Ryerson Inc. (RYI) Misses Q3 EPS by 6c

November 2, 2016 5:43 PM EDT

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Ryerson Inc. (NYSE: RYI) reported Q3 EPS of $0.28, $0.06 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $735.1 million versus the consensus estimate of $744.58 million.

“The Ryerson Team performed well in a challenging environment,” said Ryerson’s President and Chief Executive Officer Eddie Lehner. “While industrial metals demand continued to contract year over year and decline sequentially more than indicative historical trends, and spot carbon sheet index pricing fell almost 20% in the quarter, Ryerson was able to increase gross margin, net income, and earnings per share in the third quarter compared to prior year.

I want to thank our customers for their continued support as we continue building a Ryerson known for exceptional customer experiences. Despite an industrial metals climate characterized by deflation and demand contraction, under-investment in many of the world’s largest economies, most notably the U.S., is receiving the attention if not action it deserves as the deleterious impacts of break-fix and haphazard investment result in declining productivity and stagnation. Over the longer term, the execution of our strategy centered upon the elements of speed, scale, value-add, culture and analytics will accrete value for all Ryerson stakeholders as investments in productivity-enhancing machinery & equipment and infrastructure are expected to return to required norms.”

For earnings history and earnings-related data on Ryerson Inc. (RYI) click here.

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