RYI - Why Ryerson Stock Is Down Today
2024-05-01 15:52:20 ET
Metals distributor Ryerson (NYSE: RYI) is facing cost and demand issues at a time when it is investing heavily in modernizing its business. Profitability is taking a hit, and the stock is down 17% following earnings as a result.
Ryerson is in the middle of the metals supply chain, connecting manufacturers who cast parts with end customers. The company keeps tens of thousands of products in inventory via a network of hundreds of company-owned and third-party distribution facilities.
The company announced a first-quarter net loss of $7.6 million, or $0.22 per share, on revenue of $1.2 billion. The revenue figure was within the range projected three months ago, but the company had forecasted a profit of between $0.24 and $0.34 per share.
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Why Ryerson Stock Is Down Today