TORONTO, May 1, 2024 /PRNewswire/ - Russel Metals Inc. (TSX: RUS) announced its financial results for the first quarter of 2024, showcasing a mix of performance indicators and market insights.
The company stated, "We use a number of measures that are not prescribed by IFRS Accounting Standards ('IFRS' or 'GAAP') and as such may not be comparable to similar measures presented by other companies."
Regarding earnings, Russel Metals Inc. reported, "Our basic earnings per share of $0.82 for the quarter ended March 31, 2024, was lower than the $1.19 per share recorded in the first quarter of 2023 but higher than the $0.78 reported in the fourth quarter of 2023."
In terms of operational performance, the company highlighted, "In the quarter, we generated $84 million in EBITDA as compared to $82 million in the fourth quarter of 2023."
Discussing market conditions, the company noted, "Steel prices declined during the mid-to-latter part of the 2024 first quarter prior to stabilizing in late March and into April." Additionally, they mentioned, "Our metals service centers experienced 2% higher average selling prices for the first quarter of 2024 as compared to the fourth quarter of 2023."
Investment in growth initiatives was also a focal point, with Russel Metals Inc. stating, "In the 2024 first quarter, we invested $24 million in capital expenditures."
The company emphasized its commitment to shareholders, stating, "We have adopted a flexible approach to returning capital to shareholders through: (i) our ongoing dividend; and (ii) share buybacks." They further added, "During the 2024 first quarter, we generated $85 million of cash from operating activities before non-cash working capital."
Looking ahead, the company expressed optimism, stating, "Over the near term, we expect steel prices to stabilize and remain at price levels that are above historical averages, as a result of solid end market demand and expected discipline by North American steel mills."
As part of their investor engagement efforts, Russel Metals Inc. announced, "The Company will be holding an Investor Conference Call on Thursday, May 2, 2024, at 9:00 a.m. ET to review its 2024 first quarter results."
For more detailed financial information, interested parties can access the investor conference call package on the company's website at www.russelmetals.com.