Radius Recycling report Q3 adjusted EPS (59c) vs. 67c last year

Reports Q3 revenue $674M vs. $810M last year. Tamara Lundgren, Chairman and CEO, said, “Although market conditions continued to remain challenging during the quarter, our operating performance reflected the benefits from delivering our cost reduction and productivity improvement programs and successfully increasing sales volumes for all of our products and services. In the current market environment, the constrained supply of unprocessed recycled metals is the main driver leading to compressed margins. We expect that as manufacturing activity improves and construction activity picks up, supply flows should expand. Independent of the timing of that recovery, we are continuing to see benefits from progress on our strategic initiatives which include investments in advanced nonferrous metal recovery technologies and expansion of our recycling services platform.” Ms. Lundgren continued, “With our 100+ operating facilities producing annual recycled ferrous volumes of over four million tons, nonferrous volumes of over 700 million pounds, and low carbon and net zero carbon emission GRN finished steel products of more than 500 thousand tons, and our 3PR service and supply chain solution that enables our customers to increase their recycling rates, we are well-positioned to benefit from demand associated with decarbonization, infrastructure investment, stronger global manufacturing activity, and declines in interest rates.”