RYERSON HOLDING CORPORATION CHICAGO, Nov. 7, 2017 /PRNewswire/ -- Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the third quarter ended September 30, 2017.
Eddie Lehner, Ryerson's President and Chief Executive Officer, said, "As Ryerson celebrates our 175(th) anniversary as an iconic industrial metals distribution and processing company on November 19th, we thank every customer we have had the privilege to serve since 1842. We look forward to providing excellent customer experiences for many years to come. Within Ryerson, we are making meaningful progress across all facets of our strategic plan, and we see encouraging macroeconomic growth trends within the manufacturing sector and improving metal supply pricing dynamics. As expected and noted in our third quarter guidance, soft demand in July, margin compression troughs in August, and business interruptions in September were a drag on earnings. Irrespective of these conditions, we continued to grow our market share compared to MSCI industry metrics and maintained industry-leading expense and working capital ratios. Moving beyond the inverted margin outcomes driven by supply side distortions in commodity prices, wide domestic to international price spreads and metal import surges that characterized the third quarter, we move into the fourth quarter, observing improving industry fundamentals around supply, demand, and pricing."
Third Quarter 2017 Financial Results
Revenues were $864.2 million for the third quarter of 2017, down 1.3 percent from the second quarter of 2017 and up 17.6 percent from the year-ago quarter. Tons sold decreased by 0.6 percent in the third quarter of 2017 compared to the prior quarter and increased 7.3 percent compared to the year-ago period. Additionally, average selling prices per ton decreased 0.7 percent in the current quarter compared to the prior quarter but increased 9.6 percent compared to the third quarter of 2016.
Ryerson's gross margin was 16.8 percent for the third quarter of 2017, compared to 16.0 percent in the second quarter of 2017 and 19.8 percent in the year-ago period. Included in cost of materials sold was LIFO income of $1.7 million for the current quarter, compared to LIFO expense of $14.2 million for the second quarter of 2017 and net LIFO expense of $1.4 million in the third quarter of 2016. Gross margin, excluding LIFO decreased to 16.6 percent for the third quarter of 2017, compared to 17.7 percent in the second quarter of 2017 and 20.0 percent in the year-ago period. Average inventory costs rose while Ryerson's average selling prices fell in the third quarter of 2017 leading to margin compression. A reconciliation of gross margin to gross margin, excluding LIFO is included below in this news release.
Warehousing, delivery, selling, general and administrative expense increased by $2.5 million, or 2.1 percent for the third quarter of 2017 compared to the second quarter of 2017. Compared to the year-ago period, expenses increased by $10.1 million, or 9.3 percent. Ryerson demonstrated expense leverage in the third quarter of 2017 as warehousing, delivery, selling, general and administrative expenses declined to 13.8 percent of sales, even with negative impacts from hurricanes and Canada's SAP conversion, compared to 14.8 percent in third quarter of 2016.
Net income attributable to Ryerson Holding Corporation was $1.7 million, or $0.05 per diluted share, for the third quarter of 2017, compared to net income of $0.6 million, or $0.02 per diluted share, in the second quarter of 2017, and $8.2 million, or $0.23 per diluted share, in the third quarter of 2016. Excluding restructuring and other charges and loss on retirement of debt, net income attributable to Ryerson Holding Corporation in the third quarter of 2016 was $10.0 million, or $0.28 per diluted share.
Adjusted EBITDA, excluding LIFO was $37.7 million in the third quarter of 2017, compared to $51.5 million in the prior quarter and $48.8 million in the year-ago period. Reconciliations of Adjusted EBITDA, excluding LIFO and net income attributable to Ryerson Holding Corporation and earnings per share, excluding restructuring and other charges, impairment charges on assets, and losses on retirement of debt to net income attributable to Ryerson Holding Corporation, are included below in this news release.
Nine Months Ended September 30, 2017, Financial Results
Revenues for the first nine months of 2017 were $2.6 billion, up 17.3 percent from the first nine months of 2016, as tons shipped increased 4.6 percent and average selling prices per ton increased 12.2 percent. Year-to-date, Ryerson shipments have outpaced the industry as measured by MSCI, which grew 3.0 percent through the first nine months of 2017.
