Tue, Oct 29, 8:30 PM (64 days ago)
In the third quarter of 2024, Ryerson Holding Corporation (RYI) reported net sales of $1,126.6 million, a decline of 9.6% from $1,246.7 million in Q3 2023. The decrease was attributed to lower average selling prices, down 10.9% to $2,323 per ton, and a 4.5% drop in shipments. Gross profit fell to $202.0 million (17.9% margin) from $249.3 million (20.0% margin), reflecting a faster decline in sales prices compared to material costs. Operating profit significantly decreased to $5.3 million from $56.3 million, while net loss attributable to Ryerson was $6.6 million compared to net income of $35.0 million a year prior. Adjusted net loss for the nine months was $1.7 million, down from $119.9 million in 2023. Cash flow from operations was $112.7 million, down from $275 million in the prior year. Total debt increased to $522.1 million, with liquidity at $491 million. The company anticipates challenges due to contracting demand and fluctuating prices, but recent acquisitions and operational improvements are expected to enhance future performance.