Ryerson(US:RYI)2025-02-20 22:14Financial Performance - Generated fourth quarter revenue of $1.01 billion, a decrease of 10.6% from Q3 2024, with tons shipped at 447,000 and average selling price at $2,254 per ton[6] - Net loss attributable to Ryerson Holding Corporation for Q4 2024 was $4.3 million, or diluted loss per share of $0.13, compared to a net loss of $6.6 million in Q3 2024[11] - Adjusted EBITDA, excluding LIFO, for Q4 2024 was $10.3 million, down 51.0% from Q3 2024[11] - Full-year 2024 revenue was $4.6 billion, a decrease of 10.0% compared to $5.1 billion in 2023, influenced by a 9.7% drop in average selling prices[12] - Net sales for Q4 2024 were $1,007.4 million, a decrease of 9.4% from Q4 2023's $1,112.4 million[29] - Full year 2024 net sales totaled $4,598.7 million, down 9.9% from $5,108.7 million in 2023[29] - The company reported a net loss of $4.2 million in Q4 2024, compared to a net income of $26.0 million in Q4 2023[29] - Operating profit for Q4 2024 was $2.6 million, significantly lower than $43.5 million in Q4 2023[29] - Adjusted EBITDA for the year ended December 31, 2024, was $166.6 million, down from $328.8 million in 2023, a decline of about 49.3%[33] - Gross profit for the year ended December 31, 2024, was $834.2 million, down from $1,021.6 million in 2023, a decrease of about 18.3%[33] Cash Flow and Debt - Generated operating cash flow of $92.2 million in Q4 2024, with full-year operating cash flow at $204.9 million[16] - Total debt decreased to $468 million in Q4 2024, down 10.5% from Q3 2024, while net debt was $440 million[16] - Free cash flow for Q4 2024 was $68.9 million, an increase from $65.1 million in Q4 2023, reflecting a growth of approximately 4.0%[38] - Total current liabilities decreased from $633.9 million in 2023 to $580.1 million in 2024, a reduction of about 8.5%[31] Market and Sales Metrics - Carbon Steel net sales in Q4 2024 were $510 million, down 12.8% quarter-over-quarter and 11.1% year-over-year[20] - Average selling price for Carbon Steel in Q4 2024 was $1,445 per ton, a decrease of 5.7% from Q3 2024 and 11.4% from Q4 2023[20] - Tons shipped for Carbon Steel in Q4 2024 were 353, a decline of 7.6% from Q3 2024[20] - The average selling price per ton for the full year 2024 was $2,374, down from $2,629 in 2023[29] - The company shipped 447 thousand tons in Q4 2024, a slight decrease from 450 thousand tons in Q4 2023[29] Margins and Expenses - Gross margin for Q4 2024 was 19.0%, an increase of 110 basis points from Q3 2024, while full-year gross margin contracted to 18.1%[9][13] - Ryerson achieved $60 million in annualized operating expense reductions during 2024[6] - Gross margin for the year ended December 31, 2024, was 18.1%, down from 20.0% in 2023, reflecting a decrease of 1.9 percentage points[33] Future Outlook - For Q1 2025, Ryerson expects customer shipments to increase by 11% to 13% quarter-over-quarter, with net sales anticipated between $1.12 billion and $1.15 billion[19] - The company expects a net loss attributable to Ryerson Holding Corporation in Q1 2025 to be between $(9) million and $(8) million, with diluted loss per share projected between $(0.27) and $(0.20)[40] Shareholder Returns - Declared a first-quarter 2025 dividend of $0.1875 per share, amounting to approximately $6.0 million in cash return for Q4 2024[17] Asset and Market Capitalization - Total assets decreased from $2,569.6 million in 2023 to $2,439.5 million in 2024, a decline of approximately 5.1%[31] - Market capitalization as of December 31, 2024, was $589.5 million, a significant drop from $1,180.4 million in 2023, representing a decline of approximately 50%[38] Conference Call - Ryerson will host a conference call on February 21, 2025, to discuss the financial results for Q4 and full year 2024[23]