Quarterly results include record Earnings Per Share and a sequential reduction in debt. Capital structure milestones achieved through the retirement of all.
Quarterly results include record Earnings Per Share and a sequential reduction in debt. Capital structure milestones achieved through the retirement of all.
Ryerson Reports First Quarter 2021 Results
Strong asset management and expense leverage yield exceptional results which illuminate balance sheet achievements
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CHICAGO, May 5, 2021 /PRNewswire/
Ryerson Holding Corporation (NYSE: RYI), a leading value-added processor and distributor of industrial metals, today reported results for the first quarter ended March 31, 2021.
Q1 2021 Highlights:
Generated first quarter revenues of $1.15 billion, 13.6% higher than the year-ago period, driven by strong pricing and recovering metals demand. While gross margin contracted sequentially to 17.2% given transient LIFO accounting impacts, gross margin, excluding LIFO expanded during the quarter to 24.6%, an increase of 530 bps sequentially.
Exhibited exceptional working capital management, achieving a cash conversion cycle of 53 days, compared to 77 days for the first quarter of 2020.