Ryerson Reports Third Quarter 2024 Results
Ryerson Holding (NYSE: RYI) reported Q3 2024 results with revenue of $1.13 billion from 485,000 tons shipped. The company incurred a net loss of $6.6 million, or $0.20 per diluted share. Key highlights include $134.6 million in operating cash flow and $103.4 million in free cash flow. The company returned $42.0 million to shareholders through share repurchases ($36.0 million) and dividends ($6.0 million). Ryerson reduced inventory by $80.8 million and ended the quarter with debt of $522 million and net debt of $487 million.
Ryerson Holding (NYSE: RYI) ha riportato i risultati del terzo trimestre 2024 con un fatturato di 1,13 miliardi di dollari derivante da 485.000 tonnellate spedite. L'azienda ha subito una perdita netta di 6,6 milioni di dollari, ovvero 0,20 dollari per azione diluita. I punti salienti includono un flusso di cassa operativo di 134,6 milioni di dollari e un flusso di cassa libero di 103,4 milioni di dollari. L'azienda ha restituito 42,0 milioni di dollari agli azionisti attraverso riacquisti di azioni (36,0 milioni di dollari) e dividendi (6,0 milioni di dollari). Ryerson ha ridotto l'inventario di 80,8 milioni di dollari e ha concluso il trimestre con un debito di 522 milioni di dollari e un debito netto di 487 milioni di dollari.
Ryerson Holding (NYSE: RYI) informó los resultados del tercer trimestre de 2024 con ingresos de 1,13 mil millones de dólares provenientes de 485,000 toneladas enviadas. La empresa tuvo una pérdida neta de 6,6 millones de dólares, o 0,20 dólares por acción diluida. Los aspectos destacados incluyen un flujo de efectivo operativo de 134,6 millones de dólares y un flujo de efectivo libre de 103,4 millones de dólares. La compañía devolvió 42,0 millones de dólares a los accionistas a través de recompra de acciones (36,0 millones de dólares) y dividendos (6,0 millones de dólares). Ryerson redujo su inventario en 80,8 millones de dólares y finalizó el trimestre con una deuda de 522 millones de dólares y una deuda neta de 487 millones de dólares.
라이어슨 홀딩 (NYSE: RYI)는 2024년 3분기 실적을 보고하며 11억 3천만 달러의 수익을 485,000톤의 출하량에서 달성했습니다. 회사는 660만 달러의 순손실을 기록했으며, 희석 주당 0.20달러에 해당합니다. 주요 하이라이트로는 1억 3천460만 달러의 운영 현금 흐름과 1억 340만 달러의 자유 현금 흐름이 있습니다. 회사는 자사주 매입(3,600만 달러)과 배당금(600만 달러)을 통해 주주에게 4,200만 달러를 반환했습니다. 라이어슨은 재고를 8천080만 달러 줄였으며, 분기를 마감할 때 부채가 5억 2천200만 달러와 순부채가 4억 8천700만 달러였습니다.
Ryerson Holding (NYSE: RYI) a rapporté les résultats du troisième trimestre 2024 avec un chiffre d'affaires de 1,13 milliard de dollars provenant de 485 000 tonnes expédiées. L'entreprise a enregistré une perte nette de 6,6 millions de dollars, soit 0,20 dollar par action diluée. Les points forts incluent un flux de trésorerie opérationnel de 134,6 millions de dollars et un flux de trésorerie libre de 103,4 millions de dollars. L'entreprise a restitué 42,0 millions de dollars aux actionnaires par le biais de rachats d'actions (36,0 millions de dollars) et de dividendes (6,0 millions de dollars). Ryerson a réduit son inventaire de 80,8 millions de dollars et a terminé le trimestre avec une dette de 522 millions de dollars et une dette nette de 487 millions de dollars.
Ryerson Holding (NYSE: RYI) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Umsatz von 1,13 Milliarden US-Dollar aus 485.000 verschifften Tonnen. Das Unternehmen erlitt einen Nettoverlust von 6,6 Millionen US-Dollar, was 0,20 US-Dollar pro verwässerter Aktie entspricht. Zu den wichtigsten Highlights gehören ein operativer Cashflow von 134,6 Millionen US-Dollar und ein freier Cashflow von 103,4 Millionen US-Dollar. Das Unternehmen gab 42,0 Millionen US-Dollar an die Aktionäre zurück, durch Aktienrückkäufe (36,0 Millionen US-Dollar) und Dividenden (6,0 Millionen US-Dollar). Ryerson reduzierte den Bestand um 80,8 Millionen US-Dollar und schloss das Quartal mit einer Verschuldung von 522 Millionen US-Dollar und einer Nettoverschuldung von 487 Millionen US-Dollar ab.
