Tue, Jul 2, 4:59 PM (67 days ago)
Radius Recycling, Inc. reported a net loss of $199 million for Q3 FY2024, driven primarily by a $216 million goodwill impairment charge. Adjusted EBITDA was $9 million, down from $56 million in the prior year. Revenue fell 17% YoY to $674 million due to lower ferrous and nonferrous sales volumes and prices, except for nonferrous prices which rose 3%. Finished steel prices dropped 12%, impacting margins. SG&A expenses decreased 9% due to cost-cutting measures. The company saw a $57 million net cash outflow from operations and increased debt to $411 million to fund working capital and capital expenditures. Future liquidity is supported by internal funds and credit facilities, despite uncertainties in market conditions.