Ryerson Reports Third Quarter 2026 Results
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Exceeded shipment, sales, and earnings guidance and eclipsed first-year annual run-rate synergy target ahead of schedule while generating market share gains, productivity gains, and higher book value per share alongside excellent net working capital management
Highlights:
- Generated total Company revenue of
$2.18 billion in the third quarter, exceeding the previously provided guidance range with total tons shipped 1.2% higher and average selling prices 7.2% higher sequentially. Excluding Olympic Steel, which generated$602 million of revenue during the quarter, same-store revenue was$1.58 billion , with sequential average selling prices increasing by 7.3% and tons shipped increasing by 1.8% to reach their highest quarterly level in over five years. - Achieved total Company third quarter net income1 of
$32.0 million , or$0.61 per diluted share, and Adjusted EBITDA, excluding LIFO2 of$115.0 million , exceeding guidance of$88 to$92 million . Olympic Steel contributed$30.2 million of Adjusted EBITDA, excluding LIFO, also exceeding guidance. - Realized approximately
$13 million in third quarter synergy benefits, representing$52 million on an annualized, run-rate basis and substantially exceeding the$40 million first-year target months ahead of schedule. - Returned
$13.6 million to stockholders during the quarter, comprised of$9.8 million in dividends and$3.8 million in share repurchases at prices below book value per share.
A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included below in this news release.
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$ in millions, except tons (in thousands), average selling prices, and earnings per share |
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Financial Highlights: |
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Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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QoQ |
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YoY |
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9MO |
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9MO |
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YoY |
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Revenue |
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8.6 % |
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87.5 % |
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65.9 % |
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Tons shipped |
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814 |
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804 |
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485 |
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1.2 % |
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67.8 % |
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2,274 |
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1,486 |
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53.0 % |
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Average selling price/ton |
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7.2 % |
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11.7 % |
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8.4 % |
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Gross margin |
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17.2 % |
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17.7 % |
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17.2 % |
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-50 bps |
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— |
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17.7 % |
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17.7 % |
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— |
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Gross margin, excl. LIFO(2) |
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18.5 % |
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18.6 % |
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18.3 % |
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-10 bps |
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20 bps |
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18.7 % |
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18.6 % |
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10 bps |
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Warehousing, delivery, selling, general, and |
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1.6 % |
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62.7 % |
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51.0 % |
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As a percentage of revenue |
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15.0 % |
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16.0 % |
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17.3 % |
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-100 bps |
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-230 bps |
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15.9 % |
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17.4 % |
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-150 bps |
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Net income (loss) attributable to Ryerson Holding |
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106.5 % |
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316.2 % |
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381.1 % |
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Diluted earnings (loss) per share |
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Adjusted diluted earnings (loss) per share |
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Adj. EBITDA, excl. LIFO |
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13.9 % |
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185.4 % |
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140.0 % |
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Adj. EBITDA, excl. LIFO margin |
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5.3 % |
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5.0 % |
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3.5 % |
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30 bps |
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180 bps |
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4.9 % |
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3.4 % |
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150 bps |
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Balance Sheet and Cash Flow Highlights: |
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Total debt |
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5.3 % |
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101.3 % |
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101.3 % |
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Cash and cash equivalents |
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(3.3) % |
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35.9 % |
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35.9 % |
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Net debt(3) |
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5.7 % |
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105.5 % |
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105.5 % |
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Net debt / LTM Adj. EBITDA, excl. LIFO |
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3.2x |
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4.0x |
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3.7x |
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(0.8x) |
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(0.5x) |
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3.2x |
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3.7x |
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(0.5x) |
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Cash conversion cycle (days) |
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70.8 |
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70.9 |
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68.2 |
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(0.1) |
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2.6 |
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67.6 |
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67.1 |
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0.5 |
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Net cash provided by (used in) operating |
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Management Commentary
Third Quarter Results
In the third quarter of 2026, Ryerson generated net sales of
Third quarter gross margin contracted by 50 basis points to 17.2%, compared to 17.7% in the prior quarter, as higher material costs flowed through ahead of corresponding price adjustments for program customers. Third quarter results also included a
Third quarter total Company warehousing, delivery, selling, general, and administrative expenses were
Net income attributable to Ryerson Holding Corporation for the third quarter of 2026 was
Olympic Steel Integration & Financial Results
In the third quarter, Ryerson realized approximately
Olympic Steel contributed
Liquidity & Debt Management
Ryerson used
Global liquidity, composed of cash and cash equivalents and availability on its revolving credit facilities, increased to
Stockholder Return Activity
Dividends. On
Share Repurchases and Authorization. Ryerson returned
Outlook Commentary
In the fourth quarter of 2026, the Company expects that shipments will decline sequentially by 6% to 8% from third quarter levels, reflecting three fewer business days and holiday-related seasonal softness. Average selling prices are expected to be flat to up by 2% quarter-over-quarter as higher carbon pricing is expected to slightly offset relative softening in stainless and aluminum pricing. Net sales are therefore expected to be in the range of
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Same-store Key Financial Metrics Reconciliation |
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Ryerson |
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Olympic Steel |
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Ryerson |
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Holding |
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Period from |
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same-store |
