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Sep 30, 2024
Ryerson Q3 2024 Earnings Report
Ryerson reported a net loss but generated strong operating cash flow and free cash flow.
Key Takeaways
Ryerson reported Q3 2024 results with a net loss of $6.6 million, but generated $1.13 billion in revenue. The company also generated strong operating cash flow of $134.6 million and free cash flow of $103.4 million. They anticipate Q4 net sales to be in the range of $1.00 billion to $1.04 billion.
Revenue was $1.13 billion from 485,000 tons shipped with an average selling price of $2,323 per ton.
Net loss attributable to Ryerson Holding Corporation was $6.6 million, with a diluted loss per share of $0.20.
Operating cash flow was $134.6 million and free cash flow was $103.4 million.
The company expects customer shipments to seasonally and counter-cyclically decrease 8% to 10% in Q4.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2024, Ryerson expects customer shipments to seasonally and counter-cyclically decrease 8% to 10%, quarter-over-quarter. The Company anticipates fourth-quarter net sales to be in the range of $1.00 billion to $1.04 billion, with average selling prices between decreasing 1% to increasing 1%. LIFO income in the fourth quarter of 2024 is expected to be $10 million. We expect adjusted EBITDA, excluding LIFO in the range of $10 million to $12 million and loss per diluted share in the range of $0.53 to $0.47.
Positive Outlook
- Net sales are expected to be in the range of $1.00 billion to $1.04 billion.
- Average selling prices are expected to decrease 1% to increase 1%.
- LIFO income is expected to be $10 million.
- Adjusted EBITDA, excluding LIFO, is expected to be in the range of $10 million to $12 million.
- Ongoing cost-reduction work across our North America service center network
Challenges Ahead
- Customer shipments are expected to seasonally and counter-cyclically decrease 8% to 10%, quarter-over-quarter.
- Loss per diluted share is expected to be in the range of $0.53 to $0.47.
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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