Loading...
•
Sep 30, 2020
Ryerson Q3 2020 Earnings Report
Ryerson's performance was characterized by excellent cash flow generation and a strengthened balance sheet amidst the continuing pandemic.
Key Takeaways
Ryerson Holding Corporation reported revenues of $831.5 million, an increase of 7.7 percent compared to the second quarter of 2020. The company generated $120.6 million in cash flow from operations and reduced net debt by over $100 million to $692 million. Loss per diluted share was $1.05, but adjusted earnings per diluted share was $0.31 excluding one-time non-recurring and non-operating items.
Revenues increased 8 percent sequentially while operating expenses increased 1 percent sequentially.
Inventory turns improved by 17.4 days, or 20 percent sequentially, and by 8.7 days or by 11 percent year-over-year.
Generated $121 million in cash flow from operations, up from $103 million in the second quarter.
Reduced net debt by over $100 million to $692 million as of September 30th, again achieving our lowest net debt level in over 10 years.
Revenue by Segment
Forward Guidance
Given the many pandemic induced uncertainties expected to continue through the balance of the year, the Company will not provide guidance for the fourth quarter ending December 31, 2020.
Positive Outlook
- Through the first several weeks of the fourth quarter, per day trends in revenue are moving higher relative to the third quarter
- Through the first several weeks of the fourth quarter, per day trends in gross margin are moving higher relative to the third quarter
- Through the first several weeks of the fourth quarter, per day trends in average selling prices are moving higher relative to the third quarter
- Through the first several weeks of the fourth quarter, per day trends in volumes are moving higher relative to the third quarter
- Industrial metal commodity price drivers have improved
- Restocking driven demand across a greater number of end markets.
Challenges Ahead
- Pandemic induced uncertainties expected to continue through the balance of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...