Russel Metals Inc. reports developments as a North American metals distribution company operating through metals service centers, energy field stores and steel distributors. Its service centers carry carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals; its energy field stores serve energy industry customers; and its steel distributors sell large-volume steel to service centers and equipment manufacturers.
Recurring news covers quarterly and annual results, EBITDA and liquidity measures, dividend declarations, normal course issuer bids, capital investment and branch-integration activity, property rationalization, and annual meeting matters such as director elections, auditor appointments and advisory compensation votes.
Russel Metals has announced that its results for the 2024 second quarter will be released on Wednesday, July 31, 2024, after the close of business at 5:00 p.m. ET.
An Investor Conference Call will be held on Thursday, August 1, 2024, at 9:00 a.m. ET, hosted by Martin L. Juravsky, EVP and CFO, and John G. Reid, President and CEO, to review the results.
Investors can register for an automated call back or directly dial in. A replay will be available until August 15, 2024. Contact Russel Metals' Investor Relations for further information.
Russel Metals (TSX: RUS) has obtained a no-action letter from the Canadian Competition Bureau for its acquisition of seven service center locations from Samuel, Son & Co. The transaction is expected to close in Q3 2024, pending customary conditions. CEO John Reid expressed optimism about the acquisition's positive impact on customers, suppliers, employees, and communities. Russel Metals is a major North American metals distributor with segments in metals service centers, energy field stores, and steel distributors. The company offers a wide range of metal products and specialized services for the energy industry.
Russel Metals Inc. (TSX: RUS) released the voting results of its 2024 annual meeting, with a majority of shares represented. Shareholders voted for the election of all nominee directors, with high percentages in favor of each. The advisory 'say on pay' resolution and the appointment of KPMG LLP as auditors were also approved. Russel Metals Inc. is a prominent metals distribution company in North America, focusing on value-added processing across three business segments.
Russel Metals Inc. announces their 2024 first quarter financial results, reporting revenues of $1.1 billion, EBITDA of $84 million, and cash generated from operating activities of $85 million. The company repurchased $15 million of shares, increased quarterly dividend by 5% to $0.42 per share, and redeemed $150 million of 6% notes. Liquidity stands at $956 million. Although net income and earnings per share declined compared to the previous year, gross margins improved. Market conditions affected steel prices, with the company experiencing higher average selling prices and volumes. Capital investment growth initiatives include expansions and new facilities. The acquisition of service centers is delayed due to Competition Bureau concerns. The company continues its flexible approach to returning capital to shareholders through dividends and share buybacks. Strong liquidity and capital structure position the company for debt structure improvements. The outlook is positive, expecting stable steel prices and growth in steel consumption. Energy field stores are poised for continued growth in 2024.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.