Ryerson Q3 revenue rises 87.5% on higher shipments and prices
RYI•Ryerson's third-quarter revenue rose 87.5% year over year to $2.18 billion, while adjusted EBITDA climbed 185% to $115 million, beating estimates. Shipments increased 67.8% year over year, and the company realized $13 million in synergy benefits.
1. Quarterly results
Ryerson Holding Corporation reported third-quarter revenue of $2.18 billion, up 87.5% year over year and above the $1.96 billion estimate. Adjusted EBITDA rose 185% to $115 million, exceeding the $83.7 million estimate and company guidance.
2. Shipments and synergies
Tons shipped increased 67.8% year over year and 1.2% sequentially, reaching their highest quarterly level in more than five years. Average selling prices rose 7.2% sequentially. Ryerson realized $13 million in third-quarter synergy benefits, surpassing its first-year target ahead of schedule.
3. Outlook
The company did not provide specific guidance for future quarters or full-year results.
