Ryerson Inc. (RYI) Sees Flat Q3 QoQ Revenue
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Ryerson Holding Corporation (NYSE: RYI), a leading distributor and processor of metals, today provided guidance for its third quarter ending September 30, 2016. The Company expects third quarter 2016 net income attributable to Ryerson Holding Corporation in the range of $8 million to $12 million and Adjusted EBITDA, excluding LIFO in the range of $46 million to $50 million. Ryerson reported third quarter 2015 net income attributable to Ryerson Holding Corporation of $7 million and Adjusted EBITDA, excluding LIFO of $30 million. A reconciliation of Adjusted EBITDA, excluding LIFO to net income attributable to Ryerson Holding Corporation is included below in this news release.
The Company anticipates revenue for the third quarter of 2016 to be flat with the second quarter of 2016, with higher average selling prices offset by lower sequential shipments. Spot hot rolled coil steel prices are down 25% from their peak levels in the second quarter, and spot carbon plate prices are nearing parity with hot rolled coil prices. Steel mill lead times have shortened across all carbon steel categories, consistent with slowing demand evidenced so far during the third quarter. With respect to specific end markets, food processing equipment and consumer durables are demonstrating sequential quarterly demand strength while oil & gas, commercial ground transportation, agricultural equipment, metal fabrication and machine shops are showing sequential quarterly demand weakness. Construction equipment sequential quarterly demand is neutral.
(Street sees Q3 revenue of $765.3 million)
Ryerson Holding Corporation's Third Quarter 2016 Conference Call Details
Ryerson also announced that it will host a conference call to discuss third quarter 2016 results on Thursday, November 3 at 10 a.m. Eastern Daylight Time. The live online broadcast will be available on the Company's investor relations website, ir.ryerson.com. Ryerson will report earnings after the market closes on Wednesday, November 2.
Thursday, November 3, 2016
10:00 a.m. EDT / 9:00 a.m. CDT
800-862-9098 (U.S., Canada) / 785-424-1051 (International)
An online replay of the call will be posted on the investor relations website, ir.ryerson.com, and remain available for 90 days.
Ryerson is a leading processor and distributor of metals, with operations in the United States, Canada, Mexico and China. Founded in 1842, Ryerson employs around 3,400 employees in approximately 100 locations. Visit Ryerson at www.ryerson.com.
Set forth below is a reconciliation of our anticipated net income attributable to Ryerson Holding Corporation to our Adjusted EBITDA and our Adjusted EBITDA, excluding LIFO expense (income), net.
Range of Estimates
Net income attributable to Ryerson Holding Corporation
Interest and other expense on debt
Provision for income taxes
Depreciation and amortization expense
LIFO expense (income), net
Adjusted EBITDA, excluding LIFO expense (income), net
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