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Stelco (STLC) investor relations material
Stelco Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary7 Aug, 2024
Executive summary
Q2 2024 revenue was $716 million, down 4% sequentially and 15% year-over-year, driven by lower average selling prices and shipping volumes.
Adjusted EBITDA reached $147 million with a 21% margin, down 4% from Q1 2024 and 32% from Q2 2023, maintaining industry-leading profitability.
Net income for Q2 2024 was $67 million, up 6% from Q1 2024 but down 43% year-over-year.
Announced a 50% increase in quarterly dividend to $0.75 per share and repurchased 518,238 shares in Q2.
Cash at quarter-end was $657 million, with total liquidity of $884 million.
Financial highlights
Average selling price per net ton was $1,085, down 4% sequentially and 11% year-over-year.
Shipping volume was 634,000 net tons, nearly flat sequentially and down 3% year-over-year.
Adjusted EBITDA margin held steady at 21%, leading industry peers.
Adjusted Net Income for Q2 2024 was $71 million, up 1% sequentially but down 42% year-over-year; Adjusted EPS was $1.29.
Six-month revenue was $1,462 million, down 4% from the prior year period.
Outlook and guidance
Management reaffirmed commitment to value creation, tactical flexibility, and positive shareholder returns, as reflected in the dividend increase.
Forward-looking statements highlight expectations for continued strong cash generation and returns to stakeholders.
Ongoing transaction with Cleveland-Cliffs announced July 15, 2024, is a key focus.
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Frequently asked questions
Stelco Holdings Inc produces and sells steel products, including hot-rolled, cold-rolled, and coated sheet steel, serving construction, automotive, and energy sectors. It operates integrated steel mills and related facilities in Canada. The company is headquartered in Hamilton, Canada, and its shares are listed on the TSX.
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