 | $ | 47.3 | $ | 204.4 | $ | 84.9 | $ | 371.9 | ||||||||||
Adjusted diluted earnings per share | $ | 1.06 | $ | 1.27 | $ | 5.31 | $ | 2.33 | $ | 9.56 | ||||||||||
Shares outstanding - diluted | 35.5 | 37.2 | 38.5 | 36.3 | 38.9 | |||||||||||||||
Note: Adjusted net income and Adjusted earnings per share is presented to provide a means of comparison with periods that do not | ||||||||||||||||||||
Schedule 4 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Cash Flow from Operations to Free Cash Flow Yield | ||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
2023 | 2022 | First Six Months Ended | ||||||||||||||||||
Second | First | Second | June 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2023 | 2022 | ||||||||||||||||
Net cash provided by operating activities | $ | 115.3 | $ | 80.4 | $ | 85.5 | $ | 195.7 | $ | 168.0 | ||||||||||
Capital expenditures | (46.3) | (27.8) | (24.0) | (74.1) | (42.8) | |||||||||||||||
Proceeds from sales of property, plant, and equipment | 0.1 | — | 6.2 | 0.1 | 7.2 | |||||||||||||||
Free cash flow | $ | 69.1 | $ | 52.6 | $ | 67.7 | $ | 121.7 | $ | 132.4 | ||||||||||
Market capitalization | $ | 1,491.8 | $ | 1,301.3 | $ | 788.9 | $ | 1,491.8 | $ | 788.9 | ||||||||||
Free cash flow yield | 4.6 | % | 4.0 | % | 8.6 | % | 8.2 | % | 16.8 | % | ||||||||||
Note: Market capitalization is calculated using June 30, 2023, March 31, 2023, and June 30, 2022 | ||||||||||||||||||||
Schedule 5 | ||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||
Reconciliation of Third Quarter 2023 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance | ||||
(Dollars in Millions, except Per Share Data) | ||||
Third Quarter 2023 | ||||
Low | High | |||
Net income attributable to Ryerson Holding Corporation | ||||
Diluted earnings per share | ||||
Interest and other expense on debt | 9 | 9 | ||
Provision for income taxes | 4 | 5 | ||
Depreciation and amortization expense | 15 | 15 | ||
EBITDA | ||||
Adjustments | 6 | 5 | ||
Adjusted EBITDA | ||||
LIFO income | (2) | (2) | ||
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