Net income attributable to Ryerson Holding Corporation was $17.1 million, or $0.46 per diluted share, in the first nine months of 2017 compared to $27.3 million, or $0.82 per diluted share, for the same period of 2016. Excluding restructuring and other charges, impairment charges on assets, and losses on retirement of debt, net income attributable to Ryerson Holding Corporation was $35.1 million, or $1.05 per diluted share, in the first nine months of 2016.
Adjusted EBITDA, excluding LIFO increased 1.1 percent to $143.5 million in the first nine months of 2017 compared to $142.0 million in the first nine months of 2016. Reconciliations of Adjusted EBITDA, excluding LIFO and net income attributable to Ryerson Holding Corporation and earnings per share, excluding restructuring and other charges, impairment charges on assets, and losses on retirement of debt to net income attributable to Ryerson Holding Corporation, are included below in this news release.
Working Capital and Liquidity Management
In the third quarter of 2017, Ryerson's inventory balance stood at 74 days of supply compared to 69 days in the second quarter of 2017 and 78 days in the year-ago period. Additionally, Ryerson maintained abundant liquidity to finance growth in the third quarter of 2017. As of September 30, 2017, borrowings were $385 million on our primary revolving credit facility with additional availability of $291 million. Including cash, marketable securities, and availability from foreign sources, Ryerson's total liquidity was $355 million compared to $326 million in the second quarter of 2017.
Cash used in operating activities increased to $93 million for the first nine months of 2017 compared to $23 million in the first nine months of 2016, primarily due to higher valued inventory and receivables. Erich Schnaufer, Ryerson's Chief Financial Officer, said, "Given the normal seasonal volume declines expected in the fourth quarter compared to the third quarter, Ryerson expects to align inventories to demand to generate cash flows in the fourth quarter."
Fourth Quarter 2017 Commentary
Global supply and demand fundamentals appear stronger heading into the fourth quarter compared to the first nine months of 2017, as supply-side reforms in China, a weaker U.S. dollar, and lower domestic import levels support stronger pricing conditions in the U.S. Additionally, chrome pricing resets and recent resurgent nickel prices, along with recent mill carbon hot-rolled coil price increases, should lend further support and stabilization to average industry selling prices. Demand remains positive for most of our key end markets compared to last year, and Ryerson anticipates these conditions to continue into the fourth quarter, offset by normal seasonal declines with fewer shipping days and winter holiday seasonality. Given the supply and demand factors discussed, Ryerson anticipates margins to expand into the fourth quarter 2017.
Third Quarter 2017 Business
Metrics
Third Second Third Sequential Year-Over-Year
Quarter Quarter Quarter Quarter Change Change
2017
2017 2016
---- ---
Tons shipped
(In thousands) 515 518 480 -0.6% 7.3%
--------------- --- --- --- ---- ---
Average selling
price/ton $1,678 $1,690 $1,531 -0.7% 9.6%
--------------- ------ ------ ------ ---- ---
Average cost/
ton 1,396 1,419 1,228 -1.6% 13.7%
------------- ----- ----- ----- ---- ----
Average cost/
ton, excluding
LIFO 1,399 1,392 1,225 0.5% 14.2%
--------------- ----- ----- ----- --- ----
Third Quarter 2017 Major
Product Metrics
Tons Shipped (Tons in thousands) Average Selling Price per
Ton Shipped
-----------
Third Second Third Sequential Year- Sequential Year-Over-
Quarter Quarter Quarter Quarter Over- Quarter Year Change
2017 2017 2016 Change Year Change
Change
------
Carbon steel 387 390 361 -0.8% 7.2% -0.1% 10.4%
------------ --- --- --- ---- --- ---- ----
Aluminum 53 52 48 1.9% 10.4% 0.2% 3.3%
-------- --- --- --- --- ---- --- ---
Stainless
steel 73 74 67 -1.4% 9.0% -3.9% 10.6%
