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Dec 31, 2022
Ryerson Q4 2022 Earnings Report
Ryerson reported a net loss for Q4 2022 and generated revenue of $1.3 billion.
Key Takeaways
Ryerson reported Q4 2022 results, including a revenue of $1.3 billion and a net loss attributable to Ryerson Holding Corporation of $24.1 million. The company generated operating cash flow of $181.6 million and reduced debt to $367 million. Despite a challenging quarter with margin compression, Ryerson expressed optimism for improved industry conditions moving into 2023.
Generated full-year revenue of $6.3 billion and fourth quarter revenue of $1.3 billion.
Record full-year Diluted EPS of $10.21 and fourth quarter loss per share of $0.65.
Generated operating cash flow of $501.2 million for the full-year and $181.6 million in the fourth quarter.
Reduced debt to $367 million and net debt to $328 million from $639 million and $588 million, respectively, compared to December 31, 2021.
Revenue by Segment
Forward Guidance
Ryerson anticipates first quarter net sales to be in the range of $1.37 billion to $1.43 billion, with pricing decreasing 1% to 3%, and shipment volumes increasing 10% to 12%. LIFO expense in the first quarter of 2023 is expected to be $5 million. We expect adjusted EBITDA, excluding LIFO in the range of $78 million to $82 million and earnings per diluted share in the range of $0.98 to $1.06.
Positive Outlook
- Net sales to be in the range of $1.37 billion to $1.43 billion.
- Shipment volumes increasing 10% to 12%.
- Adjusted EBITDA, excluding LIFO in the range of $78 million to $82 million
- Earnings per diluted share in the range of $0.98 to $1.06
- Improving sequential margin and demand conditions
Challenges Ahead
- Pricing decreasing 1% to 3%
- LIFO expense in the first quarter of 2023 is expected to be $5 million.
- Elevated levels of economic uncertainty engendered by inflation
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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