Olympic Steel Q1 net income $8.7M ($0.75 EPS); sales $527M, down 8% YoY; dividend $0.15

OLYMPIC STEEL INC

2024-Q1 EPS reported $0.75 revenue$526,642,000

Net income $8.7M ($0.75 diluted EPS) vs $9.9M ($0.85) in Q1 2023; adjusted EPS $0.77.
Sales $527M, down 8% from $573M in prior year; shipping volumes up 9% sequentially from Q4.
EBITDA $23.3M, comparable to $23.9M in Q1 2023; adjusted EBITDA $23.7M.
Board declared quarterly cash dividend $0.15/share, payable June 17, 2024 to holders of record June 3.
CEO cites strategy to diversify into higher-value processed products as counter-cyclical to falling steel prices.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OLYMPIC STEEL INC reported first quarter ended March 31, 2024 results: revenue $527 million, net income $8.7 million, EPS $0.75 per diluted share.

Period: first quarter ended March 31, 2024
Revenue: $527 million
Net income: $8.7 million
EPS: $0.75 per diluted share
Result: reported results

Exact text from the filing

Olympic Steel, Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced financial results for the three months ended March 31, 2024. Net income for the first quarter totaled $8.7 million, or $0.75 per diluted share, compared with net income of $9.9 million, or $0.85 per diluted share, in the first quarter of 2023. The results include $0.4 million of LIFO expense in the first quarter of 2024, compared with no LIFO adjustment in the first quarter of 2023. EBITDA for the first quarter of 2024 was $23.3 million, comparable to the $23.9 million earned in the first quarter of 2023. The Company reported sales for the first quarter of 2024 totaling $527 million, compared with $573 million in the first quarter of 2023.

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Source: SEC EDGAR

accession 0001437749-24-014394

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