Jul. 30 at 10:04 PM
$RYI Ryerson reports Q2 EPS 33c, two estimates 21c
Reports Q2 revenue
$1.23B, two estimates
$1.27B. Eddie Lehner, CEO, said, "Over the second quarter we managed through a compressed pricing and declining industry demand environment that intensified in late-May through the end of the quarter marked by a continued slowdown in various industrial manufacturing and consumer end-markets as well as notable declines in aluminum, nickel, and carbon steel commodity indexes. Despite these challenges, our overall business performance improved as we saw an increase in tons sold, reduced variable and structural expenses, reduced our inventory levels, and returned to generating operating cash flow and free cash flow.
We did this while transitioning to an optimization phase as we complete a record three-year investment cycle, highlighted this quarter by the start-up of our state-of-the-art 900,000 square foot University Park, IL service center, ongoing assimilation of the ERP-conversion in our southern network of service centers, our launch of Ryerson's redesigned e-commerce platform at www.ryerson.com, as well as nearing the final stage of equipment installation for our Shelbyville, KY processing center modernization and expansion that is slated to start-up in the first quarter of 2025.
During the quarter, we grew our book value per share, repurchased 647,330 shares of Ryerson common stock, and paid a quarterly dividend of
$0.1875. For the remainder of 2024, we are targeting approximately
$60 million in annualized cost savings, updated from our previous
$40 million target, primarily through the realization of greater efficiencies within our network. As we navigate through the second half of 2024, Ryerson is planning, preparing, and executing on the strategic growth plan for our business through the optimization of our operating model despite the persistence of what has turned out to be an extended industry counter-cycle.
Looking at the bigger picture, it has been just about ten-years since Ryerson closed its Initial Public Offering on August 13, 2014. When we stack up all the days since our IPO and look at all we have accomplished over the past ten years, it is an important reminder that there is no sustainable progress without some pain and discomfort. As I look at the strength of our company, the significant investments made to our next-gen operating model, the value of our assets, and the culture of our people and organization, I couldn't be more optimistic about the next ten years."