--------- --- --- --- ---- --- ---- ----
Net Sales (Dollars in millions)
------------------------------
Third Second Third Sequential Year-Over-
Quarter Year Change
Quarter Quarter Quarter Change
2017 2017 2016
---- ---- ----
Carbon
steel $439 $443 $371 -0.9% 18.3%
------ ---- ---- ---- ---- ----
Aluminum 195 191 171 2.1% 14.0%
-------- --- --- --- --- ----
Stainless
steel 217 229 180 -5.2% 20.6%
--------- --- --- --- ---- ----
Nine Months Ended September 30, 2017, Business Metrics
------------------------------------------------------
Nine Months Ended Nine Months Ended Year-Over-Year
September 30, 2017 September 30, 2016 Change
------------------ ------------------ ------
Tons shipped
(In thousands) 1,530 1,463 4.6%
--------------- ----- ----- ---
Average selling
price/ton $1,669 $1,488 12.2%
--------------- ------ ------ ----
Average cost/
ton 1,377 1,176 17.1%
------------- ----- ----- ----
Average cost/
ton, excluding
LIFO 1,369 1,190 15.0%
--------------- ----- ----- ----
Nine Months Ended September 30, 2017, Major Product Metrics
-----------------------------------------------------------
Tons Shipped (Tons in thousands) Average Selling
Price per Ton
Shipped
-------
Nine Months Ended Nine Months Ended Year-Over-Year Year-Over-Year
September 30, 2017 September 30, 2016 Change Change
------------------ ------------------ ------ ------
Carbon steel 1,151 1,112 3.5% 14.4%
------------ ----- ----- --- ----
Aluminum 155 145 6.9% 1.6%
-------- --- --- --- ---
Stainless
steel 218 198 10.1% 14.3%
--------- --- --- ---- ----
Sales (Dollars in millions)
--------------------------
Nine Months Ended Nine Months Ended Year-Over-Year
September 30, 2017 September 30, 2016 Change
------------------ ------------------ ------
Carbon
steel $1,289 $1,089 18.4%
------ ------ ------ ----
Aluminum 566 521 8.6%
-------- --- --- ---
Stainless
steel 662 526 25.9%
--------- --- --- ----
Earnings Call Information
Ryerson will host a conference call to discuss its third quarter 2017 results Wednesday, November 8, at 10 a.m. Eastern Time. Participants may access the conference call by dialing 833-241-7253 (Domestic) or 647-689-4217 (International) and using conference ID 88577582. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. A replay will be available at the same website for 90 days.
About Ryerson
Ryerson is a leading value-added processor and distributor of industrial metals, with operations in the United States, Canada, Mexico, and China. Founded in 1842, Ryerson employs around 3,600 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.
Safe Harbor Provision
Certain statements made in this press release and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "estimates," "will," "should," "plans" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. The Company cautions that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Among the factors that significantly impact the metals distribution industry and our business are: the cyclicality of our business; the highly competitive, volatile, and fragmented market in which we operate; fluctuating metal prices; our substantial indebtedness and the covenants in instruments governing such indebtedness; the integration of acquired operations; regulatory and other operational risks associated with our operations located inside and outside of the United States; work stoppages; obligations under certain employee retirement benefit plans; the ownership of a majority of our equity securities by a single investor group; currency fluctuations; and consolidation in the metals producer industry. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth above and those set forth under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2016, and in our other filings with the Securities and Exchange Commission. Moreover, we caution against placing undue reliance on these statements, which speak only as of the date they were made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events or circumstances, new information or otherwise.
