Ryerson Holding Corporation · Q4 2023 earnings

Briefing

Ryerson's Q4 2023 results were reported, featuring three acquisitions and the tenth consecutive increase in quarterly dividend, alongside strong cash flow and ongoing investment in organic growth.

Ryerson reported a net income of $26 million, or $0.74 per diluted share, on revenue of $1.1 billion for Q4 2023. The company generated $90 million in operating cash flow and $65 million in free cash flow. Three businesses were acquired during the quarter, and the dividend was increased for the tenth consecutive time.

• Achieved a net income of $26 million and adjusted EBITDA, excluding LIFO, of $26 million.
• Delivered diluted earnings per share of $0.74 on revenue of $1.1 billion.
• Generated operating cash flow of $90 million and free cash flow of $65 million.
• Acquired three businesses: Norlen Incorporated, TSA Processing, and Hudson Tool Steel Corporation.

Headline financials

Revenue & EPS history

For the first quarter of 2024, Ryerson expects normal seasonal demand conditions, with customer shipments expected to increase approximately 8% to 10%, quarter-over-quarter. The Company anticipates first-quarter revenue to be in the range of $1.21 to $1.25 billion, with average selling prices increasing 1% to 3%. We expect Adjusted EBITDA, excluding LIFO in the range of $58 million to $62 million and earnings per diluted share in the range of $0.24 to $0.34.