Ryerson Holding Corporation · NYSE:RYZ
Ryerson — Q2 2019 Earnings Presentation
15 slides from Ryerson's earnings presentation, Aug 5, 2019
Slide 1: Q2 2019 Ryerson Quarterly Release Presentation
Q2 2019 Ryerson Quarterly Release Presentation Exhibit 99.2
Slide 2: Important Information About Ryerson Holding Corporation
31 Important Information About Ryerson Holding Corporation These materials do not constitute an offer or solicitation to purchase or sell securities of Ryerson Holding Corporation (“Ryerson” or “the Company”) and no investment decision should be made based upon the information provided herein. Ryers
Slide 3: 2019 Financial Highlights
2019 Financial Highlights A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. Strong cash and earnings generation Net Sales Gross Margin, excl. LIFO Diluted Adjusted Earnings per Share Adj. EBITDA, excl. LIFO Cash from Operating Activities $1.2
Slide 4: Second Quarter 2019 Guidance vs. Actual Performance
Second Quarter 2019 Guidance vs. Actual Performance Affected by inventory holding losses Stronger than expected shipments Expenses exclude depreciation and one-time items. A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. $51M in Adj. EBITDA,
Slide 5: Second Quarter 2019 Sequential Financial Performance
Second Quarter 2019 Sequential Financial Performance 1% increase 3% decrease 1% increase Expenses exclude depreciation and one-time items. A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in the Appendix. $51M in Adj. EBITDA, excl. LIFO decreased sequentiall
Slide 6: First Half 2019 Year-Over-Year Financial Performance
First Half 2019 Year-Over-Year Financial Performance 1% decrease 7% increase 360 bps contraction Expenses are $0.4M higher, but decreased 60 bps as a percentage of sales Expenses exclude depreciation and one-time items. A reconciliation of non-GAAP financial measures to the comparable GAAP measure i
Slide 7: Next Phase Financial Progress: First Half 2019 Performance
Next Phase Financial Progress: First Half 2019 Performance 16.8% Gross Margins, excl. LIFO Target: 20.0% 5.5% U.S. Market Share Target: 6.0% Targets are based on 3-year window; Service center industry growth assumed consistent with 2018 tons shipped and average selling prices consistent with Ryerson
Slide 8: Improved Book Value of Equity
Improved Book Value of Equity Book Value of Equity ($M) Ryerson’s strong income generation led to positive book value of equity of $131M as of June 30, 2019. Despite our improved balance sheet, multiples are at cyclical troughs. Enterprise Value / Adj. EBITDA, excl. LIFO Significant Turnaround From
Slide 9: Strong Liquidity to Fund Operations and Investments
Strong Liquidity to Fund Operations and Investments Ryerson has significant liquidity to fund operations and pursue strategic investments ($M)
Slide 10: End Market Performance
End Market Performance 1H 2019 Tons Shipped and Sales Mix by End Market Metal Fab and Machine Shop 22% Industrial Equipment 18% Commercial Ground Transportation 16% Consumer Durable 11% Food & Ag 10% Construction 8% HVAC 6% Oil & Gas 5% Excluding Other Industry Sectors which represent 4% of Ryerson
Slide 11: Appendix
Appendix
Slide 12: EBITDA and Adjusted EBITDA definitions
31 EBITDA represents net income before interest and other expense on debt, provision (benefit) for income taxes, depreciation, and amortization. Adjusted EBITDA gives further effect to, among other things, impairment charges on assets, reorganization expenses, gain on bargain purchase, and foreign c
Slide 13: Quarterly Financial Highlights
Quarterly Financial Highlights A reconciliation of non-GAAP financial measures to the comparable GAAP measure is included in this Appendix. Tons Sold (000’s) Average Selling Price Per Ton Adjusted EBITDA, excl. LIFO Margin % Gross Margin & Gross Margin, excl. LIFO & Purchase Accounting Adjustments
Slide 14: Non-GAAP Reconciliation: Quarterly
Non-GAAP Reconciliation: Quarterly Net income includes gain on bargain purchase of $73M in Q3 2018 and loss on bargain purchase of $3M in Q4 2018 for acquisition of CS&W.
Slide 15: Ryerson
RYERSON @®OOOO@