By Christiana Sciaudone
Investing.com -- Ryerson Holding Corp. is up 3.3% after forecasting better-than-expected quarterly sales.
The industrial metals processor and distributor said second quarter revenue will be in the range of $765 million to $775 million, compared to the $762 million forecast by analysts tracked by Investing.com. Ryerson Holding Corp (NYSE:RYI) foresees a net loss in the range of $26 million to $28 million, and adjusted earnings before interest, taxes, depreciation and amortization of $19 million to $21 million.
“Early indications for the third quarter are seeing a continuation of the recovery initiated in the second quarter as average selling prices, gross margins, excluding LIFO and order rates are all currently trending positively,” the company said in a statement.
Shares of Ryerson are down by about half since the start of the year. The stock has three holds, and no sells or buys, with an average price target of $6.50, according to data compiled by Investing.com.
Total global liquidity is expected to range between $345 million and $350 million as of June 30, 2020.