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Mar 31, 2024
Metallus Q1 2024 Earnings Report
Reported net sales of $321.6 million and net income of $24.0 million.
Key Takeaways
Metallus reported first-quarter 2024 net sales of $321.6 million and net income of $24.0 million, or $0.52 per diluted share. On an adjusted basis, the first-quarter 2024 net income was $26.1 million, or $0.56 per diluted share, and adjusted EBITDA was $43.4 million.
Net sales of $321.6 million with net income of $24.0 million and adjusted EBITDA of $43.4 million.
Operating cash flow of $33.4 million with ending cash and cash equivalents of $278.1 million.
Invested $17.4 million in capital expenditures and deployed $4.4 million to repurchase common shares.
Board of Directors authorized an additional $100 million common share repurchase program.
Revenue by Segment
Forward Guidance
The company expects second-quarter of 2024 adjusted EBITDA to be lower than the first quarter of 2024.
Positive Outlook
- Second-quarter shipments are expected to be similar to the first quarter.
- Lead times for bar products currently extend to June and tube product lead times extend to July.
- Base price per ton is anticipated to remain solid in the second quarter.
Challenges Ahead
- Surcharge revenue per ton is expected to decline in the second quarter given a lower average No. 1 busheling scrap index in the second quarter compared with the first quarter.
- The company expects the average melt utilization rate to be less than the first quarter, as the company continues to balance production with demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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