- Generated strong operating cash flow of $134.6 million
- Reduced inventory by $80.8 million
- Returned $42.0 million to shareholders
- Decreased total debt by $3 million quarter-over-quarter
- Net loss of $6.6 million compared to $9.9 million profit in Q2 2024
- Revenue decreased 8.1% quarter-over-quarter to $1.13 billion
- Gross margin contracted to 17.9% from 18.2% in Q2 2024
- Net leverage ratio increased to 3.8x, above target range of 0.5x-2.0x
Insights
The Q3 2024 results reveal significant challenges, with revenue declining
However, there are positive indicators: strong operating cash flow of
The outlook suggests continued pressure, with Q4 shipments expected to decrease
Quarterly business highlights include operating cash flow of
Highlights:
- Generated
of revenue from 485,000 tons shipped and average selling price of$1.13 billion per ton$2,323 - Incurred Net Loss attributable to Ryerson Holding Corporation of
, or Diluted Loss Per Share of$6.6 million and Adjusted EBITDA1, excluding LIFO of$0.20 as counter-cyclical and seasonal bottoming continues$21.0 million - Generated Operating Cash Flow of
and Free Cash Flow of$134.6 million $103.4 million - Reduced inventory by
on a FIFO cost basis2, compared to the second quarter of 2024$80.8 million - Returned
to shareholders during the quarter, comprised of$42.0 million in share repurchases and$36.0 million in dividends$6.0 million - Ended the quarter with debt of
and net debt3 of$522 million as of September 30, 2024, compared to$487 million and$525 million , respectively, on June 30, 2024$497 million - Progressing well towards
of annualized cost reduction expectations from operating expenses4$60 million - Acquired Production Metals, a value-added processor of aluminum, stainless, and specialty steel
- Hosted open house at Central Steel & Wire's
University Park, IL distribution hub and service center for customers, suppliers, vendors, investors, and employees - Declared a fourth-quarter 2024 dividend of
per share$0.18 75
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 | ||||||||||||||||
Financial Highlights: | Q3 2024 | Q2 2024 | Q3 2023 | QoQ | YoY | 9MO 2024 | 9MO 2023 | YoY | ||||||||
Revenue | (8.1) % | (9.6) % | (10.1) % | |||||||||||||
Tons shipped | 485 | 508 | 478 | (4.5) % | 1.5 % | 1,490 | 1,493 | (0.2) % | ||||||||
Average selling price/ton | (3.7) % | (10.9) % | (10.0) % | |||||||||||||
Gross margin | 17.9 % | 18.2 % | 20.0 % | -30 bps | -210 bps | 17.9 % | 19.4 % | -150 bps | ||||||||
Gross margin, excl. LIFO | 16.3 % | 17.4 % | 17.3 % | -110 bps | -100 bps | 17.2 % | 18.4 % | -120 bps | ||||||||
Warehousing, delivery, selling, general, and | (1.1) % | 2.0 % | 3.9 % | |||||||||||||
As a percentage of revenue | 17.5 % | 16.2 % | 15.5 % | 130 bps | 200 bps | 17.1 % | 14.8 % | 230 bps | ||||||||
Net income (loss) attributable to Ryerson Holding Corporation | (166.7) % | (118.9) % | (103.6) % | |||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||
Adjusted diluted earnings (loss) per share | ||||||||||||||||
Adj. EBITDA, excl. LIFO | (50.7) % | (53.3) % | (49.4) % | |||||||||||||
Adj. EBITDA, excl. LIFO margin | 1.9 % | 3.5 % | 3.6 % | -160 bps | -170 bps | 2.9 % | 5.1 % | -220 bps | ||||||||
Balance Sheet and Cash Flow Highlights: | ||||||||||||||||
Total debt | (0.6) % | 42.7 % | 42.7 % | |||||||||||||
Cash and cash equivalents | 25.0 % | (6.4) % | (6.4) % | |||||||||||||
Net debt | (2.1) % | 48.3 % | 48.3 % | |||||||||||||
Net debt / LTM Adj. EBITDA, excl. LIFO | 3.8x | 3.2x | 1.4x | 0.6x | 2.4x | 3.8x | 1.4x | 2.4x | ||||||||
