Ryerson reports Q2 adjusted EPS 8c vs. 33c last year

Reports Q2 revenue $1.17B vs. $1.23B last year. Eddie Lehner, Ryerson’s (RYI) President, Chief Executive Officer & Director, said, “Self-help and execution are the name of the game amidst ongoing recessed demand conditions in the overall manufacturing and industrial metals sectors of the economy. Looking at macro-indicators such as PMI prints which continue to show contracting manufacturing conditions that square-up with our own internal demand indicators of quoting activity and order rates, we continue realizing the benefits of better execution around service center fundamentals of faster lead times, inventory placement, and on-time delivery. We grew market share and transactional business across the network as more capex and systems projects became fully operational and normalized despite ongoing sluggishness within OEM program accounts. On the pricing side of the house, we have seen falling stainless and carbon prices begin to stabilize while aluminum prices have trended higher, but the key is duration of this relative price stability as price discounting in the market is still prevalent. I want to thank all of my Ryerson colleagues for working safely and productively as we continue advancing our ability to create great customer experiences at speed, scale, value-add, and consistency across our network of intelligently connected service centers.”