Ryerson Holding Corp (NYSE:RYI)
$ 20.51 0.49 (2.45%) Market Cap: 653.19 Mil Enterprise Value: 1.50 Bil PE Ratio: 32.56 PB Ratio: 0.78 GF Score: 73/100
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Q3 2024 Ryerson Holding Corp Earnings Call Transcript

Oct 30, 2024 / 02:00PM GMT
Release Date Price: $22.01 (-1.83%)

Key Points

Positve
  • Ryerson Holding Corp (RYI) generated $103 million in free cash flow during the third quarter.
  • The company returned $42 million to shareholders, including $36 million in share repurchases and $6 million in dividends.
  • Ryerson Holding Corp (RYI) is seeing improvements in service levels, positive account turn, and on-time delivery.
  • The company is making strategic investments in modernization and automation, such as the Shelbyville, Kentucky facility, to enhance productivity and customer experience.
  • Ryerson Holding Corp (RYI) is optimistic about moving off the cyclical bottoming and anticipates improved conditions in 2025.
Negative
  • Ryerson Holding Corp (RYI) experienced a net loss of $6.6 million and a diluted loss per share of $0.20 in the third quarter.
  • Sales volume of 485,000 tons was below guidance due to a slow demand environment and impacts from Hurricane Helene.
  • Average selling prices decreased, with carbon products seeing a 6% drop, contributing to margin compression.
  • The company ended the quarter with a net leverage of 3.8 times, above its target range of 2 times.
  • Ryerson Holding Corp (RYI) anticipates a further 8% to 10% sequential decline in volumes for the fourth quarter.
Operator

Good day and welcome to the Ryerson Holding Corporation's third quarter, 2024 conference call. Today's conference is being recorded. There will be a question and answer session later. If you would like to ask a question, please press star one on your telephone keypad at any time. Again, that is star one to ask a question.

I'll now turn the call over to 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 third quarter, 2024. Our next call on our call. We have Eddie Lehner. Ryerson's President and Chief Executive Officer, Mike Burbach, our Chief Operating Officer, Jim Clawson, our Chief Financial Officer and Molly Cannon, our Chief Accounting Officer and corporate controller, John Orth, our executive Vice President of Operation and Courtney Baring, 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

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