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Jun 30, 2023
Ryerson Q2 2023 Earnings Report
Ryerson's financial performance decreased due to counter-cyclical industry conditions and subdued manufacturing macro environment.
Key Takeaways
Ryerson reported a decrease in net income and revenue compared to the previous quarter and the same quarter last year. The company generated strong cash flow and continued to integrate recent acquisitions and invest in organic growth initiatives.
Net Income attributable to Ryerson Holding Corporation was $37.6 million with Adjusted EBITDA, excluding LIFO of $70.1 million.
Diluted EPS was $1.06 on revenue of $1.3 billion.
Operating Cash Flow was $115.3 million and Free Cash Flow was $69.1 million.
Net Leverage ratio was maintained within target range at 1.4x, with debt of $396 million and net debt of $366 million as of June 30, 2023.
Revenue by Segment
Forward Guidance
For the third quarter of 2023, Ryerson expects a continuation of slowing demand conditions, with customer shipments expected to decrease approximately 2% to 4%, quarter-over-quarter. The Company anticipates third-quarter net sales to be in the range of $1.25 billion to $1.30 billion, with average selling prices decreasing 1% to 2%. LIFO income in the third quarter of 2023 is expected to be $2 million. We expect adjusted EBITDA, excluding LIFO in the range of $43 million to $47 million and earnings per diluted share in the range of $0.31 to $0.43.
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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