Ryerson Holding Corp
For the period ended Oct 29, 2024. Filed Oct 29, 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.
Oct 29, 2024 · Filed Oct 29, 2024
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Contents
EX-99.1 · Highlights:
Highlights:
Generated $1.13 billion of revenue from 485,000 tons shipped and average selling price of $2,323 per ton
Incurred Net Loss attributable to Ryerson Holding Corporation of $6.6 million, or Diluted Loss Per Share of $0.20 and Adjusted EBITDA 1, excluding LIFO of $21.0 million as counter-cyclical and seasonal bottoming continues
Generated Operating Cash Flow of $134.6 million and Free Cash Flow of $103.4 million
Reduced inventory by $80.8 million on a FIFO cost basis 2, compared to the second quarter of 2024
Returned $42.0 million to shareholders during the quarter, comprised of $36.0 million in share repurchases and $6.0 million in dividends
Ended the quarter with debt of $522 million and net debt 3 of $487 million as of September 30, 2024, compared to $525 million and $497 million, respectively, on June 30, 2024
Progressing well towards $60 million of annualized cost reduction expectations from operating expenses 4
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 $0.1875 per share
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 | $1,126.6 | $1,225.5 | $1,246.7 | (8.1)% | (9.6)% | $3,591.3 | $3,996.3 | (10.1)% |
| Tons shipped | 485 | 508 | 478 | (4.5)% | 1.5% | 1,490 | 1,493 | (0.2)% |
| Average selling price/ton | $2,323 | $2,412 | $2,608 | (3.7)% | (10.9)% | $2,410 | $2,677 | (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 administrative expenses | $196.9 | $199.0 | $193.0 | (1.1)% | 2.0% | $612.7 | $589.8 | 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 | $(6.6) | $9.9 | $35.0 | (166.7)% | (118.9)% | $(4.3) | $119.9 | (103.6)% |
| Diluted earnings (loss) per share | $(0.20) | $0.29 | $1.00 | $(0.49) | $(1.20) | $(0.13) | $3.34 | $(3.47) |
| Adjusted diluted earnings (loss) per share | $(0.20) | $0.33 | $1.00 | $(0.53) | $(1.20) | $(0.05) | $3.34 | $(3.39) |
| Adj. EBITDA, excl. LIFO | $21.0 | $42.6 | $45.0 | (50.7)% | (53.3)% | $103.8 | $205.2 | (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 | $522.1 | $525.4 | $365.9 | (0.6)% | 42.7% | $522.1 | $365.9 | 42.7% |
| Cash and cash equivalents | $35.0 | $28.0 | $37.4 | 25.0% | (6.4)% | $35.0 | $37.4 | (6.4)% |
| Net debt | $487.1 | $497.4 | $328.5 | (2.1)% | 48.3% | $487.1 | $328.5 | 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 | $134.6 | $25.9 | $79.3 | $108.7 | $55.3 | $112.7 | $275.0 | $(162.3) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.