Cash conversion cycle (days) | 79.3 | 77.6 | 78.3 | 1.7 | 1.0 | 76.5 | 77.6 | (1.1) | ||||||||
Net cash provided by operating activities |
Management Commentary
Eddie Lehner, Ryerson's President, Chief Executive Officer, and Director, said, "I want to thank all my Ryerson teammates for working safely while striving to create an always improving Ryerson that delivers the industry's best customer experience safely, enjoyably, and productively. Two things can be true at the same time: 1) the industry is experiencing a cyclical bottoming marked by twenty-four months of moving average demand and price contraction; and 2) Ryerson's record investments in systems, capital expenditures, and acquisitions over this same period are positioning the company well for the next cyclical upturn. Over the third quarter we managed the business effectively through a contractionary industrial metals and manufacturing environment that produced compressed margins, most notably in carbon steels and across the commodity spectrum with lagging OEM customer contract price resets. Despite these challenges, we experienced improvements in key performance indicators including cash flow, expense and working capital management, and most importantly, we are seeing investment related growth pains and disruptions across our network beginning to subside as we move through the balance of 2024 with budding optimism for 2025. Ryerson has emerged more efficient and better through every previous counter-cycle and, looking forward, our optimization phase will bring together a greatly modernized service center network, enhanced value-added capabilities, across a digitally enabled enterprise to provide Ryerson's best-ever customer experience while setting the table for realization of our next stage financial targets."
Third Quarter Results
Ryerson generated net sales of
Gross margin contracted sequentially by 30 basis points to
Warehousing, delivery, selling, general and administrative expenses decreased
Net Loss Attributable to Ryerson Holding Corporation for the third quarter of 2024 was
Liquidity & Debt Management
Ryerson generated
Shareholder Return Activity
Dividends. On October 29, 2024, the Board of Directors declared a quarterly cash dividend of
Share Repurchases and Authorization. Ryerson repurchased 1,849,017 shares for
Outlook Commentary
For the fourth quarter of 2024, Ryerson expects customer shipments to seasonally and counter-cyclically decrease
Sales by Product Metrics
As we continue to integrate our acquisitions of the past eight quarters into our systems and processes, we have refined our methodology for allocating their net sales and tons to our major product categories. As such, in addition to the third quarter and the first nine months of 2024 product metrics provided here under the refined methodology, we are providing updated sales by product information from the first quarter of 2023 to the second quarter of 2024 to provide comparable numbers. We note that consolidated net sales, tons shipped, and average selling price per ton as previously reported are unchanged and that the updates below are only at the product level.
Third Quarter 2024 Major Product Metrics | ||||||||||||
Net Sales (millions) | ||||||||||||
Q3 2024 | Q2 2024 | Q3 2023 | Quarter-over- quarter | Year-over-year | ||||||||
Carbon Steel | $ | 585 | $ | 644 | $ | 642 | (9.2) % | (8.9) % | ||||
Aluminum | $ | 250 | $ | 277 | $ | 276 | (9.7) % | (9.4) % | ||||
Stainless Steel | $ | 276 | $ | 286 | $ | 308 | (3.5) % | (10.4) % | ||||
