May 10, 2017

Ryerson Increases 1Q Sales by 15.9 Percent

Ryerson Holding Corp., Chicago, reported net income of $14.8 million, a modest improvement from the $13.5 million in earnings in the same quarter of 2016. Net sales grew 15.9 percent to $814.5 million in the quarter.

"Ryerson continues to execute well upon our business model and strategy built around speed, scale, value-add, culture and analytics to provide great and profitable customer experiences that resulted in vastly improved financial results year-over-year and sequentially,” said Eddie Lehner, Ryerson's president and CEO. “In the first quarter, Ryerson grew revenues with increased shipment volumes at higher selling prices and achieved higher gross margins, generating better net income and adjusted EBITDA."

In the first quarter, Ryerson's inventory balance stood at 69.1 days of supply compared to 74.5 days in the year-ago period. "We continue managing our inventory to maintain financial flexibility and adapt to changing metals pricing and consumption dynamics. Our interconnected network of service centers allows us to optimize inventory investments across our locations to better satisfy customer demand,” says Erich Schnaufer, Ryerson's chief financial officer.

The company made two transactions during the quarter, acquiring The Laserflex Corp., a metal fabricator specializing in laser cutting and welding services, in January. The following month, Ryerson purchased Guy Metals, a processor and polisher of stainless steel products.

Looking ahead to the second quarter, Ryerson executives were encouraged by the improvements in the oil and gas and construction markets, while other industries are showing more modest improvement. Given the increased metal consumption and price stabilization experienced in the first quarter, Ryerson anticipates higher average selling prices in the second quarter.


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Monday, October 23, 2017