The following is a summary of the Radius Recycling, Inc. (RDUS) Q2 2024 Earnings Call Transcript:
Financial Performance:
Radius Recycling's Q2 showed an adjusted EBITDA of $3 million and an adjusted EPS loss of $1.04.
Non-ferrous volumes saw an increase due to its strategic investment in advanced metal recovery technologies.
SG&A expense was reduced by 10% with additional production cost efficiencies gained through workforce changes under the productivity plan.
There was a positive impact from average inventory accounting of $2 per ferrous ton.
Business Progress:
Negative influences such as declining ferrous export prices, increase in scrap purchase costs, winter seasonality, and stronger currency have constrained supply flows in Q2.
However, the company plans to offset these with initiatives including the introduction of primary non-ferrous recovery systems expected to be operational by the end of 2024.
Investments in advanced non-ferrous recovery technologies and cost reduction and productivity plans aim to create long-term value.
The company is watching for potential benefits from a decline in U.S. interest rates, global manufacturing activity recovery, and advances in low-carbon technologies.
More details: Radius Recycling IR
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