Ryerson Slips To Loss In Q3 - Quick Facts

(RTTNews) - Ryerson Holding Corp. (RYI), a distributor and processor of metals, reported a net loss attributable to the company of $34.7 million, or a loss of $1.26 per share, in the third quarter of 2014, compared to net income $3.0 million, or $0.14 per share, in the third quarter of 2013.

In addition to the $32.7 million of IPO-related expenses, the third quarter of 2014 included a $11.2 million expense related to the premium paid to redeem a portion of the 11.25 percent Senior Notes due 2018, and a $1.2 million non-cash charge to write-off unamortized debt issuance costs related to the Note redemption.

Excluding the IPO-related and debt redemption expenses, net of income taxes, net income attributable to the company was $2.6 million, or $0.09 per share, in the third quarter of 2014.

Revenues for the third quarter of 2014 were $948 million, an increase of 10.2 percent year-over-year and 1.8 percent sequentially. The quarter benefited from higher average selling prices, which were up 3.9 percent from the second quarter of 2014 and 10.4 percent from the third quarter of 2013 primarily as a result of a favorable shift in the company's product mix.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share and revenues of $981.52 million for the quarter.

On August 8, 2014, Ryerson's initial public offering raised $121 million, pricing 11 million shares at $11.00 per share. Use of the IPO proceeds included the redemption of $99.5 million principal amount of its 11.25 percent Senior Notes due 2018.