Olympic Steel (ZEUS) Misses Q4 EPS by 2c, Revenues Miss

Olympic Steel (NASDAQ: ZEUS) reported Q4 EPS of ($0.23), $0.02 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $320 million versus the consensus estimate of $344.05 million.

“As we reflect on 2019, we are encouraged by the progress we made to further our diversification strategy and strengthen our financial position,” said Chief Executive Officer Richard T. Marabito. “Our specialty metals business recorded its second most profitable year ever, and our pipe and tube business delivered solid profitability at a time when the industry was facing challenging market conditions. In addition, we acquired two downstream metal-intensive branded companies – McCullough Industries and EZ-Dumper – in our carbon products portfolio that had an immediate positive impact on our profitability.”

Marabito continued, “Our continued discipline on operating expenses and inventory management resulted in strong cash flow, which was used to invest in our business, execute on our acquisition strategy and reduce debt by $110 million, or 36%, in 2019.”

“As we start the new year, we will remain diligent in managing our operating expenses and strengthening our balance sheet to provide us with the flexibility to swiftly execute on further growth and business diversification opportunities,” Marabito concluded.

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

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