Russel Metals Announces 2023 Annual & 4th Quarter Results.

• Published date: 27 March 2024

TORONTO: Russel Metals Inc. (TSX: RUS) announces financial results for the fourth quarter and the year ended December 31, 2023.

Revenues of $4.5 Billion in 2023 and $1.0 Billion in Q4 2023

EBITDA1 of $426 Million in 2023 and $82 Million in Q4 2023

Generated $146 Million of Cash from Working Capital1 in 2023 and $82 Million in Q4 2023

Advancing Capital Investment Growth Initiatives

Repurchased $82 Million of Shares in 2023; Declared a Quarterly Dividend of $0.40 per Share

Strong Capital Structure with Liquidity1 of $1.0 Billion

Three Months Ended

Year Ended

Dec 31 2023

Sep 30 2023

Dec 31 2022

Dec 31 2023

Dec 31 2022

Revenues

$ 1,019

$ 1,110

$ 1,100

$ 4,505

$ 5,071

EBITDA1

82

96

97

426

579

Net Income

47

61

58

267

372

Earnings per share

0.78

0.99

0.93

4.33

5.91

Cash from working capital1

82

58

146

146

18

Dividends paid per common share

0.40

0.40

0.38

1.58

1.52

All amounts are reported in millions of Canadian dollars except per share figures, which are in Canadian dollars.

Non-GAAP Measures and Ratios

We use a number of measures that are not prescribed by International Financial Reporting Standards ("IFRS" or "GAAP") and as such may not be comparable to similar measures presented by other companies. We believe these measures are commonly employed to measure performance in our industry and are used by analysts, investors, lenders and other interested parties to evaluate financial performance and our ability to incur and service debt to support our business activities. These non-GAAP measures include EBITDA and Liquidity and are defined below. Refer to Non-GAAP Measures and Ratios on page 2 of our Management Discussion and Analysis.

Cash from Working Capital - represents cash generated from changes in non-cash working capital.

EBIT - represents net earnings before interest and income taxes.

EBITDA - represents net earnings before interest, income taxes, depreciation and amortization.

Liquidity - represents cash on hand less bank indebtedness plus excess availability under our bank credit facility.

The following table provides a reconciliation of net earnings EBITDA for 2023 and 2022:

Three Months Ended

Year Ended

(millions)

Dec 31 2023

Sep 30 2023

Dec 31 2022

Dec 31 2023

Dec 31 2022

Net earnings

$ 47.2

$ 60.6

$ 57.9

$ 266.7

$ 371.9

Provision for income taxes

15.7

17.1

16.1

82.0

115.6

Interest and finance expense

0.7

1.6

5.4

8.9

25.3

EBIT 1

63.6

79.3

79.4

357.6

512.8

Depreciation and amortization

18.6

16.3

18.0

68.0

66.1

EBITDA 1

$ 82.2

$ 95.6

$ 97.4

$ 425.6

$...