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Corporation |
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(Dollars in millions, tons in thousands) |
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Nine months ended |
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Tons shipped |
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653 |
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1,621 |
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2,274 |
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Net sales |
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$ |
1,439.0 |
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$ |
4,311.5 |
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$ |
5,750.5 |
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Gross margin, excluding LIFO expense |
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18.4 |
% |
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18.8 |
% |
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18.7 |
% |
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Warehousing, delivery, selling, general & administrative |
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$ |
246.3 |
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$ |
665.9 |
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$ |
912.2 |
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Expense % of sales |
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17.1 |
% |
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15.4 |
% |
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15.9 |
% |
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Adjusted EBITDA, excluding LIFO expense |
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$ |
66.2 |
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$ |
217.2 |
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$ |
283.4 |
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Adjusted EBITDA, excluding LIFO expense % of sales |
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4.6 |
% |
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5.0 |
% |
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4.9 |
% |
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Third Quarter 2026 Major Product Metrics |
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Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
$ |
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1,220 |
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$ |
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1,094 |
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$ |
584 |
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11.5 |
% |
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108.9 |
% |
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Aluminum |
$ |
453 |
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$ |
434 |
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$ |
287 |
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4.4 |
% |
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57.8 |
% |
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Stainless Steel |
$ |
453 |
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$ |
444 |
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$ |
271 |
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2.0 |
% |
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67.2 |
% |
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Tons Shipped (thousands) |
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Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
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663 |
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653 |
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381 |
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1.5 |
% |
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74.0 |
% |
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Aluminum |
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55 |
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55 |
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45 |
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- |
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22.2 |
% |
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Stainless Steel |
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87 |
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87 |
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57 |
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- |
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52.6 |
% |
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Average Selling Prices (per ton) |
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Q3 2026 |
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Q2 2026 |
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Q3 2025 |
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Quarter-over-quarter |
Year-over-year |
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Carbon Steel |
$ |
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1,840 |
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$ |
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1,675 |
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$ |
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1,533 |
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9.8 |
% |
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20.0 |
% |
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Aluminum |
$ |
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8,236 |
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$ |
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7,891 |
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$ |
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6,378 |
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4.4 |
% |
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29.1 |
% |
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Stainless Steel |
$ |
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5,207 |
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$ |
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5,103 |
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$ |
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4,754 |
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2.0 |
% |
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9.5 |
% |
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Year to Date 2026 Major Product Metrics |
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YTD 2026 |
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YTD 2025 |
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Year-over-year |
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Carbon Steel |
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$ |
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3,107 |
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$ |
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1,725 |
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80.1 |
% |
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Aluminum |
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$ |
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1,237 |
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$ |
868 |
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42.5 |
% |
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Stainless Steel |
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$ |
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1,273 |
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$ |
823 |
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54.7 |
% |
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Tons Shipped (thousands) |
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YTD 2026 |
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YTD 2025 |
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Year-over-year |
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Carbon Steel |
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1,837 |
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1,161 |
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58.2 |
% |
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Aluminum |
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158 |
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143 |
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10.5 |
% |
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Stainless Steel |
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251 |
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178 |
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41.0 |
% |
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Average Selling Prices (per ton) |
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YTD 2026 |
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YTD 2025 |
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Year-over-year |
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Carbon Steel |
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$ |
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1,691 |
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$ |
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1,486 |
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13.8 |
% |
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Aluminum |
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$ |
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7,829 |
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$ |
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6,070 |
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29.0 |
% |
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Stainless Steel |
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$ |
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5,072 |
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$ |
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4,624 |
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9.7 |
% |
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Note: product table excludes "other" products, which represent approximately 3% of sales |
Earnings Call Information
Ryerson will host a conference call to discuss third quarter 2026 financial results for the period ended
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, together with Olympic Steel, has approximately 6,500 employees and approximately 150 locations. Visit Ryerson at www.ryerson.com.
