Ryerson (RYZ) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $1.14 billion, up 12.7% sequentially but down 8.4% year-over-year, with 500,000 tons shipped at an average selling price of $2,271 per ton.

• Net loss attributable to shareholders was $5.6 million ($0.18 per diluted share), improving from a $7.6 million loss in Q1 2024 but higher than Q4 2024.

• Adjusted EBITDA excluding LIFO was $32.8 million, up from $10.3 million in Q4 2024 but down from $40.2 million in Q1 2024.

• Market share increased, with transactional sales up 12% year-over-year, offsetting weaker OEM contract business.

• Expense per ton sold decreased $32 year-over-year, reflecting operational optimization and productivity improvements.

Financial highlights

• Net sales grew 12.7% sequentially to $1.14 billion, with double-digit volume growth across all product categories.

• Gross margin was 18.0%, down 100 bps sequentially but up 40 bps year-over-year; excluding LIFO, gross margin rose to 18.6%.

• Warehousing, delivery, and SG&A expenses rose 7.2% sequentially but fell 6.8% year-over-year.

• Net debt increased to $464 million from $440 million at year-end 2024; total debt at $498 million.

• Cash used in operating activities was $41.2 million, mainly due to higher accounts receivable.

Outlook and guidance

• Q2 2025 revenue expected between $1.15 billion and $1.19 billion, with shipments flat to down 1% and average selling prices up 3–4%.

• Adjusted EBITDA excluding LIFO forecasted at $40–$45 million; EPS expected between $0.07–$0.14 per diluted share.

• LIFO expense for Q2 anticipated at $5–$7 million.

• Management expects cash flow from operations and the Ryerson Credit Facility to be sufficient for contractual and operating needs.

• Minimum required pension contribution of $7.4 million for the remainder of 2025.