Radius Recycling Q2 FY2024 net loss $34M; revenue down 18% YoY; new $40M cost cuts

RADIUS RECYCLING, INC.

2024-Q2 EPS reported -$1.83 revenue$1,293,956,000

Net loss $34M ($1.19 diluted EPS) vs. prior year net income $4M ($0.14 EPS); adjusted EPS loss $1.04.
Revenue $621M, down 18% YoY from $756M; gross margin $40M (6.4%) vs $73M prior year.
Adjusted EBITDA $3M, down from $32M; ferrous volumes 980K LT (-15% sequentially), nonferrous +7% YoY, finished steel +5% YoY.
New $40M cost reduction program (SG&A -10% and production efficiencies), adding to prior $30M target.
Board declared regular quarterly dividend (amount not specified).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

RADIUS RECYCLING, INC. reported the three months ended February 29, 2024 results: net income a net loss of $(34) million, EPS a loss per share from continuing operations of $(1.19).

Period: the three months ended February 29, 2024
Net income: a net loss of $(34) million
EPS: a loss per share from continuing operations of $(1.19)
Result: reported results

Exact text from the filing

On April 4, 2024, Radius Recycling, Inc issued a press release announcing its financial results for the three months ended February 29, 2024.

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Source: SEC EDGAR

accession 0001171843-24-001827

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