Notes:
1Net income attributable to Ryerson Holding Corporation
2For EBITDA, Adjusted EBITDA, Adjusted EBITDA, excluding LIFO and gross margin, excluding LIFO please see Schedule 2
3Net debt is defined as long term debt plus short term debt less cash and cash equivalents and excludes restricted cash
Legal Disclaimer
The contents herein are provided for general information purposes only and do not constitute an offer to sell or purchase, or a solicitation of an offer to purchase, any security ("Security") of the Company or its affiliates ("Ryerson") in any jurisdiction. Ryerson does not intend to solicit, and is not soliciting, any action with respect to any Security or any other contractual relationship with Ryerson. Nothing in this release, individually or taken in the aggregate, constitutes an offer of securities for sale or purchase, or a solicitation of an offer to purchase, any Security in the United States, or to U.S. persons, or in any other jurisdiction in which such an offer or solicitation is unlawful.
Safe Harbor Provision
This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Ryerson's current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the merger involving Ryerson and Olympic Steel, including future financial and operating results, expected synergies, Ryerson's plans, objectives, expectations, and intentions, and other statements that are not historical facts. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates, and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the risk that the businesses will not be integrated successfully or will be more costly or difficult than expected; the risk that the cost savings and any other synergies may not be fully realized or may take longer to realize than expected, or that the merger may be less accretive than expected; the risk that the merger will not provide stockholders with increased earnings potential; the risk that increases to earnings, margins, and cash flows may not be as large as expected or many not occur at all; Ryerson and Olympic Steel may not be able to increase commercial growth, cross-sell, or expand geographically, and scale the combined businesses as expected; the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the merger; the risk of adverse reactions or changes to business or employee relationships resulting from the merger; adverse economic conditions; highly cyclical fluctuations resulting from, among others, seasonality, market uncertainty, and costs of goods sold; the Company's ability to remain competitive and maintain market share in the highly competitive and fragmented metals distribution industry; managing the costs of purchased metals relative to the price at which each company sells its products during periods of rapid price escalation or deflation; customer, supplier, and competitor consolidation, bankruptcy, or insolvency; the impairment of goodwill that could result from, among other things, volatility in the markets in which each company operates; the impact of geopolitical events; future funding for postretirement employee benefits may require substantial payments from current cash flow; the regulatory and other operational risks associated with our operations located outside of the United States; the adequacy of the Company's efforts to mitigate cyber security risks and threats; reduced production schedules, layoffs, or work stoppages by each company's own, its suppliers', or customers' personnel; any underfunding of certain employee retirement benefit plans and the actual costs exceeding current estimates; prolonged disruption of the Company's processing centers; failure to manage potential conflicts of interest between or among customers or suppliers of each company; unanticipated changes to, or any inability to hire and retain key personnel at either company; currency exchange rate fluctuations; the incurrence of substantial costs of liabilities to comply with, or as a result of, violations of environmental laws; the risk of product liability claims; the Company's indebtedness or covenants in the instruments governing such indebtedness; the influence of a single investor group over the Company's policies and procedures; and other risks inherent in Ryerson's business and other factors described in Ryerson's filings with the Securities and Exchange Commission. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Ryerson. If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
