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Mar 31, 2023
Ryerson Q1 2023 Earnings Report
Ryerson's financial performance improved in Q1 2023, marked by strong revenue, margins, and operating earnings.
Key Takeaways
Ryerson reported a strong first quarter in 2023 with net income of $47.3 million and revenue of $1.4 billion. The company saw a 9.2% increase in revenue compared to the previous quarter, driven by higher volumes. Ryerson also executed a $53 million share repurchase and increased its quarterly dividend by 5.9%.
Ryerson achieved a net income of $47.3 million with Adjusted EBITDA, excluding LIFO, at $90.1 million.
The company earned a diluted EPS of $1.27 on revenue of $1.4 billion.
Ryerson generated operating cash flow of $80.4 million and free cash flow of $52.6 million.
The company repurchased 1.5 million shares directly from an affiliate of Platinum Equity for $53 million.
Revenue by Segment
Forward Guidance
For the second quarter of 2023, Ryerson expects customer shipments to be effectively flat, or +/- 1%, quarter over quarter. The Company anticipates second quarter net sales to be in the range of $1.40 billion to $1.44 billion, with pricing increasing 0% to 1%.
Positive Outlook
- Net sales are expected to be in the range of $1.40 billion to $1.44 billion.
- Pricing is expected to increase by 0% to 1%.
- LIFO expense is expected to be $5 million.
- Adjusted EBITDA, excluding LIFO, is projected to be between $93 million and $97 million.
- Earnings per diluted share are anticipated to be in the range of $1.28 to $1.36.
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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