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Radius Recycling Inc. (RDUS+3.98%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $656,537,000 from $672,897,000 in the same quarter the previous year. The decrease is attributed to lower average net selling prices for ferrous and finished steel products.
Cost of goods sold for the quarter was $623,132,000, representing 95% of total revenues, consistent with the previous year. The company reported a gross margin of $33,405,000, down from $39,477,000 in the previous year.
Selling, general, and administrative expenses decreased to $56,684,000 from $63,102,000, primarily due to cost reduction measures implemented during fiscal 2024.
Net loss for the quarter was $36,929,000, compared to a net loss of $17,799,000 in the previous year. The increase in net loss is due to lower sales prices and volumes, particularly in the finished steel segment.
Cash used in operating activities was $1,905,000, while cash used in investing and financing activities was $11,779,000 and $23,354,000, respectively.
Radius had a working capital of $588,264,000 as of November 30, 2024. The company acknowledges its dependence on market conditions and cost management to meet future obligations.
The filing also details various financial agreements, including amendments to the company's credit facilities, extending certain covenant replacements through August 31, 2025.
Radius does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Radius continues to focus on optimizing its operations and managing costs amid challenging market conditions, with an emphasis on nonferrous metal recovery and environmental compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Radius Recycling Inc. quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.