Forward-looking statements are based on the estimates and opinions of management as of the date of this communication; subsequent events and developments may cause their assessments to change. Ryerson does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law and they specifically disclaim any obligation to do so. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
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Selected Income and Cash Flow Data - Unaudited |
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(Dollars and Shares in Millions, except Per Share and Per Ton Data) |
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2026 |
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2025 |
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First Nine Months |
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Third |
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Second |
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Third |
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Quarter |
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Quarter |
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Quarter |
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2026 |
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2025 |
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$ |
2,177.8 |
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$ |
2,006.2 |
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$ |
1,161.5 |
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$ |
5,750.5 |
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$ |
3,466.5 |
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Cost of materials sold |
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1,804.1 |
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1,651.0 |
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962.0 |
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4,732.8 |
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2,853.2 |
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Gross profit |
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373.7 |
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355.2 |
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199.5 |
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1,017.7 |
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613.3 |
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Warehousing, delivery, selling, general, and administrative |
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326.1 |
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320.9 |
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200.4 |
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912.2 |
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604.3 |
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Impairment charges on assets |
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— |
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0.5 |
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0.1 |
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0.9 |
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1.9 |
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Gain on insurance settlement |
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(1.5) |
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(0.6) |
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— |
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(2.1) |
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— |
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Gain on litigation settlement |
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(2.4) |
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— |
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— |
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(2.4) |
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— |
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OPERATING PROFIT (LOSS) |
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51.5 |
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34.4 |
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(1.0) |
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109.1 |
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7.1 |
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Other income and (expense), net |
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0.1 |
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|
|
1.9 |
|
|
|
0.8 |
|
|
|
3.7 |
|
|
|
(1.2) |
|
|
Interest and other expense on debt |
|
|
(15.2) |
|
|
|
(14.3) |
|
|
|
(10.1) |
|
|
|
(41.2) |
|
|
|
(29.4) |
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
36.4 |
|
|
|
22.0 |
|
|
|
(10.3) |
|
|
|
71.6 |
|
|
|
(23.5) |
|
|
Provision (benefit) for income taxes |
|
|
3.9 |
|
|
|
6.0 |
|
|
|
4.1 |
|
|
|
18.1 |
|
|
|
(5.9) |
|
|
NET INCOME (LOSS) |
|
|
32.5 |
|
|
|
16.0 |
|
|
|
(14.4) |
|
|
|
53.5 |
|
|
|
(17.6) |
|
|
Less: Net income attributable to noncontrolling interest |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
0.4 |
|
|
|
1.5 |
|
|
|
0.9 |
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO RYERSON |
|
$ |
32.0 |
|
|
$ |
15.5 |
|
|
$ |
(14.8) |
|
|
$ |
52.0 |
|
|
$ |
(18.5) |
|
|
EARNINGS (LOSS) PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic |
|
$ |
0.62 |
|
|
$ |
0.30 |
|
|
$ |
(0.46) |
|
|
$ |
1.07 |
|
|
$ |
(0.58) |
|
|
Diluted |
|
$ |
0.61 |
|
|
$ |
0.30 |
|
|
$ |
(0.46) |
|
|
$ |
1.05 |
|
|
$ |
(0.58) |
|
|
Shares outstanding - basic |
|
|
51.9 |
|
|
|
51.9 |
|
|
|
32.2 |
|
|
|
48.8 |
|
|
|
32.1 |
|
|
Shares outstanding - diluted |
|
|
52.7 |
|
|
|
52.6 |
|
|
|
32.2 |
|
|
|
49.5 |
|
|
|
32.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividends declared per share |
|
$ |
0.1875 |
|
|
$ |
0.1875 |
|
|
$ |
0.1875 |
|
|
$ |
0.5625 |
|
|
$ |
0.5625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Supplemental Data : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tons shipped (000) |
|
|
814 |
|
|
|
804 |
|
|
|
485 |
|
|
|
2,274 |
|
|
|
1,486 |
|
|
Shipping days |
|
|
64 |
|
|
|
64 |
|
|
|
64 |
|
|
|
191 |
|
|
|
191 |
|
|
Average selling price/ton |
|
$ |
2,675 |
|
|
$ |
2,495 |
|
|
$ |
2,395 |
|
|
$ |
2,529 |
|
|
$ |
2,333 |
|
|
Gross profit/ton |
|
|
459 |
|
|
|
442 |
|
|
|
411 |
|
|
|
448 |
|
|
|
413 |
|
|
Operating profit (loss)/ton |
|
|
63 |
|
|
|
43 |
|
|
|
(2) |
|
|
|
48 |
|
|
|
5 |
|
|
LIFO expense per ton |
|
|
37 |
|
|
|
21 |
|
|
|
27 |
|
|
|
25 |
|
|
|
22 |
|
|
LIFO expense |
|
|
30.0 |
|
|
|
17.0 |
|
|
|
13.2 |
|
|
|
57.0 |
|
|
|
33.2 |
|
|
Depreciation and amortization expense |
|
|
29.1 |
|
|
|
31.7 |
|
|
|
20.2 |
|
|
|
84.2 |
|
|
|
58.8 |
|
|
Cash flow provided by (used in) operating activities |
|
|
(18.2) |
|
|
|
(5.6) |
|
|
|
24.7 |
|
|
|
(176.0) |
|
|
|
22.3 |
|
|
Capital expenditures |
|
|
(21.3) |
|
|
|
(16.3) |
|
|
|
(12.8) |
|
|
|
(49.8) |
|
|
|
(30.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
See Schedule 1 for Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
See Schedule 2 for EBITDA and Adjusted EBITDA reconciliation |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
See Schedule 3 for Adjusted EPS reconciliation |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
See Schedule 4 for Free Cash Flow reconciliation |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
See Schedule 5 for Fourth Quarter 2026 Guidance reconciliation |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Schedule 1 |
|
|||||||
|
