Q3 2024 Radius Recycling Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA of $9 million, a significant improvement from $3 million in the prior quarter.
- Meaningful increases in ferrous, non-ferrous, and finished steel sales volumes.
- 88% capacity utilization at the steel mill, significantly higher than the 77% US average.
- Achieved approximately 75% of the quarterly run rate for a $70 million cost reduction and productivity program.
- Continued investment in advanced metal recovery technologies expected to return over $40 million in annual EBITDA when fully deployed.
- Reported third-quarter loss of $6.97 per share, with $6.21 related to a non-cash goodwill impairment charge.
- Continued tight scrap supply flows contributing to compressed margins.
- Lower economic activity and constrained scrap supply flows for more than a year.
- Non-cash impairment charge of $216 million on goodwill due to challenging market conditions.
- Decline in ferrous prices leading to compression in metal spreads and a detriment from average inventory accounting.
Good day and thank you for standing by. Welcome to the Radius Recycling third quarter 2024 earnings release call and webcast. (Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Bennett, Investor Relations. Please go ahead.
Thank you, Daniel, and good morning. IĆ¢m Michael Bennett, the companyĆ¢s Vice President of Investor Relations. IĆ¢m happy to welcome you to Radius RecyclingĆ¢s earnings presentation for the third quarter of fiscal 2024. In addition to todayĆ¢s audio comments, weĆ¢ve issued our press release and posted a set of slides, both of which you can access on our website at radiusrecycling.com.
Before we start, let me call your attention to the detailed Safe Harbor statement on slide 2, which is also included in our press release and in the companyĆ¢s Form 10-Q, which will be filed later today. As we note on slide 2, we may make forward-looking statements on our call today,
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