2024-05-03 18:17:15 ET
Russel Metals, Inc. (RUSMF)
Q1 2024 Earnings Conference Call
May 02, 2024, 09:00 ET
Company Participants
Marty Juravsky - EVP & CFO
John Reid - CEO
Conference Call Participants
Michael Tupholme - TD Securities
Jonathan Lamers - Laurentian Bank
Kevin Shi - Stifel
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to our 2024 First Quarter Results Call for Russel Metals. Today's call will be hosted by Marty Juravsky, Executive Vice President and Chief Financial Officer; and John Reid, President and Chief Executive Officer of Russel Metals Inc. Today's presentation will be followed by a question-and-answer period. [Operator Instructions].
I will now turn the meeting over to Marty Juravsky. Please go ahead.
Marty Juravsky
Great. Thank you, operator, and good morning, everyone. I plan on providing an overview of the Q1 2024 results. And if you want to follow along, I'll be referencing the PowerPoint slides that are on our website. Just go into the Investor Relations section, and it's located in the Conference Call submenu. If you go to Page 3, you can read our cautionary statement on forward-looking information.
So let me start with a little perspective on Q1. And I think about the quarter, it kind of highlights 2 key things. First, how we performed during periods of steel price volatility. Over the past couple of quarters, the benchmarks for sheet and plate have swung up and down by a fair amount, probably around 20%, give or take. And not only have we generated solid margins, earnings and returns over the past few quarters, but has been with relatively low volatility as compared to the underlying steel price environment. In the past, steel price volatility has occasionally led to significant inventory impairments and margin compression. And I think we are starting to see the benefits of our business changes with more of those opportunities on to come....
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Russel Metals, Inc. (RUSMF) Q1 2024 Earnings Call Transcript