Ryerson Holding Corporation · Q2 2024 earnings

Briefing

Reported a Net Income of $9.9 million and EPS of $0.29

Ryerson Holding Corporation reported Q2 2024 results with a net income of $9.9 million, or $0.29 per diluted share, on revenue of $1.23 billion. The company saw increased tons sold, reduced operating expenses, and reduced inventory levels. Ryerson returned $20.4 million to shareholders through share repurchases and dividends.

• Net income attributable to Ryerson Holding Corporation was $9.9 million and Adjusted EBITDA, excluding LIFO, was $42.6 million.
• Diluted EPS was $0.29 on $1.23 billion of revenue from 508,000 tons shipped and an average selling price of $2,412 per ton.
• Operating expenses decreased by $17.8 million compared to the first quarter of 2024, with annualized cost reduction expectations updated to savings of approximately $60 million.
• Inventory was reduced by $107.1 million on a FIFO cost basis compared to the first quarter of 2024.

Headline financials

Revenue & EPS history

For the third quarter of 2024, Ryerson expects customer shipments to decrease 2% to 4%, quarter-over-quarter. The Company anticipates third-quarter net sales to be in the range of $1.12 billion to $1.16 billion, with average selling prices decreasing 3% to 5%. LIFO income in the third quarter of 2024 is expected to be $12 million. We expect adjusted EBITDA, excluding LIFO in the range of $21 million to $25 million and earnings per diluted share in the range of $0.01 to $0.10.