Ryerson's Q3 revenue rises on higher shipments and prices
RYI•Ryerson's third-quarter revenue rose 8.6% sequentially as shipments and prices increased. Adjusted EPS was $0.61, and the company forecast fourth-quarter net sales of $1.96 billion to $2.04 billion.
1. Quarterly results
Ryerson said higher shipment volumes and average selling prices drove its third-quarter revenue growth. Adjusted EPS was $0.61, net income was $32 million, and the company said strong carbon steel demand and multi-year high carbon prices supported results.
2. Fourth-quarter outlook
Ryerson expects fourth-quarter shipments to decline 6% to 8% sequentially due to seasonality. It forecasts net sales of $1.96 billion to $2.04 billion and net income of $16 million to $20 million, or $0.30 to $0.38 per diluted share. The company also realized $13 million in third-quarter synergy benefits from its Olympic Steel merger, exceeding its first-year target ahead of schedule.
