TORONTO, Feb. 10, 2022 /PRNewswire/ - Russel Metals Inc. (TSX: RUS) announces financial results for the fourth quarter and the year ended December 31, 2021.
Annual Revenues of $4.2 Billion and EBITDA1 of $664 Million
Strong Capital Structure with Liquidity1 of $495 Million
Business Transformation Over Past Year
Our net earnings for the year ended December 31, 2021, were $432 million or $6.90 per share compared to net earnings of $25 million or $0.39 per share for 2020. Our adjusted net earnings for the year ended December 31, 2021 were $434 million or $6.93 per share. Revenues for the year ended December 31, 2021 were $4.2 billion compared to $2.7 billion in 2020. Adjusted EBITDA was $667 million compared to $159 million in 2020.
In the 2021 fourth quarter, our revenues, Adjusted EBITDA and adjusted earnings per share were $1.1 billion, $164 million and $1.65 per share, respectively. Revenues during the quarter benefited from the continued strong steel price environment and good demand in the metals service centers and steel distributors segments, as well as an improvement in energy activity. The 2021 fourth quarter results also included contributions related to the Boyd Metals ("Boyd") acquisition on November 30, 2021. During the 2021 fourth quarter, EBITDA was negatively impacted by a non-cash asset impairment charge of $3 million related to one of our energy businesses, a $3 million mark-to-market expense for share-based compensation and a $2 million charge for the acquisition accounting and transaction costs for the Boyd acquisition.
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