Ryerson Holding Corp
For the period ended Apr 30, 2024. Filed Apr 30, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Apr 30, 2024 · Filed Apr 30, 2024
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Contents
EX-99.1 · Highlights:
Highlights:
Earned Revenue of $1.24 billion on 497,000 tons shipped and average selling price of $2,493 per ton.
Net Loss attributable to Ryerson Holding Corporation of $7.6 million with Adjusted EBITDA 1, excluding LIFO of $40.2 million as counter-cyclical industry conditions persisted and transitory operating expenses related to capital expenditures, acquisitions and ERP system conversions occurred through the quarter.
Debt of $497 million and net debt 2 of $455 million as of March 31, 2024, compared to $436 million and $382 million, respectively, on December 31, 2023.
Started operations at University Park, IL service center and completed Enterprise Resource Planning (“ERP”) conversion and integration program that began in 2022 covering 31 service centers, of which 17 service centers were converted from 2023 through the first quarter of 2024.
Announced $40 million in expected annualized cost reductions through targeted reductions in force and network cost-outs as Ryerson begins pivoting from its investment program to integrating, optimizing, and generating expected returns on investments in acquisitions and capital expenditures moving through the balance of 2024 and into 2025. As such Ryerson expects capital expenditures to come in at plan in 2024 of $110 million with expected capital expenditures in 2025 of $50 million.
| $ in millions, except tons (in thousands), average selling prices, and earnings per share | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial Highlights: · Q1 2024 · Q4 2023 · Q1 2023 · QoQ · YoY | ||||||||||||
| Revenue | $1,239.2 | $1,112.4 | $1,406.1 | 11.4% | (11.9)% | |||||||
| Tons shipped | 497 | 450 | 519 | 10.4% | (4.2)% | |||||||
| Average selling price/ton | $2,493 | $2,472 | $2,709 | 0.8% | (8.0)% | |||||||
| Gross margin | 17.6% | 22.2% | 18.8% | -460 bps | -120 bps | |||||||
| Gross margin, excl. LIFO | 17.6% | 16.9% | 19.1% | 70 bps | -150 bps | |||||||
| Warehousing, delivery, selling, general, and administrative expenses | $216.8 | $203.7 | $194.2 | 6.4% | 11.6% | |||||||
| As a percentage of revenue | 17.5% | 18.3% | 13.8% | -80 bps | 370 bps | |||||||
| Net income (loss) attributable to Ryerson Holding Corporation | $(7.6) | $25.8 | $47.3 | (129.5)% | (116.1)% | |||||||
| Diluted earnings (loss) per share | $(0.22) | $0.74 | $1.27 | $(0.96) | $(1.49) | |||||||
| Adjusted diluted earnings (loss) per share | $(0.18) | $0.73 | $1.27 | $(0.91) | $(1.45) | |||||||
| Adj. EBITDA, excl. LIFO | $40.2 | $25.9 | $90.1 | 55.2% | (55.4)% | |||||||
| Adj. EBITDA, excl. LIFO margin | 3.2% | 2.3% | 6.4% | 90 bps | -320 bps | |||||||
| Balance Sheet and Cash Flow Highlights: | ||||||||||||
| Total debt | $497.3 | $436.5 | $395.1 | 13.9% | 25.9% | |||||||
| Cash and cash equivalents | $41.9 | $54.3 | $43.7 | (22.8)% | (4.1)% | |||||||
| Net debt | $455.4 | $382.2 | $351.4 | 19.2% | 29.6% | |||||||
| Net debt / LTM Adj. EBITDA, excl. LIFO | 2.5 | x | 1.7 | x | 0.8 | x | 0.8 | x | 1.7 | x | ||
| Cash conversion cycle (days) | 75.6 | 84.6 | 77.4 | (9.0) | (1.8) | |||||||
| Net cash provided by (used in) operating activities | $(47.8) | $90.1 | $80.4 | $(137.9) | $(128.2) | |||||||
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.