NYSE$RYZ
Ryerson Holding Corporation · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Ryerson's financial performance reflected strong cash flow and expense management, marked by a dividend increase.
Ryerson Holding Corporation reported a net income of $35.0 million, with revenue reaching $1.25 billion. The company generated $79.3 million in operating cash flow and $56.9 million in free cash flow. Despite counter-cyclical conditions, Ryerson maintained its net leverage ratio within the target range and invested in growth through acquisitions and service center expansions.
- Net income attributable to Ryerson Holding Corporation was $35.0 million and Adjusted EBITDA, excluding LIFO, was $45.0 million.
- Diluted earnings per share reached $1.00 on revenue of $1.25 billion.
- Operating Cash Flow generation amounted to $79.3 million, while Free Cash Flow reached $56.9 million.
- The company maintained a Net Leverage ratio of 1.4x, with debt at $366 million and net debt at $329 million as of September 30, 2023.
Headline financials
Revenue & EPS history
Ryerson · Revenue · Quarterly
$1.25B
Revenue by segment
Ryerson · $1.22B total across 3 segments · Q3 2023
- Carbon Steel$647M—52.9%
- Stainless Steel$304M—24.8%
- Aluminum$273M—22.3%
Forward guidance
For the fourth quarter of 2023, Ryerson anticipates seasonal demand conditions, expecting customer shipments to decrease approximately 4% to 7% quarter-over-quarter. The company projects net sales to range from $1.00 to $1.15 billion, with average selling prices decreasing 3% to 5%. LIFO income is expected to be $8 to $12 million, with adjusted EBITDA, excluding LIFO, in the range of $28 million to $32 million and earnings per diluted share between $0.18 and $0.22.
Tailwinds
- Net sales are expected to be between $1.00B to $1.15B
- LIFO income is expected to be $8M to $12M
- Adjusted EBITDA, excluding LIFO is expected to be between $28M and $32M
- Earnings per diluted share is expected to be between $0.18 and $0.22
- Normal industry seasonal demand conditions are expected
Headwinds
- Customer shipments are expected to decrease approximately 4% to 7%, quarter-over-quarter
- Average selling prices decreasing 3% to 5%
- Counter-cyclical conditions that emerged in the second quarter of 2023 continued to impact our industry
- Prices across our product mix decreased during the quarter
- Lower transactional customer quoting activity and reduced OEM customer order sizes put downward pressure on average selling prices and compressed gross margins
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 Q3 2023
-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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| Q4 2011 | — | — | — | |
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| Q4 2010 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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