NYSE$RYZ
Ryerson Holding Corporation · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
Ryerson's financial performance declined in Q2 2020 due to the impact of the COVID-19 pandemic, but the company outperformed industry peers and reduced net debt.
Ryerson reported a decrease in revenue and a net loss for Q2 2020 due to the COVID-19 pandemic. However, the company outperformed industry peers in terms of volume contraction, generated significant cash flow from operations, and reduced net debt to its lowest level in ten years. Ryerson also successfully refinanced its Senior Secured Notes, lowering expected annual cash interest expense.
- Ryerson's net debt decreased by $100 million to $793 million, the lowest level in ten years.
- The company refinanced Senior Secured Notes, which is expected to decrease annual cash interest expense by approximately $16 million.
- Ryerson generated $103 million in cash flow from operations.
- Adjusted EBITDA, excluding LIFO, was $21 million, outperforming the industry as measured by the Metals Service Center Institute (MSCI).
Headline financials
Revenue & EPS history
Ryerson · Revenue · Quarterly
$772M
Revenue by segment
Ryerson · $758M total across 3 segments · Q2 2020
- Carbon Steel$402M-36.6%53.0%
- Stainless Steel$197M-29.4%26.0%
- Aluminum$159M-42.0%21.0%
Forward guidance
The Company expects the third quarter to be impacted by continued COVID-19 pandemic-induced economic stresses. Due to the persisting macroeconomic uncertainty stemming from the COVID-19 pandemic and overall lack of visibility into future demand trends and market conditions in the end-markets in which Ryerson operates, the Company will not provide guidance for the third quarter ending September 30, 2020.
Tailwinds
- Favorable trends in average selling prices.
- Increasing gross margins excluding LIFO.
- Shipments are trending upwards.
- Bookings are trending upwards.
- Demand conditions continue to see incremental improvement in the majority of Ryerson’s end-markets.
Headwinds
- Continued COVID-19 pandemic-induced economic stresses.
- Persisting macroeconomic uncertainty stemming from the COVID-19 pandemic.
- Lack of visibility into future demand trends.
- Lack of visibility into market conditions in the end-markets.
- The Company will not provide guidance for the third quarter ending September 30, 2020.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2020
-1.6%
Avg return
Earnings day
-3.0%
Avg return
5 days after
+2.3%
Avg return
30 days after
40%
19 / 47 earnings
Positive
+35.2%
Q1 2015
Best reaction
-26.6%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.5% | -15.3% | -4.0% | |
| Q4 2025 | +17.5% | -6.7% | -20.7% | |
| Q3 2025 | -6.6% | -11.2% | -2.8% | |
| Q1 2025 | -14.8% | -9.6% | -11.2% | |
| Q4 2024 | +5.9% | +12.7% | -0.3% | |
| Q3 2024 | -2.7% | -5.0% | +12.7% | |
| Q2 2024 | -5.9% | -19.4% | -21.2% | |
| Q1 2024 | -19.4% | -25.7% | -24.8% | |
| Q4 2023 | -6.2% | +1.4% | +11.0% | |
| Q3 2023 | +6.6% | +6.3% | +11.9% | |
| Q2 2023 | -15.0% | -28.1% | -27.4% | |
| Q1 2023 | +1.9% | -8.7% | -10.0% | |
| Q4 2022 | -3.9% | -8.5% | -10.9% | |
| Q3 2022 | -26.6% | -21.4% | -8.7% | |
| Q2 2022 | -1.2% | -1.8% | +5.6% | |
| Q1 2022 | -11.6% | -14.7% | -19.4% | |
| Q4 2021 | -8.1% | +7.5% | +57.8% | |
| Q3 2021 | +1.8% | +9.6% | -9.8% | |
| Q2 2021 | +18.6% | +24.9% | +55.6% | |
| Q1 2021 | +3.9% | +2.3% | +0.8% | |
| Q4 2020 | -15.0% | -11.7% | +13.0% | |
| Q3 2020 | +12.1% | +13.9% | +56.8% | |
| Q2 2020 | +2.4% | -1.4% | -2.6% | |
| Q1 2020 | +2.5% | +1.8% | +45.8% | |
| Q4 2019 | +7.9% | -6.8% | -50.3% | |
| Q3 2019 | -3.8% | +1.6% | +20.1% | |
| Q2 2019 | -7.4% | -9.7% | -8.3% | |
| Q1 2019 | +13.3% | +25.0% | -10.8% | |
| Q4 2018 | -7.0% | +1.7% | +12.7% | |
| Q3 2018 | -6.4% | +1.1% | -10.8% | |
| Q2 2018 | -6.9% | +0.0% | -10.0% | |
| Q1 2018 | +11.7% | +17.9% | +29.6% | |
| Q4 2017 | -8.8% | -3.4% | -18.6% | |
| Q3 2017 | -0.6% | -0.6% | +2.8% | |
| Q2 2017 | -0.6% | -4.1% | +0.6% | |
| Q1 2017 | -20.9% | -25.5% | -34.2% | |
| Q4 2016 | +8.9% | +24.1% | +31.9% | |
| Q3 2016 | -14.9% | -9.5% | +46.8% | |
| Q2 2016 | -10.7% | -20.2% | -10.8% | |
| Q1 2016 | +8.4% | — | — | |
| Q4 2015 | -5.5% | — | — | |
| Q3 2015 | -5.4% | — | — | |
| Q2 2015 | +12.6% | — | — | |
| Q1 2015 | +35.2% | — | — | |
| Q4 2014 | +3.0% | — | — | |
| Q3 2014 | -16.9% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q1 2014 | — | — | — | |
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| Q4 2012 | — | — | — | |
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| Q2 2012 | — | — | — | |
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| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
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| Q4 2010 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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