Ryerson Reports Revenue Growth in Third Quarter
By Metal Center News Staff
on Nov 5, 2018
Ryerson Inc., Chicago, reported revenues of $1.5 billion in the third quarter, a 44.6 percent increase compared to the same period in 2017. The sales growth was driven by a 20.8 percent increase in volumes and a 19.8 percent increase in average selling prices.
On a same-store basis, revenues grew by 24 percent as average selling prices increased 21 percent and tons sold increased 2.5 percent. Compared to the second quarter of 2018, revenues increased 18.2 percent due to 14.5 percent higher volume and 3.2 percent higher average selling prices
“Ryerson had an excellent quarter, generating significant shareholder returns of over $2 per share and Adjusted EBITDA, excluding LIFO of $88.7 million. We are delighted to expand our product offerings to our customers through our acquisition of Central Steel & Wire Company. The addition of Central’s complementary product offering, especially their enhanced long and tubular products portfolio, coupled with our strength in stainless, aluminum, and carbon sheet and plate products, provides even greater selection and value to our customers,” said Eddie Lehner, Ryerson president and CEO.
Ryerson, Chicago, reported net income of $77.5 million, a significant increase from the $1.7 million reported a year ago and the $17.5 million in the second quarter.