NYSE$RYZ

Ryerson Holding Corporation · Q2 2024 earnings

Q2 2024 earnings · · Investor relations

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

Total Revenue

$1.23B

Previous: $1.34B-8.8%
EPS

$0.29

Previous: $1.06-72.6%
Tons shipped

508.0K

Previous: 496.0K+2.4%
Average selling price/ton

$2.41K

No prior period
Gross margin

18.2%

Previous: 19.4%-6.2%
Gross margin, excl. LIFO

17.4%

Previous: 18.7%-7.0%
Adj. EBITDA, excl. LIFO

$42.6M

No prior period
Adj. EBITDA, excl. LIFO margin

3.5%

No prior period
Total debt

$525M

No prior period
Net debt

$497M

No prior period
Net debt / LTM Adj. EBITDA, excl. LIFO

3.2

No prior period
Cash conversion cycle (days)

77.6

No prior period
Capital Expenditures

-$44.5M

Previous: -$74.1M+39.9%
Free Cash Flow

-$34.6M

Previous: -$36.5M+5.2%
Net Income

$9.9M

Previous: $37.6M-73.7%
Operating Income

$22.8M

Previous: $58.3M-60.9%
Gross Profit

$224M

Previous: $261M-14.3%
Cash & Equivalents

$28M

Previous: $30M-6.7%
Total Assets

$2.59B

Previous: $2.52B+2.8%
Stock-Based Comp

$4.1M

Previous: $3.7M+10.8%

Revenue & EPS history

Ryerson · Revenue · Quarterly

$1.23B

Q2 2024-8.8%vs Q2 2023
Beat estimate in 7 of 15 quarters(47%)
ActualEstimate

Revenue by segment

Ryerson · $1.22B total across 3 segments · Q3 2023

  • Carbon Steel
    $647M
  • Stainless Steel
    $304M
  • Aluminum
    $273M

Forward guidance

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.

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 2024

Historical avgQ2 2024

-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

Earnings price reactions
QuarterReport dateReaction (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
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010

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