Ryerson Q3 revenue rises 87.5% on higher shipments and prices

Overview

• US industrial metals distributor's Q3 revenue rose 87.5% yr/yr, with tons shipped up 67.8%

• Adjusted EBITDA for Q3 rose 185% yr/yr, exceeding company guidance

• Company realized $13 mln in Q3 synergy benefits, surpassing first-year target ahead of schedule

Outlook

• Company did not provide specific guidance for future quarters or full-year results

Result Drivers

• HIGHER SELLING PRICES - Co said average selling prices rose 7.2% sequentially, supporting revenue growth

• INCREASED SHIPMENTS - Tons shipped rose 1.2% sequentially and reached highest quarterly level in over five years

• SYNERGY BENEFITS - Co realized $13 mln in Q3 synergy benefits, exceeding annual target ahead of schedule

Company press release: Full Story

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the iron & steel peer group is "buy"

• Wall Street's median 12-month price target for Ryerson Holding Corporation is $29.00, about 1.2% below its October 27 closing price of $29.34

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads

• Oct 26 - Nucor beats Q3 sales estimates on steel mills unit growth

• Oct 26 - Steelmaker Gerdau's profit rises 40% in Q3 on strong North America operations

• Oct 28 - SSAB tops profit expectations as EU import curbs boost steel prices

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)