Tons Shipped (thousands) | ||||||||||||
Q3 2024 | Q2 2024 | Q3 2023 | Quarter-over- quarter | Year-over-year | ||||||||
Carbon Steel | 382 | 397 | 371 | (3.8) % | 3.0 % | |||||||
Aluminum | 44 | 49 | 48 | (10.2) % | (8.3) % | |||||||
Stainless Steel | 58 | 59 | 57 | (1.7) % | 1.8 % | |||||||
Average Selling Prices (per ton) | ||||||||||||
Q3 2024 | Q2 2024 | Q3 2023 | Quarter-over- quarter | Year-over-year | ||||||||
Carbon Steel | $ | 1,531 | $ | 1,622 | $ | 1,730 | (5.6) % | (11.5) % | ||||
Aluminum | $ | 5,682 | $ | 5,653 | $ | 5,750 | 0.5 % | (1.2) % | ||||
Stainless Steel | $ | 4,759 | $ | 4,847 | $ | 5,404 | (1.8) % | (11.9) % |
First Nine Months 2024 Major Product Metrics | ||||||||||
Net Sales (millions) | ||||||||||
2024 | 2023 | Year-over-year | ||||||||
Carbon Steel | $ | 1,873 | $ | 2,007 | (6.7) % | |||||
Aluminum | $ | 806 | $ | 889 | (9.3) % | |||||
Stainless Steel | $ | 859 | $ | 1,031 | (16.7) % | |||||
Tons Shipped (thousands) | ||||||||||
2024 | 2023 | Year-over-year | ||||||||
Carbon Steel | 1,163 | 1,156 | 0.6 % | |||||||
Aluminum | 143 | 151 | (5.3) % | |||||||
Stainless Steel | 178 | 179 | (0.6) % | |||||||
Average Selling Prices (per ton) | ||||||||||
2024 | 2023 | Year-over-year | ||||||||
Carbon Steel | $ | 1,610 | $ | 1,736 | (7.2) % | |||||
Aluminum | $ | 5,636 | $ | 5,887 | (4.3) % | |||||
Stainless Steel | $ | 4,826 | $ | 5,760 | (16.2) % |
Restated Major Product Metrics | |||||||||||||||||||||
Net Sales (millions) | |||||||||||||||||||||
Q1 2023 | Q2 2023 | 1H 2023 | Q3 2023 | 9MO 2023 | Q4 2023 | 2023 | Q1 2024 | Q2 2024 | 1H 2024 | ||||||||||||
Carbon Steel | $ | 687 | $ | 678 | $ | 1,365 | $ | 642 | $ | 2,007 | $ | 574 | $ | 2,581 | $ | 644 | $ | 644 | $ | 1,288 | |
Aluminum | $ | 313 | $ | 300 | $ | 613 | $ | 276 | $ | 889 | $ | 244 | $ | 1,133 | $ | 279 | $ | 277 | $ | 556 | |
Stainless Steel | $ | 381 | $ | 342 | $ | 723 | $ | 308 | $ | 1,031 | $ | 275 | $ | 1,306 | $ | 297 | $ | 286 | $ | 583 | |
Tons Shipped (thousands) | |||||||||||||||||||||
Q1 2023 | Q2 2023 | 1H 2023 | Q3 2023 | 9MO 2023 | Q4 2023 | 2023 | Q1 2024 | Q2 2024 | 1H 2024 | ||||||||||||
Carbon Steel | 401 | 384 | 785 | 371 | 1,156 | 352 | 1,508 | 384 | 397 | 781 | |||||||||||
Aluminum | 52 | 51 | 103 | 48 | 151 | 43 | 194 | 50 | 49 | 99 | |||||||||||
Stainless Steel | 64 | 58 | 122 | 57 | 179 | 52 | 231 | 61 | 59 | 120 | |||||||||||
Average Selling Prices (per ton) | |||||||||||||||||||||
Q1 2023 | Q2 2023 | 1H 2023 | Q3 2023 | 9MO 2023 | Q4 2023 | 2023 | Q1 2024 | Q2 2024 | 1H 2024 | ||||||||||||
Carbon Steel | $ | 1,713 | $ | 1,766 | $ | 1,739 | $ | 1,730 | $ | 1,736 | $ | 1,631 | $ | 1,712 | $ | 1,677 | $ | 1,622 | $ | 1,649 | |
Aluminum | $ | 6,019 | $ | 5,882 | $ | 5,951 | $ | 5,750 | $ | 5,887 | $ | 5,674 | $ | 5,840 | $ | 5,580 | $ | 5,653 | $ | 5,616 | |
Stainless Steel | $ | 5,953 | $ | 5,897 | $ | 5,926 | $ | 5,404 | $ | 5,760 | $ | 5,288 | $ | 5,654 | $ | 4,869 | $ | 4,847 | $ | 4,858 |
Earnings Call Information
Ryerson will host a conference call to discuss third quarter 2024 financial results for the period ended September 30, 2024, on Wednesday, October 30, 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
2FIFO cost basis is inventory cost excluding LIFO
3Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
4Operating expenses are Warehousing, delivery, selling, general, and administrative expenses
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) | ||||||||||||||||||||
2024 | 2023 | First Nine Months Ended | ||||||||||||||||||
