Ryerson reports Q3 EPS (46c) vs. (20c) last year

Reports Q3 revenue $1.16B vs. $1.13B last year. Eddie Lehner, Ryerson’s (RYI) President, Chief Executive Officer & Director, said, “During the third quarter, we executed on our self-help playbook, delivering on perennial service center fundamentals of speed, availability, consistency, and on-time-delivery as we effectively managed the business amidst a procession of challenges that have endured for 36 months running. As the Purchasing Manager’s Index (PMI) continues to live at recessed levels for 33 out of the past 36 months and MSCI (Metals Service Center Industry) demand has declined year over year, it is a buyer’s market evidenced by discounting and smaller orders sizes. Areas of particular weakness in the quarter were OEM contract shipments and carbon steel margin compression. Areas of strength were transactional sales growth and further operationalization of new investments made over the past three years. We generated revenue and shipments within our guidance range while reducing debt, taking out non-value-added expenses, and managing net working capital efficiently. I would like to thank all of my colleagues for their safe, productive and determined efforts throughout the quarter and year-to-date as we position Ryerson for better times ahead.”