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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 will release its 2021 year-end and fourth-quarter results on February 10, 2022, at 5:00 p.m. ET. An Investor Conference Call with Executive VP and CFO Martin L. Juravsky and President/CEO John G. Reid is scheduled for February 11, 2022, at 9:00 a.m. ET to discuss the results in detail. Investors can access the call via specific dial-in numbers and a replay will be available until February 25, 2022. For more information, contact the Investor Relations department.
Russel Metals has successfully extended its $450 million credit facility with a bank syndicate until September 21, 2025. This extension includes a more favorable interest rate grid and reflects improved credit ratings, with S&P Global upgrading it to BB+ and DBRS Morningstar initiating a BBB (low) rating. The CFO expressed satisfaction with the support from lenders, enhancing the company's financial flexibility and reducing bank debt costs.
Russel Metals Inc. (TSX: RUS) has successfully completed the acquisition of Boyd Metals, which operates five service centers across Arkansas, Missouri, Oklahoma, and Texas. This strategic acquisition is expected to enhance Russel's operational platform and expand its market reach. President and CEO John Reid expressed enthusiasm for integrating Boyd's team and resources into Russel Metals. The company focuses on metals distribution and processing, offering a diverse range of products including carbon steel, stainless steel, aluminum, and energy products.
Russel Metals (TSX: RUS) has declared a dividend of CA$0.38 per share on its common shares, scheduled for payment on December 15, 2021. Shareholders of record as of November 24, 2021 will receive this dividend. This marks the company's 79th consecutive quarterly dividend, highlighting its commitment to returning value to shareholders. Russel Metals operates in three segments: metals service centers, energy products, and steel distributors, providing a diverse range of metal products across North America.
Russel Metals Inc. has announced the acquisition of Boyd Metals for US$110 million, enhancing its service center footprint in the U.S. South with five locations. Boyd generated US$244 million in revenue and US$39 million in Adjusted EBITDA for the year ending September 30, 2021. The acquisition aligns with Russel’s strategy to enhance returns and margins by expanding its value-added processing capabilities. The transaction will be financed using existing cash and bank facilities. Expected closure is in Q4 2021, pending customary conditions.
Russel Metals reported strong financial results for Q3 2021, with revenues of $1.1 billion and record net income of $132 million, marking a significant increase from $615 million and $18 million in Q3 2020. EBITDA rose to $196 million compared to $47 million the previous year. The company generated $106 million in cash from operations and maintained liquidity over $600 million. Gross margin improved to 29.8% despite a slight decline from 30.7% in the previous quarter. A quarterly dividend of $0.38 per share was declared, supporting continued shareholder returns.
Russel Metals will release its 2021 third-quarter results via press release on November 4, 2021, at 5:00 p.m. ET. An Investor Conference Call will follow on November 5, 2021, at 9:00 a.m. ET, hosted by CFO Martin L. Juravsky and CEO John G. Reid. Investors can join the call by dialing 416-764-8688 or 1-888-390-0546. A replay will be available until November 19, 2021, at 416-764-8677 or 1-888-390-0541 with pass code 195655#.
Russel Metals reported financial results for Q2 2021, revealing revenues of $1.068 billion and record EBITDA of $178 million. This marks a significant increase from $588 million in Q2 2020. Basic earnings per share reached $1.88, up from $0.07 a year earlier. The company maintained $514 million in liquidity and a net debt to invested capital ratio of 10%. The metals service centers segment experienced record profits due to increased demand and higher steel prices. The company also completed a joint venture, improving its OCTG and line pipe operations.
Russel Metals has successfully finalized its merger with Marubeni-Itochu Tubulars America, combining their Canadian OCTG/line pipe businesses under the new entity, TriMark Tubulars Ltd. This strategic move aims to enhance capital allocation from the OCTG/line pipe segment to other growth opportunities. CEO John Reid emphasizes the importance of this transaction for future successes. Russel Metals remains a leading North American metals distributor, with a diverse product line across three main segments.
Russel Metals will release its 2021 second quarter results on August 5, 2021 after the market closes at 5:00 p.m. ET. An Investor Conference Call will follow on August 6, 2021 at 9:00 a.m. ET, hosted by CEO John G. Reid and CFO Martin L. Juravsky. Dial-in numbers include 416-764-8688 for international callers and 1-888-390-0546 for U.S. and Canada. A replay will be available until August 20, 2021. For inquiries, contact Investor Relations via email or phone.