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Selected Income and Cash Flow Data - Unaudited
(Dollars and Shares in Millions, except Per Share and Per Ton Data)
2017 2016 First Nine Months Ended
---- ----
Third Second Third September 30,
-------------
Quarter Quarter Quarter 2017 2016
------- ------- ------- ---- ----
NET SALES $864.2 $875.4 $735.1 $2,554.1 $2,177.5
Cost of materials
sold 719.2 735.0 589.7 2,108.1 1,721.5
Gross profit 145.0 140.4 145.4 446.0 456.0
Warehousing,
delivery,
selling, general
and
administrative 119.2 116.7 109.1 353.2 331.5
Restructuring and
other charges - - 2.5 - 2.5
OPERATING PROFIT 25.8 23.7 33.8 92.8 122.0
Other income and
(expense), net
(1) (1.4) (0.9) (0.2) (2.0) (13.2)
Interest and
other expense on
debt (23.2) (22.8) (23.6) (67.8) (67.5)
INCOME BEFORE INCOME TAXES 1.2 - 10.0 23.0 41.3
Provision
(benefit) for
income taxes (0.7) (0.8) 1.6 5.3 14.0
NET INCOME 1.9 0.8 8.4 17.7 27.3
Less: Net income attributable to
noncontrolling interest 0.2 0.2 0.2 0.6 -
--- --- --- --- ---
NET INCOME ATTRIBUTABLE TO RYERSON HOLDING
CORPORATION $1.7 $0.6 $8.2 $17.1 $27.3
==== ==== ==== ===== =====
EARNINGS PER SHARE
Basic
and
diluted $0.05 $0.02 $0.23 $0.46 $0.82
===== ===== ===== ===== =====
Shares outstanding - basic 37.2 37.2 35.8 37.2 33.3
Shares outstanding - diluted 37.3 37.3 36.0 37.3 33.4
Supplemental Data :
Tons shipped
(000) 515 518 480 1,530 1,463
Shipping days 63 64 64 191 192
Average selling
price/ton $1,678 $1,690 $1,531 $1,669 $1,488
Gross profit/
ton 282 271 303 292 312
Operating
profit/ton 50 46 70 61 83
LIFO expense
(income), net
per ton (3) 27 3 8 (14)
LIFO expense
(income), net $(1.7) $14.2 $1.4 $11.8 $(20.4)
Depreciation and
amortization
expense 11.9 11.5 10.2 34.1 31.8
Cash flow from
operating
activities (12.2) (48.6) (25.5) (93.3) (22.9)
Capital
expenditures (5.6) (6.2) (6.4) (15.8) (19.7)
(1) The first nine
months of
2016 includes
a loss of
$7.2 million
on the
repurchase of
debt and an
other-than-
temporary
impairment
charge of
$2.8 million
related to
our
investment in
an available-
for-sale
security.
See Schedule 1
for Condensed
Consolidated
Balance
Sheets
See Schedule 2
for EBITDA
and Adjusted
EBITDA
reconciliation
See Schedule 3
for EPS
reconciliation.
Schedule 1
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(In millions, except shares)
September 30, December 31,
2017 2016
---- ----
Assets (unaudited)
Current assets:
Cash and cash
equivalents $73.6 $80.7
Restricted
cash 1.3 1.0
425.4 326.0
Receivable, less
provision for
allowances,
claims and
doubtful accounts
of $5.6 in 2017
and $4.6 in 2016
Inventories 691.7 563.4
Prepaid expenses
and other
current assets 30.7 26.7
---- ----
Total current
assets 1,222.7 997.8
Property, plant and
equipment, at cost 727.6 668.7
Less: accumulated
depreciation 309.7 280.5
Property, plant
and equipment,
net 417.9 388.2
Deferred income taxes 8.6 24.4
Other intangible
assets 48.5 40.8
Goodwill 115.3 103.2
Deferred charges and
other assets 4.3 4.3
Total
assets $1,817.3 $1,558.7
======== ========
Liabilities
Current
liabilities:
Accounts
payable $362.5 $230.4
Salaries, wages
and commissions 38.0 36.8
Other accrued
liabilities 62.0 37.7
Short-term
debt 20.2 19.2
Current portion
of deferred
employee
benefits 8.3 8.3
--- ---
Total current
liabilities 491.0 332.4
Long-term debt 1,021.4 944.3
Deferred employee
benefits 261.1 298.8
Other noncurrent
liabilities 58.2 32.5
Total
liabilities 1,831.7 1,608.0
Commitments and contingencies
Equity
Ryerson Holding
Corporation
stockholders' equity
