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Mar 31, 2022
Ryerson Q1 2022 Earnings Report
Ryerson's first quarter results were driven by supportive global metals pricing and recovering North American demand, featuring record EPS, a sequential reduction in debt, and a dividend raise.
Key Takeaways
Ryerson reported record revenue of $1.75 billion and diluted EPS of $4.17 in Q1 2022. The company reduced its leverage ratio to 0.5x and announced a dividend increase of 25% for Q2 2022.
Ryerson achieved record revenue of $1.75 billion with an 11.4% sequential volume increase.
The company reported a record diluted EPS of $4.17 and an adjusted diluted EPS of $4.27.
Ryerson's net income was $163.6 million, and adjusted EBITDA, excluding LIFO, reached $250.6 million.
The leverage ratio was reduced to 0.5x, with $551 million in debt and $507 million in net debt.
Revenue by Segment
Forward Guidance
Ryerson anticipates second quarter 2022 revenues in the range of $1.75 billion to $1.80 billion, with sequential average selling prices to be up 0% to 2%, and shipments up 0% to 2%. Adjusted EBITDA, excluding LIFO is expected to be in the range of $250 to $260 million and earnings per diluted share is expected to be in the range of $4.30 to $4.49.
Positive Outlook
- Seasonal sequential improvement in company shipments is expected during the second quarter of 2022.
- Carbon products have experienced a favorable price recovery relative to the first quarter.
- Aluminum and nickel prices have again improved quarter-over-quarter.
- The Company’s diversified commodities mix, which sales includes approximately 50% stainless steel and aluminum, stands to benefit from strength in its bright metals franchise.
- Ryerson anticipates second quarter 2022 revenues in the range of $1.75 billion to $1.80 billion.
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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