Radius Recycling reports Q2 adjusted EPS ($1.04) vs. 14c last year

Reports revenue $621M vs. $756M last year. Tamara Lundgren, Chairman and Chief Executive Officer, said, “While the near-term market conditions for recycled metals are challenging amid cyclical headwinds, we continue to move forward with our strategic initiatives to strengthen our Company and position ourselves to benefit from an improvement in market conditions and positive structural demand tailwinds. During the quarter we significantly expanded our fiscal 2024 cost savings and productivity improvement program and saw benefits from our ongoing investments in advanced metal recovery technology systems and our recycling services platform. Scrap supply flows should benefit from a decline in U.S. interest rates and a recovery in global manufacturing activity. Additionally, the long-term structural demand for recycled metals remains positive, supported by the increased focus on decarbonization, the transition to low-carbon technologies, and the anticipated demand associated with the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions.”