(deficit):
- -
Preferred stock,
$0.01 par value;
7,000,000 shares
authorized and
no shares issued
at 2017 and 2016
0.4 0.4
Common stock,
$0.01 par value;
100,000,000
shares
authorized;
37,421,081 and
37,345,117
shares issued at
2017 and 2016,
respectively
Capital in excess
of par value 376.9 375.4
Accumulated
deficit (95.1) (112.2)
Treasury stock,
at cost -Common
stock of 212,500
shares in 2017
and 2016 (6.6) (6.6)
Accumulated other
comprehensive
loss (292.4) (307.8)
------ ------
Total Ryerson
Holding
Corporation
Stockholders'
Equity
(Deficit) (16.8) (50.8)
Noncontrolling
interest 2.4 1.5
Total Equity
(Deficit) (14.4) (49.3)
----- -----
Total
Liabilities
and
Stockholders'
Equity $1,817.3 $1,558.7
======== ========
Schedule 2
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliations of Net Income Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO
(Dollars in millions)
2017 2016 First Nine Months Ended
---- ----
Third Second Third September 30,
-------------
Quarter Quarter Quarter 2017 2016
------- ------- ------- ---- ----
Net income attributable to Ryerson Holding Corporation $1.7 $0.6 $8.2 $17.1 $27.3
Interest and other expense on debt 23.2 22.8 23.6 67.8 67.5
Provision (benefit) for income taxes (0.7) (0.8) 1.6 5.3 14.0
Depreciation and amortization expense 11.9 11.5 10.2 34.1 31.8
---- ---- ---- ---- ----
EBITDA $36.1 $34.1 $43.6 $124.3 $140.6
Reorganization 0.9 1.4 3.0 2.8 6.1
Foreign currency transaction losses 1.4 0.7 - 1.8 3.2
Loss on retirement of debt - - 0.3 - 7.2
Impairment charges on assets - 0.2 - 0.2 2.8
Purchase consideration and other transaction costs 1.0 0.9 0.1 2.6 2.0
Other adjustments - - 0.4 - 0.5
--- --- --- --- ---
Adjusted EBITDA $39.4 $37.3 $47.4 $131.7 $162.4
===== ===== ===== ====== ======
Adjusted EBITDA $39.4 $37.3 $47.4 $131.7 $162.4
LIFO expense (income), net (1.7) 14.2 1.4 11.8 (20.4)
---- ---- --- ---- -----
Adjusted EBITDA, excluding LIFO expense (income), net $37.7 $51.5 $48.8 $143.5 $142.0
===== ===== ===== ====== ======
Net sales $864.2 $875.4 $735.1 $2,554.1 $2,177.5
Adjusted EBITDA, excluding LIFO expense (income), net,
as a percentage of net sales 4.4% 5.9% 6.6% 5.6% 6.5%
=== === === === ===
Gross profit $145.0 $140.4 $145.4 $446.0 $456.0
Gross margin 16.8% 16.0% 19.8% 17.5% 20.9%
==== ==== ==== ==== ====
Gross profit $145.0 $140.4 $145.4 $446.0 $456.0
LIFO expense (income), net (1.7) 14.2 1.4 11.8 (20.4)
---- ---- --- ---- -----
Gross profit, excluding LIFO expense (income), net $143.3 $154.6 $146.8 $457.8 $435.6
====== ====== ====== ====== ======
Gross margin, excluding LIFO expense (income), net 16.6% 17.7% 20.0% 17.9% 20.0%
==== ==== ==== ==== ====
Note: EBITDA represents net income before
interest and other expense on
debt, provision for income taxes,
depreciation and amortization.
Adjusted EBITDA gives further
effect to, among other things,
impairment charges on assets,
reorganization expenses and
foreign currency transaction gains
and losses. We believe that the
presentation of EBITDA, Adjusted
EBITDA and Adjusted EBITDA,
excluding LIFO expense (income),
net, provides useful information
to investors regarding our
operational performance because
they enhance an investor's overall
understanding of our core
financial performance and provide
a basis of comparison of results
between current, past and future
periods. We also disclose the
metric Adjusted EBITDA, excluding
LIFO expense (income), net, to
provide a means of comparison
amongst our competitors who may
not use the same basis of
accounting for inventories.
