Olympic Steel (ZEUS) Misses Q1 EPS by 4c, Revenues Beat

Olympic Steel (NASDAQ: ZEUS) reported Q1 EPS of $0.18, $0.04 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $446 million versus the consensus estimate of $406.71 million.

“Net sales in the first quarter were up nearly 20% over the same quarter in the prior year, despite lower shipments for carbon flat products, mirroring the industry’s market trend,” said Chief Executive Officer Richard T. Marabito. “Our Specialty Metals and Tubular and Pipe businesses performed well, with strong contributions to our first-quarter results.”

“Our most recent acquisition, McCullough Industries, is off to an exceptional start, with profitability and integration contributions in line with our expectations. As we advance our long-term growth strategy, we continue to evaluate opportunities with similar vertical downstream advantages, proven track records of profitability and strong management teams.”

“Seasonally, the second quarter is typically stronger than the first quarter, and we are optimistic about contributions from successful execution of our recent capital investments. We will remain focused on controlling our operating expenses and improving inventory turnover throughout the year,” Marabito said.

For earnings history and earnings-related data on Olympic Steel (ZEUS) click here.

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