Ryerson Holding Corp (NYSE:RYI)
$ 20.45 0.43 (2.15%) Market Cap: 651.28 Mil Enterprise Value: 1.50 Bil PE Ratio: 32.46 PB Ratio: 0.78 GF Score: 73/100
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Q2 2024 Ryerson Holding Corp Earnings Call Transcript

Jul 31, 2024 / 02:00PM GMT
Release Date Price: $23.79 (-4.00%)

Key Points

Positve
  • Ryerson Holding Corp (RYI) achieved positive cash flow generation in Q2 2024.
  • The company repurchased 647,330 shares below book value, enhancing shareholder value.
  • Ryerson Holding Corp (RYI) exceeded its cost reduction targets for the quarter.
  • The redesigned e-commerce platform was successfully launched, potentially improving customer experience.
  • Ryerson Holding Corp (RYI) reported a year-over-year and quarter-over-quarter increase in shipments, indicating operational improvements.
Negative
  • Revenue for Q2 2024 was $1.23 billion, which was below expectations due to weaker-than-expected pricing conditions.
  • Average selling prices for key products like carbon, aluminum, and stainless steel decreased, leading to margin compression.
  • The company is experiencing higher-than-expected declines in spot average selling prices and margin pressure through Q3 2024.
  • Ryerson Holding Corp (RYI) ended Q2 2024 with a net leverage of 3.2x, above its target range of 2.0x.
  • The company anticipates further volume and price declines in Q3 2024, with expected revenues between $1.12 billion to $1.16 billion.
Operator

Good day, and welcome to the Ryerson Holding Corporation second quarter 2024 conference call. Today's conference is being recorded.

(Operator Instructions)

At this time, I'd like to turn the conference over to Mr. Pratham Dear, Manager of Investor Relations. Please go ahead, sir.

Pratham Dear
Ryerson Holding Corp - Manager - Investor Relations

Good morning. Thank you for joining Ryerson Holding Corporation's second quarter 2024 earnings call. On our call, we have Eddie Lehner, Ryerson's President and Chief Executive Officer; Mike Burbach, our Chief Operating Officer; Jim Claussen, our Chief Financial Officer; and Molly Kannan, our Chief Accounting Officer and Corporate Controller. John Orth, our Executive Vice President of Operations; Mike Hamilton, our Vice President of Corporate Supply Chain; and Jorge Beristain, our Vice President of Finance, will be joining us for Q&A.

Certain comments on this call contain forward-looking statements within the meaning of the federal securities laws. These statements involve a number of

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