EBITDA, Adjusted EBITDA and
Adjusted EBITDA, excluding LIFO
expense (income), net, are three
of the primary metrics management
uses for planning and forecasting
in future periods, including
trending and analyzing the core
operating performance of our
business without the effect of
U.S. generally accepted accounting
principles, or GAAP, expenses,
revenues and gains (losses) that
are unrelated to the day to day
performance of our business. We
also establish compensation
programs for our executive
management and regional employees
that are based upon the
achievement of pre-established
EBITDA, Adjusted EBITDA and
Adjusted EBITDA, excluding LIFO
expense (income), net, targets. We
also use EBITDA, Adjusted EBITDA
and Adjusted EBITDA, excluding
LIFO expense (income), net, to
benchmark our operating
performance to that of our
competitors. EBITDA, Adjusted
EBITDA and Adjusted EBITDA,
excluding LIFO expense (income),
net do not represent, and should
not be used as a substitute for,
net income or cash flows from
operations as determined in
accordance with generally accepted
accounting principles, and neither
EBITDA, Adjusted EBITDA and
Adjusted EBITDA, excluding LIFO
expense (income), net, is
necessarily an indication of
whether cash flow will be
sufficient to fund our cash
requirements. This release also
presents gross margin, excluding
LIFO expense (income), net, which
is calculated as gross profit plus
LIFO expense (or minus LIFO
income), net, divided by net
sales. We have excluded LIFO
expense (income), net from the
gross margin and Adjusted EBITDA
as a percentage of net sales
metrics in order to provide a
means of comparison amongst our
competitors who may not use the
same basis of accounting for
inventories as we do. Our
definitions of EBITDA, Adjusted
EBITDA, Adjusted EBITDA, excluding
LIFO expense (income), net, gross
margin, excluding LIFO expense
(income), net, and Adjusted
EBITDA, excluding LIFO expense
(income), net, as a percentage of
sales may differ from that of
other companies.
Schedule 3
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Net Income and Earnings per Share Excluding
Restructuring and Other
Charges, Impairment Charges on Assets and Loss on Retirement of Debt
(Dollars and Shares in Millions, Except Per Share Data)
2017 2016 First Nine Months Ended
---- ----
Third Second Third September 30,
-------------
Quarter Quarter Quarter 2017 2016
------- ------- ------- ---- ----
Net income attributable to Ryerson Holding
Corporation $1.7 $0.6 $8.2 $17.1 $27.3
Restructuring and other charges - - 2.5 - 2.5
Impairment charges on assets - 0.2 - 0.2 2.8
Loss on retirement of debt - - 0.3 - 7.2
Benefit for income taxes - (0.1) (1.0) (0.1) (4.7)
--- ---- ---- ---- ----
$1.7 $0.7 $10.0 $17.2 $35.1
Net income attributable to Ryerson Holding
Corporation, excluding restructuring and
other charges, impairment charges on assets
and
loss on retirement of debt
Earnings per share, excluding restructuring
and other charges, impairment charges
on assets and loss on retirement of debt
Basic $0.05 $0.02 $0.28 $0.46 $1.05
===== ===== ===== ===== =====
Diluted $0.05 $0.02 $0.28 $0.46 $1.05
===== ===== ===== ===== =====
Shares outstanding - basic 37.2 37.2 35.8 37.2 33.3
==== ==== ==== ==== ====
Shares outstanding - diluted 37.3 37.3 36.0 37.3 33.4
==== ==== ==== ==== ====
Note: Net income and Earnings per
share excluding restructuring
and other charges, impairment
charges on assets and loss on
retirement of debt is presented
to provide a means of
comparison with periods that do
not include restructuring and
other charges, impairment
charges on assets and losses on
retirement of debt.
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SOURCE Ryerson Holding Corporation
