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Mar 31, 2024
Ryerson Q1 2024 Earnings Report
Ryerson's Q1 2024 results reflected lower earnings per share and adjusted EBITDA due to counter-cyclical industry conditions and transitory operating expenses, but revenue met guidance expectations.
Key Takeaways
Ryerson reported revenue of $1.24 billion, meeting guidance, but experienced a net loss of $7.6 million. The company is initiating $40 million in annualized cost reductions to improve profitability.
Revenue reached $1.24 billion with 497,000 tons shipped at an average selling price of $2,493 per ton.
Net loss attributable to Ryerson Holding Corporation was $7.6 million, with Adjusted EBITDA excluding LIFO at $40.2 million.
Debt stood at $497 million and net debt at $455 million as of March 31, 2024.
Operations commenced at the University Park, IL service center and the ERP conversion and integration program was completed.
Revenue by Segment
Forward Guidance
For the second quarter of 2024, Ryerson anticipates customer shipments to increase by 1% to 3% quarter-over-quarter. Net sales are expected to be between $1.25 billion and $1.29 billion, with average selling prices increasing 0% to 1%. Adjusted EBITDA, excluding LIFO, is projected to be in the range of $47 million to $53 million, and earnings per diluted share are expected to be between $0.15 and $0.25.
Positive Outlook
- Customer shipments expected to increase 1% to 3%.
- Net sales anticipated between $1.25 billion and $1.29 billion.
- Average selling prices expected to increase 0% to 1%.
- LIFO expense expected to be $1 million.
- Adjusted EBITDA, excluding LIFO, projected between $47 million and $53 million.
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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