Ryerson First Quarter Sales Up 16%

Net income drops 30 percent in quarter.

Metals distributor Ryerson Holding Corporation (NYSE: RYI), reported first-quarter sales of $941.3 million, up 16 percent compared to the fourth quarter of 2017 due to 12-percent higher volume, exceeding Ryerson's average seasonal improvement of 8 percent, and a 3.8 percent increase in average selling price per ton. Compared to the year-ago period, revenues increased 15.6 percent driven by an increase in average selling price per ton of 9.2 percent and higher volume of 5.8 percent.

Gross margin improved to 17.5 percent for the first quarter of 2018, compared to 16.8 percent in the fourth quarter of 2017, but was lower than first quarter 2017 gross margin of 19.7 percent.

Net income attributable to Ryerson was $10.4 million for the first quarter of 2018 compared to net income of $14.8 million in the first quarter of 2017. Adjusted EBITDA, excluding LIFO, was $62.2 million in the first quarter of 2018, compared to $54.3 million in the year-ago period.

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