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||
|
Condensed Consolidated Balance Sheets |
|
|||||||
|
(In millions, except shares) |
|
|||||||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
2026 |
|
|
2025 |
|
||
|
Assets |
|
(unaudited) |
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
40.5 |
|
|
$ |
26.9 |
|
|
Restricted cash |
|
|
1.4 |
|
|
|
0.9 |
|
|
Receivables, less provisions of |
|
|
1,017.5 |
|
|
|
460.8 |
|
|
Inventories |
|
|
1,302.6 |
|
|
|
648.3 |
|
|
Prepaid expenses and other current assets |
|
|
105.3 |
|
|
|
85.9 |
|
|
Total current assets |
|
|
2,467.3 |
|
|
|
1,222.8 |
|
|
Property, plant, and equipment, at cost |
|
|
1,538.2 |
|
|
|
1,179.8 |
|
|
Less: accumulated depreciation |
|
|
630.2 |
|
|
|
570.0 |
|
|
Property, plant, and equipment, net |
|
|
908.0 |
|
|
|
609.8 |
|
|
Operating lease assets |
|
|
334.1 |
|
|
|
323.9 |
|
|
Other intangible assets less accumulated amortization of |
|
|
84.8 |
|
|
|
58.2 |
|
|
Goodwill |
|
|
165.8 |
|
|
|
161.5 |
|
|
Deferred charges and other assets |
|
|
65.2 |
|
|
|
28.5 |
|
|
Total assets |
|
$ |
4,025.2 |
|
|
$ |
2,404.7 |
|
|
Liabilities |
|
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
887.8 |
|
|
$ |
516.0 |
|
|
Salaries, wages, and commissions |
|
|
95.2 |
|
|
|
40.5 |
|
|
Other accrued liabilities |
|
|
114.2 |
|
|
|
72.0 |
|
|
Short-term debt |
|
|
1.0 |
|
|
|
1.9 |
|
|
Current portion of operating lease liabilities |
|
|
41.7 |
|
|
|
34.0 |
|
|
Current portion of deferred employee benefits |
|
|
3.6 |
|
|
|
3.7 |
|
|
Total current liabilities |
|
|
1,143.5 |
|
|
|
668.1 |
|
|
Long-term debt |
|
|
1,005.1 |
|
|
|
461.2 |
|
|
Deferred employee benefits |
|
|
84.3 |
|
|
|
70.2 |
|
|
Noncurrent operating lease liabilities |
|
|
322.3 |
|
|
|
318.6 |
|
|
Deferred income taxes |
|
|
124.8 |
|
|
|
110.2 |
|
|
Other noncurrent liabilities |
|
|
22.0 |
|
|
|
12.8 |
|
|
Total liabilities |
|
|
2,702.0 |
|
|
|
1,641.1 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
||
|
Equity |
|
|
|
|
|
|
||
|
Ryerson Holding Corporation stockholders' equity: |
|
|
|
|
|
|
||
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
|
Common stock, |
|
|
0.6 |
|
|
|
0.4 |
|
|
Capital in excess of par value |
|
|
983.0 |
|
|
|
432.6 |
|
|
Retained earnings |
|
|
721.4 |
|
|
|
698.8 |
|
|
Treasury stock, at cost - Common stock of 8,501,790 shares at |
|
|
(244.6) |
|
|
|
(237.0) |
|
|
Accumulated other comprehensive loss |
|
|
(147.8) |
|
|
|
(141.7) |
|
|
Total Ryerson Holding Corporation Stockholders' Equity |
|
|
1,312.6 |
|
|
|
753.1 |
|
|
Noncontrolling interest |
|
|
10.6 |
|
|
|
10.5 |
|
|
Total Equity |
|
|
1,323.2 |
|
|
|
763.6 |
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
4,025.2 |
|
|
$ |
2,404.7 |
|
|
Schedule 2 |
|
|||||||||||||||||||
|
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||||||||||
|
Reconciliations of Net Income (Loss) Attributable to Ryerson Holding Corporation to EBITDA and Gross profit to Gross profit excluding LIFO |
|
|||||||||||||||||||
|
(Dollars in millions) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
2026 |
|
|
2025 |
|
|
First Nine Months |
|
|||||||||||
|
|
|
Third |
|
|
Second |
|
|
Third |
|
|
|
|
||||||||
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
2026 |
|
|
2025 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) attributable to Ryerson Holding Corporation |
|
$ |
32.0 |
|
|
$ |
15.5 |
|
|
$ |
(14.8) |
|
|
$ |
52.0 |
|
|
$ |
(18.5) |
|
|
Interest and other expense on debt |
|
|
15.2 |
|
|
|
14.3 |
|
|
|
10.1 |
|
|
|
41.2 |
|
|
|
29.4 |
|
|
Provision (benefit) for income taxes |
|
|
3.9 |
|
|
|
6.0 |
|
|
|
4.1 |
|
|
|
18.1 |
|
|
|
(5.9) |
|
|
Depreciation and amortization expense |
|
|
29.1 |
|
|
|
31.7 |
|
|
|
20.2 |
|
|
|
84.2 |
|
|
|
58.8 |
|
|
EBITDA |
|
$ |
80.2 |
|
|
$ |
67.5 |
|
|
$ |
19.6 |
|
|
$ |
195.5 |
|
|
$ |
63.8 |
|
|
Gain on insurance settlement |
|
|
(1.5) |
|
|
|
(0.6) |
|
|
|
— |
|
|
|
(2.1) |
|
|
|
(1.0) |
|
|
Gain on litigation settlement |
|
|
(2.4) |
|
|
|
— |
|
|
|