Third | Second | Third | September 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2024 | 2023 | ||||||||||||||||
NET SALES | $ | 1,126.6 | $ | 1,225.5 | $ | 1,246.7 | $ | 3,591.3 | $ | 3,996.3 | ||||||||||
Cost of materials sold | 924.6 | 1,002.0 | 997.4 | 2,948.2 | 3,221.9 | |||||||||||||||
Gross profit | 202.0 | 223.5 | 249.3 | 643.1 | 774.4 | |||||||||||||||
Warehousing, delivery, selling, general, and administrative | 196.9 | 199.0 | 193.0 | 612.7 | 589.8 | |||||||||||||||
Gain on insurance settlement | (1.3) | — | — | (1.3) | — | |||||||||||||||
Restructuring and other charges | 1.1 | 1.7 | — | 2.8 | — | |||||||||||||||
OPERATING PROFIT | 5.3 | 22.8 | 56.3 | 28.9 | 184.6 | |||||||||||||||
Other income and (expense), net | (0.2) | 1.8 | 1.2 | 1.4 | 0.8 | |||||||||||||||
Interest and other expense on debt | (11.5) | (11.3) | (9.3) | (32.9) | (25.2) | |||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (6.4) | 13.3 | 48.2 | (2.6) | 160.2 | |||||||||||||||
Provision (benefit) for income taxes | (0.4) | 3.0 | 12.9 | 0.5 | 39.8 | |||||||||||||||
NET INCOME (LOSS) | (6.0) | 10.3 | 35.3 | (3.1) | 120.4 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | 0.6 | 0.4 | 0.3 | 1.2 | 0.5 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON HOLDING CORPORATION | $ | (6.6) | $ | 9.9 | $ | 35.0 | $ | (4.3) | $ | 119.9 | ||||||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||||||||||
Basic | $ | (0.20) | $ | 0.29 | $ | 1.02 | $ | (0.13) | $ | 3.40 | ||||||||||
Diluted | $ | (0.20) | $ | 0.29 | $ | 1.00 | $ | (0.13) | $ | 3.34 | ||||||||||
Shares outstanding - basic | 32.7 | 34.2 | 34.3 | 33.6 | 35.2 | |||||||||||||||
Shares outstanding - diluted | 32.7 | 34.4 | 34.9 | 33.6 | 35.9 | |||||||||||||||
Dividends declared per share | $ | 0.1875 | $ | 0.1875 | $ | 0.1825 | $ | 0.5625 | $ | 0.5325 | ||||||||||
Supplemental Data : | ||||||||||||||||||||
Tons shipped (000) | 485 | 508 | 478 | 1,490 | 1,493 | |||||||||||||||
Shipping days | 64 | 64 | 63 | 192 | 191 | |||||||||||||||
Average selling price/ton | $ | 2,323 | $ | 2,412 | $ | 2,608 | $ | 2,410 | $ | 2,677 | ||||||||||
Gross profit/ton | 416 | 440 | 522 | 432 | 519 | |||||||||||||||
Operating profit/ton | 11 | 45 | 118 | 19 | 124 | |||||||||||||||
LIFO income per ton | (37) | (20) | (70) | (18) | (26) | |||||||||||||||
LIFO income | (18.1) | (10.0) | (33.4) | (27.1) | (38.4) | |||||||||||||||
Depreciation and amortization expense | 19.5 | 18.0 | 13.6 | 54.9 | 42.4 | |||||||||||||||
Cash flow provided by operating activities | 134.6 | 25.9 | 79.3 | 112.7 | 275.0 | |||||||||||||||
Capital expenditures | (31.6) | (22.7) | (22.4) | (76.1) | (96.5) | |||||||||||||||
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 Fourth Quarter 2024 Guidance reconciliation |
Schedule 1 | ||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||
Condensed Consolidated Balance Sheets | ||||
(In millions, except shares) | ||||
September 30, | December 31, | |||
2024 | 2023 | |||
Assets | (unaudited) | |||
Current assets: | ||||
Cash and cash equivalents | ||||
Restricted cash | 1.8 | 1.1 | ||
Receivables, less provisions of | 499.7 | 467.7 | ||
Inventories | 681.4 | 782.5 | ||
Prepaid expenses and other current assets | 83.5 | 77.8 | ||
Total current assets | 1,301.4 | 1,383.4 | ||
Property, plant, and equipment, at cost | 1,134.8 | 1,071.5 | ||
Less: accumulated depreciation | 499.7 | 481.9 | ||
Property, plant, and equipment, net | 635.1 | 589.6 | ||
Operating lease assets | 348.4 | 349.4 | ||
Other intangible assets | 71.0 | 73.7 | ||
Goodwill | 160.2 | 157.8 | ||
Deferred charges and other assets | 17.2 | 15.7 | ||
