Core Insights - Ryerson Holding Corporation reported its fourth quarter and full-year 2025 results, highlighting a successful merger with Olympic Steel and financial metrics that met guidance expectations while exceeding cash flow and leverage targets [1][2][3] Financial Performance - Fourth quarter revenue was $1.10 billion, a 9.7% increase year-over-year, but a 4.9% decrease sequentially, with tons shipped down 4.9% and average selling prices flat [1][2] - Full-year revenue for 2025 was $4.57 billion, a slight decrease of 0.6% compared to 2024, influenced by a 1.1% drop in average selling prices, partially offset by a 0.5% increase in tons shipped [2][3] - Gross margin for Q4 2025 was 15.3%, down 190 basis points from Q3 2025, while full-year gross margin contracted by 100 basis points to 17.1% [2][3] Debt and Liquidity - The company ended Q4 2025 with total debt of $463 million and net debt of $436 million, a decrease from the previous quarter [1][2] - Ryerson successfully extended and expanded its credit facility from $1.3 billion to $1.8 billion, enhancing financial stability and growth opportunities [1][3] Merger with Olympic Steel - The merger with Olympic Steel was completed on February 13, 2026, positioning Ryerson as North America's second-largest metals service center and expected to generate $120 million in annual run-rate synergies by early 2028 [1][3] - Shareholders of Olympic Steel received shares of Ryerson's common stock at an exchange ratio of 1.7105, owning approximately 37% of the combined company [3] Outlook - For Q1 2026, Ryerson anticipates net sales between $1.26 billion and $1.30 billion, with expected gross margin expansion and improved operating leverage due to favorable demand conditions [3] - The company expects to generate Adjusted EBITDA, excluding LIFO, in the range of $51 to $54 million for Q1 2026 [3]

Core Insights - Ryerson Holding Corporation reported third quarter revenue of $1.16 billion, which is in line with guidance, with average selling prices increasing by 2.6% and tons shipped decreasing by 3.2% compared to the previous quarter [4][5][6] - The company experienced a net loss of $14.8 million, or a diluted loss per share of $0.46, compared to a net income of $1.9 million in the previous quarter [8][4] - Ryerson ended the quarter with total debt of $500 million and net debt of $470 million, reflecting a decrease from the previous quarter [4][8] Financial Highlights - Revenue for Q3 2025 was $1,161.5 million, a decrease of 0.7% from Q2 2025 but an increase of 3.1% year-over-year [3][4] - Tons shipped in Q3 2025 were 485,000, down 3.2% from Q2 2025 and unchanged from Q3 2024 [3][4] - Average selling price per ton increased to $2,395, up 2.6% from Q2 2025 and 3.1% year-over-year [3][4] - Gross margin contracted to 17.2%, down 70 basis points from Q2 2025 [6][3] Operational Insights - The company executed a self-help strategy to manage operations amid ongoing challenges, including weak demand and tariff pricing conditions [5][6] - Areas of weakness included OEM contract shipments and carbon steel margin compression, while strengths were noted in transactional sales growth [5][6] - Operating expenses decreased by 1.5% compared to Q2 2025, driven by lower variable expenses [7][3] Debt and Liquidity - Ryerson recorded a cash outflow from operating activities of $8.3 million in Q3 2025, compared to an inflow of $23.8 million in Q2 2025 [8][4] - The company’s global liquidity, including cash and available credit, was $521 million as of September 30, 2025, up from $485 million at the end of Q2 2025 [8][4] Shareholder Returns - A quarterly cash dividend of $0.1875 per share was declared, payable on December 18, 2025 [9][4] - No share repurchases occurred during the quarter, with $38.4 million remaining under the existing authorization [10][4] Merger Agreement - Ryerson entered into a definitive merger agreement to acquire Olympic Steel, with shares to be converted based on a fixed exchange ratio [11][12] - The completion of the acquisition is subject to customary closing conditions, including stockholder approvals [12][11] Outlook - For Q4 2025, Ryerson expects customer shipments to decrease by 5% to 7% quarter-over-quarter, with anticipated net sales between $1.07 billion and $1.11 billion [13][4] - Average selling prices are expected to remain flat to up 2%, with LIFO expenses projected between $10 million and $14 million [13][4]

Core Insights - Applied Industrial Technologies reported a net sales increase of 9.2% year-over-year for the first quarter of fiscal 2026, reaching $1.2 billion, with organic sales growth of 3.0% [2][7] - The company achieved a net income of $100.8 million, or $2.63 per diluted share, reflecting an 11.4% increase compared to the previous year [2][7] - EBITDA for the quarter was reported at $146.3 million, marking a 13.4% year-over-year growth [2][7] Financial Performance - Net sales for the quarter were $1.2 billion, up 9.2% from $1.1 billion in the prior year [2][9] - Organic sales growth was 3.0%, driven by a 4.4% increase in the Service Center segment, while the Engineered Solutions segment saw a slight decline of 0.4% [2][3] - The company reported an EBITDA margin of 12.2%, an increase of nearly 50 basis points from the prior year [3] Guidance and Outlook - The company has modestly increased its fiscal 2026 EPS guidance to a range of $10.10 to $10.85, up from the previous range of $10.00 to $10.75 [3][7] - Sales guidance remains at an increase of 4% to 7%, with organic growth expected to be between 1% to 4% [3] - The company anticipates gradual improvement in end-market demand, despite ongoing macroeconomic uncertainties and inflationary pressures [3] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.46 per common share, payable on November 28, 2025 [4]