— |
|
|
|
(2.4) |
|
|
|
— |
|
|
Reorganization |
|
|
3.2 |
|
|
|
1.4 |
|
|
|
7.3 |
|
|
|
8.6 |
|
|
|
16.3 |
|
|
Advisory services fees |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
7.3 |
|
|
|
— |
|
|
Impairment charges on assets |
|
|
— |
|
|
|
0.5 |
|
|
|
0.1 |
|
|
|
0.9 |
|
|
|
1.9 |
|
|
Foreign currency transaction (gains) losses |
|
|
(0.4) |
|
|
|
(1.8) |
|
|
|
(1.1) |
|
|
|
(4.3) |
|
|
|
1.6 |
|
|
Purchase consideration and other transaction costs |
|
|
4.9 |
|
|
|
16.5 |
|
|
|
0.3 |
|
|
|
21.9 |
|
|
|
1.2 |
|
|
Other adjustments |
|
|
0.5 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
1.0 |
|
|
|
1.1 |
|
|
Adjusted EBITDA |
|
$ |
85.0 |
|
|
$ |
84.0 |
|
|
$ |
27.1 |
|
|
$ |
226.4 |
|
|
$ |
84.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted EBITDA |
|
$ |
85.0 |
|
|
$ |
84.0 |
|
|
$ |
27.1 |
|
|
$ |
226.4 |
|
|
$ |
84.9 |
|
|
LIFO expense |
|
|
30.0 |
|
|
|
17.0 |
|
|
|
13.2 |
|
|
|
57.0 |
|
|
|
33.2 |
|
|
Adjusted EBITDA, excluding LIFO expense |
|
$ |
115.0 |
|
|
$ |
101.0 |
|
|
$ |
40.3 |
|
|
$ |
283.4 |
|
|
$ |
118.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net sales |
|
$ |
2,177.8 |
|
|
$ |
2,006.2 |
|
|
$ |
1,161.5 |
|
|
$ |
5,750.5 |
|
|
$ |
3,466.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted EBITDA, excluding LIFO expense, as a percentage of |
|
|
5.3 |
% |
|
|
5.0 |
% |
|
|
3.5 |
% |
|
|
4.9 |
% |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gross profit |
|
$ |
373.7 |
|
|
$ |
355.2 |
|
|
$ |
199.5 |
|
|
$ |
1,017.7 |
|
|
$ |
613.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gross margin |
|
|
17.2 |
% |
|
|
17.7 |
% |
|
|
17.2 |
% |
|
|
17.7 |
% |
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gross profit |
|
$ |
373.7 |
|
|
$ |
355.2 |
|
|
$ |
199.5 |
|
|
$ |
1,017.7 |
|
|
$ |
613.3 |
|
|
LIFO expense |
|
|
30.0 |
|
|
|
17.0 |
|
|
|
13.2 |
|
|
|
57.0 |
|
|
|
33.2 |
|
|
Gross profit, excluding LIFO expense |
|
$ |
403.7 |
|
|
$ |
372.2 |
|
|
$ |
212.7 |
|
|
$ |
1,074.7 |
|
|
$ |
646.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gross margin, excluding LIFO expense |
|
|
18.5 |
% |
|
|
18.6 |
% |
|
|
18.3 |
% |
|
|
18.7 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gross profit |
|
$ |
373.7 |
|
|
$ |
355.2 |
|
|
$ |
199.5 |
|
|
$ |
1,017.7 |
|
|
$ |
613.3 |
|
|
LIFO expense |
|
|
30.0 |
|
|
|
17.0 |
|
|
|
13.2 |
|
|
|
57.0 |
|
|
|
33.2 |
|
|
Purchase accounting inventory adjustments |
|
|
4.0 |
|
|
|
15.7 |
|
|
|
— |
|
|
|
19.7 |
|
|
|
— |
|
|
Gross profit, excluding LIFO expense and purchase accounting |
|
$ |
407.7 |
|
|
$ |
387.9 |
|
|
$ |
212.7 |
|
|
$ |
1,094.4 |
|
|
$ |
646.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gross margin, excluding LIFO expense and purchase |
|
|
18.7 |
% |
|
|
19.3 |
% |
|
|
18.3 |
% |
|
|
19.0 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Note: EBITDA represents net income (loss) before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, gain on insurance settlement, gain on litigation settlement, reorganization expenses, impairment charges on assets, advisory service fees, foreign currency transaction gains and losses, and purchase consideration and other transaction costs. We believe that the presentation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA, excluding LIFO expense, 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, 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, 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 |
|
|||||||||||||||||||
|
Schedule 3 |
|
|||||||||||||||||||
|
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||||||||||
|
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share |
|
|||||||||||||||||||
|
(Dollars and Shares in Millions, Except Per Share Data) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
2026 |
|
|
2025 |
|
|
First Nine Months Ended |
|
|||||||||||
|
|
|
Third |
|
|
Second |
|
|
Third |
|
|
September 30, |
|
||||||||
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
2026 |
|
|
