Ryerson(US:RYI)2026-02-19 21:18Financial Performance - Generated fourth quarter revenue of $1.10 billion, a decrease of 4.9% quarter-over-quarter, but an increase of 9.7% year-over-year[5] - Full-year 2025 net sales were $4.57 billion, a decrease of 0.6% compared to 2024[11] - Net sales for Q4 2025 reached $1,104.8 million, a 9.7% increase from $1,007.4 million in Q4 2024[32] - In Q4 2025, carbon steel net sales were $538 million, down 7.9% quarter-over-quarter but up 5.5% year-over-year[23] - For FY 2025, carbon steel net sales totaled $2.263 billion, a decrease of 5.0% compared to FY 2024[24] Profitability - Net loss attributable to Ryerson Holding Corporation for Q4 2025 was $37.9 million, or $1.18 per diluted share, compared to a net loss of $14.8 million in Q3 2025[10] - Gross profit for Q4 2025 was $168.9 million, down from $191.1 million in Q4 2024, reflecting a gross profit margin decrease[32] - Operating loss for Q4 2025 was $(37.9) million compared to an operating profit of $2.6 million in Q4 2024[32] - Adjusted EBITDA, excluding LIFO, was $20.4 million in Q4 2025, down 49.4% from Q3 2025[10] - Adjusted EBITDA for Q4 2025 was $(2.1) million, while for Q4 2024 it was $35.7 million, indicating a significant decline[35] Cash Flow and Assets - Cash flow provided by operating activities in Q4 2025 was $112.7 million, up from $92.2 million in Q4 2024[32] - Free cash flow for Q4 2025 was $91.9 million, with a free cash flow yield of 11.3%, compared to 11.7% in Q4 2024[40] - Total current assets as of December 31, 2025, were $1,222.8 million, slightly up from $1,207.6 million as of December 31, 2024[34] - Total liabilities as of December 31, 2025, were $1,641.1 million, compared to $1,615.0 million as of December 31, 2024[34] - Total equity decreased to $763.6 million as of December 31, 2025, from $824.5 million as of December 31, 2024[34] Market and Shareholder Information - Declared a first quarter 2026 dividend of $0.1875 per share, payable to shareholders of record as of March 5, 2026[5] - Market capitalization as of December 31, 2025, was $810.4 million, an increase from $589.5 million at the end of 2024[40] - Adjusted diluted loss per share for the year ended December 31, 2025, was $(1.56), compared to $(0.18) in 2024[38] Future Projections - Ryerson expects same-store customer shipments to increase by 13% to 15% in the first quarter, with net sales projected between $1.26 billion and $1.30 billion[21] - The combined company anticipates first quarter 2026 revenue in the range of $1.52 billion to $1.58 billion, with Adjusted EBITDA, excluding LIFO, between $63 million and $67 million[22] - EBITDA for Q1 2026 is projected to be between $48 million and $52 million, with adjusted EBITDA excluding LIFO expense expected to range from $63 million to $67 million[42] - Ryerson anticipates gross margin expansion in Q1 2026 as inventory cost increases from Q4 2025 are realized[21] - The company expects to generate net income of $10 million to $12 million before merger-related fees in the first quarter[21] Merger and Financing - Completed merger with Olympic Steel, projected to generate $120 million in annual run-rate synergies over the next two years[5] - Extended and expanded credit facility from $1.3 billion to $1.8 billion, enhancing financial stability and growth opportunities[5] - Olympic Steel is expected to generate revenue of $260 million to $280 million in the last six weeks of the quarter[22] Shipping and Pricing - Tons shipped in Q4 2025 were 461, down 4.9% from Q3 2025, but up 3.1% compared to Q4 2024[4] - Average selling price per ton was $2,397, flat compared to Q3 2025, and up 6.3% year-over-year[4] - Average selling prices for carbon steel in Q4 2025 were $1,490 per ton, a decrease of 2.8% quarter-over-quarter but an increase of 3.2% year-over-year[23] - Tons shipped in Q4 2025 totaled 461,000, an increase from 447,000 tons in Q4 2024[32]