Total assets | ||||
Liabilities | ||||
Current liabilities: | ||||
Accounts payable | ||||
Salaries, wages, and commissions | 35.7 | 51.9 | ||
Other accrued liabilities | 68.0 | 75.9 | ||
Short-term debt | 1.8 | 8.2 | ||
Current portion of operating lease liabilities | 31.7 | 30.5 | ||
Current portion of deferred employee benefits | 4.0 | 4.0 | ||
Total current liabilities | 585.1 | 633.9 | ||
Long-term debt | 520.3 | 428.3 | ||
Deferred employee benefits | 97.4 | 106.7 | ||
Noncurrent operating lease liabilities | 338.0 | 336.8 | ||
Deferred income taxes | 135.8 | 135.5 | ||
Other noncurrent liabilities | 14.7 | 13.9 | ||
Total liabilities | 1,691.3 | 1,655.1 | ||
Commitments and contingencies | ||||
Equity | ||||
Ryerson Holding Corporation stockholders' equity: | ||||
Preferred stock, September 30, 2024 and December 31, 2023 | — | — | ||
Common stock, shares issued at September 30, 2024 and December 31, 2023, respectively | 0.4 | 0.4 | ||
Capital in excess of par value | 422.7 | 411.6 | ||
Retained earnings | 789.9 | 813.2 | ||
Treasury stock, at cost - Common stock of 8,051,226 shares at September 30, 2024 and 5,413,434 shares at December 31, 2023 | (234.4) | (179.3) | ||
Accumulated other comprehensive loss | (145.7) | (140.0) | ||
Total Ryerson Holding Corporation Stockholders' Equity | 832.9 | 905.9 | ||
Noncontrolling interest | 9.1 | 8.6 | ||
Total Equity | 842.0 | 914.5 | ||
Total Liabilities and Stockholders' Equity |
Schedule 2 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
2024 | 2023 | First Nine Months Ended | ||||||||||||||||||
Third | Second | Third | September 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2024 | 2023 | ||||||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | (6.6) | $ | 9.9 | $ | 35.0 | $ | (4.3) | $ | 119.9 | ||||||||||
Interest and other expense on debt | 11.5 | 11.3 | 9.3 | 32.9 | 25.2 | |||||||||||||||
Provision (benefit) for income taxes | (0.4) | 3.0 | 12.9 | 0.5 | 39.8 | |||||||||||||||
Depreciation and amortization expense | 19.5 | 18.0 | 13.6 | 54.9 | 42.4 | |||||||||||||||
EBITDA | $ | 24.0 | $ | 42.2 | $ | 70.8 | $ | 84.0 | $ | 227.3 | ||||||||||
Gain on insurance settlement | (1.3) | — | — | (1.3) | — | |||||||||||||||
Reorganization | 15.8 | 12.7 | 8.0 | 48.6 | 14.7 | |||||||||||||||
Pension settlement loss | — | — | — | 2.2 | — | |||||||||||||||
Benefit plan curtailment gain | — | — | — | (0.3) | — | |||||||||||||||
Foreign currency transaction (gains) losses | 0.6 | (0.4) | (0.8) | (1.0) | 0.4 | |||||||||||||||
Purchase consideration and other transaction costs (credits) | (0.4) | (1.1) | 0.3 | (1.4) | 1.0 | |||||||||||||||
Other adjustments | 0.4 | (0.8) | 0.1 | 0.1 | 0.2 | |||||||||||||||
Adjusted EBITDA | $ | 39.1 | $ | 52.6 | $ | 78.4 | $ | 130.9 | $ | 243.6 | ||||||||||
Adjusted EBITDA | $ | 39.1 | $ | 52.6 | $ | 78.4 | $ | 130.9 | $ | 243.6 | ||||||||||
LIFO income | (18.1) | (10.0) | (33.4) | (27.1) | (38.4) | |||||||||||||||
Adjusted EBITDA, excluding LIFO income | $ | 21.0 | $ | 42.6 | $ | 45.0 | $ | 103.8 | $ | 205.2 | ||||||||||
Net sales | $ | 1,126.6 | $ | 1,225.5 | $ | 1,246.7 | $ | 3,591.3 | $ | 3,996.3 | ||||||||||
Adjusted EBITDA, excluding LIFO income, as a percentage of net sales | 1.9 | % | 3.5 | % | 3.6 | % | 2.9 | % | 5.1 | % | ||||||||||
Gross profit | $ | 202.0 | $ | 223.5 | $ | 249.3 | $ | 643.1 | $ | 774.4 | ||||||||||
Gross margin | 17.9 | % | 18.2 | % | 20.0 | % | 17.9 | % | 19.4 | % | ||||||||||
Gross profit | $ | 202.0 | $ | 223.5 | $ | 249.3 | $ | 643.1 | $ | 774.4 | ||||||||||