2025 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) attributable to Ryerson Holding |
|
$ |
32.0 |
|
|
$ |
15.5 |
|
|
$ |
(14.8) |
|
|
$ |
52.0 |
|
|
$ |
(18.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gain on insurance settlement |
|
|
(1.5) |
|
|
|
(0.6) |
|
|
|
— |
|
|
|
(2.1) |
|
|
|
(1.0) |
|
|
Gain on litigation settlement |
|
|
(2.4) |
|
|
|
— |
|
|
|
— |
|
|
|
(2.4) |
|
|
|
— |
|
|
Advisory services fees |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
7.3 |
|
|
|
— |
|
|
Impairment charges on assets |
|
|
— |
|
|
|
0.5 |
|
|
|
0.1 |
|
|
|
0.9 |
|
|
|
1.9 |
|
|
Purchase accounting inventory adjustments |
|
|
4.0 |
|
|
|
15.7 |
|
|
|
— |
|
|
|
19.7 |
|
|
|
— |
|
|
Benefit for income taxes |
|
|
(0.2) |
|
|
|
(4.0) |
|
|
|
— |
|
|
|
(2.3) |
|
|
|
(0.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted net income (loss) attributable to Ryerson |
|
$ |
32.4 |
|
|
$ |
27.6 |
|
|
$ |
(14.7) |
|
|
$ |
73.1 |
|
|
$ |
(17.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted diluted earnings (loss) per share |
|
$ |
0.61 |
|
|
$ |
0.52 |
|
|
$ |
(0.46) |
|
|
$ |
1.48 |
|
|
$ |
(0.55) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Shares outstanding - diluted |
|
|
52.7 |
|
|
|
52.6 |
|
|
|
32.2 |
|
|
|
49.5 |
|
|
|
32.1 |
|
|
|
|
|||||||||||||||||||
|
Note: Adjusted net income (loss) and Adjusted earnings (loss) per share is presented to provide a means of comparison with periods that do not include similar adjustments. |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Schedule 4 |
|
|||||||||||||||||||
|
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|
|||||||||||||||||||
|
Cash Flow from Operations to Free Cash Flow Yield |
|
|||||||||||||||||||
|
(Dollars in Millions) |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
2026 |
|
|
2025 |
|
|
First Nine Months Ended |
|
|||||||||||
|
|
|
Third |
|
|
Second |
|
|
Third |
|
|
September 30, |
|
||||||||
|
|
|
Quarter |
|
|
Quarter |
|
|
Quarter |
|
|
2026 |
|
|
2025 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net cash provided by (used in) operating activities |
|
$ |
(18.2) |
|
|
$ |
(5.6) |
|
|
$ |
24.7 |
|
|
$ |
(176.0) |
|
|
$ |
22.3 |
|
|
Capital expenditures |
|
|
(21.3) |
|
|
|
(16.3) |
|
|
|
(12.8) |
|
|
|
(49.8) |
|
|
|
(30.7) |
|
|
Proceeds from sales of property, plant, and equipment |
|
|
— |
|
|
|
4.4 |
|
|
|
2.3 |
|
|
|
5.5 |
|
|
|
2.6 |
|
|
Free cash flow |
|
$ |
(39.5) |
|
|
$ |
(17.5) |
|
|
$ |
14.2 |
|
|
$ |
(220.3) |
|
|
$ |
(5.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market capitalization |
|
$ |
1,219.0 |
|
|
$ |
1,277.0 |
|
|
$ |
736.1 |
|
|
$ |
1,219.0 |
|
|
$ |
736.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Free cash flow yield |
|
|
(3.2) |
% |
|
|
(1.4) |
% |
|
|
1.9 |
% |
|
|
(18.1) |
% |
|
|
(0.8) |
% |
|
|
|
|
|||||||||||
|
Note: Market capitalization is calculated using September 30, 2026, June 30, 2026, and September 30, 2025 stock prices and shares outstanding. |
|
|
|||||||||||
|
Schedule 5 |
|||
|
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES |
|||
|
Reconciliation of Fourth Quarter 2026 Net Income Attributable to Ryerson Holding Corporation to Adj. EBITDA, excl. LIFO Guidance |
|||
|
(Dollars in Millions) |
|||
|
|
Fourth Quarter 2026 |
||
|
|
Low |
|
High |
|
Net income attributable to Ryerson |
$16 |
|
$20 |
|
|
|
|
|
|
Diluted income per share |
$0.30 |
|
$0.38 |
|
|
|
|
|
|
Interest and other expense on debt |
15 |
|
15 |
|
Provision for income taxes |
5 |
|
7 |
|
Depreciation and amortization expense |
30 |
|
30 |
|
EBITDA |
$66 |
|
$72 |
|
Adjustments |
2 |
|
4 |
|
Adjusted EBITDA |
$68 |
|
$76 |
|
LIFO expense |
32 |
|
28 |
|
Adjusted EBITDA, excluding LIFO expense |
$100 |
|
$104 |
|
|
|
|
Note: See the note within Schedule 2 for a description of EBITDA and Adjusted EBITDA. |
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/ryerson-reports-third-quarter-2026-results-302922709.html
SOURCE Ryerson Holding Corporation
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