LIFO income | (18.1) | (10.0) | (33.4) | (27.1) | (38.4) | |||||||||||||||
Gross profit, excluding LIFO income | $ | 183.9 | $ | 213.5 | $ | 215.9 | $ | 616.0 | $ | 736.0 | ||||||||||
Gross margin, excluding LIFO income | 16.3 | % | 17.4 | % | 17.3 | % | 17.2 | % | 18.4 | % | ||||||||||
Note: EBITDA represents net income (loss) before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, reorganization expenses, gain on insurance settlement, pension settlement loss, benefit plan curtailment gain, 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) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share | ||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | ||||||||||||||||||||
2024 | 2023 | First Nine Months Ended | ||||||||||||||||||
Third | Second | Third | September 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2024 | 2023 | ||||||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ | (6.6) | $ | 9.9 | $ | 35.0 | $ | (4.3) | $ | 119.9 | ||||||||||
Gain on insurance settlement | (1.3) | — | — | (1.3) | — | |||||||||||||||
Restructuring and other charges | 1.1 | 1.7 | — | 2.8 | — | |||||||||||||||
Pension settlement loss | — | — | — | 2.2 | — | |||||||||||||||
Benefit plan curtailment gain | — | — | — | (0.3) | — | |||||||||||||||
Provision (benefit) for income taxes | 0.1 | (0.4) | — | (0.8) | — | |||||||||||||||
Adjusted net income (loss) attributable to Ryerson Holding Corporation | $ | (6.7) | $ | 11.2 | $ | 35.0 | $ | (1.7) | $ | 119.9 | ||||||||||
Adjusted diluted earnings (loss) per share | $ | (0.20) | $ | 0.33 | $ | 1.00 | $ | (0.05) | $ | 3.34 | ||||||||||
Shares outstanding - diluted | 32.7 | 34.4 | 34.9 | 33.6 | 35.9 | |||||||||||||||
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. | ||||||||||||||||||||
Schedule 4 | ||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
Cash Flow from Operations to Free Cash Flow Yield | ||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
2024 | 2023 | First Nine Months Ended | ||||||||||||||||||
Third | Second | Third | September 30, | |||||||||||||||||
Quarter | Quarter | Quarter | 2024 | 2023 | ||||||||||||||||
Net cash provided by operating activities | $ | 134.6 | $ | 25.9 | $ | 79.3 | $ | 112.7 | $ | 275.0 | ||||||||||
Capital expenditures | (31.6) | (22.7) | (22.4) | (76.1) | (96.5) | |||||||||||||||
Proceeds from sales of property, plant, and equipment | 0.4 | 0.1 | — | 1.9 | 0.1 | |||||||||||||||
Free cash flow | $ | 103.4 | $ | 3.3 | $ | 56.9 | $ | 38.5 | $ | 178.6 | ||||||||||
Market capitalization | $ | 634.0 | $ | 657.0 | $ | 996.5 | $ | 634.0 | $ | 996.5 | ||||||||||
Free cash flow yield | 16.3 | % | 0.5 | % | 5.7 | % | 6.1 | % | 17.9 | % | ||||||||||
Note: Market capitalization is calculated using September 30, 2024, June 30, 2024, and September 30, 2023 stock prices and shares outstanding. |
Schedule 5 | ||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | ||||
Reconciliation of Fourth Quarter 2024 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance | ||||
(Dollars in Millions, except Per Share Data) | ||||
Fourth Quarter 2024 | ||||
Low | High | |||
Net loss attributable to Ryerson Holding Corporation | ||||
Diluted loss per share | ||||
Interest and other expense on debt | 10 | 10 | ||
Benefit for income taxes | (6) | (5) | ||
Depreciation and amortization expense | 19 | 19 | ||
EBITDA | ||||
Adjustments | 14 | 14 | ||
Adjusted EBITDA | ||||
LIFO income | (10) | (10) | ||
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
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