Olympic Steel (ZEUS) Reports In-Line Q3 EPS, Revenues Beat

Olympic Steel (NASDAQ: ZEUS) reported Q3 EPS of ($0.14), in-line with the analyst estimate of ($0.14). Revenue for the quarter came in at $300 million versus the consensus estimate of $269.56 million.

“The dedication of the entire Olympic Steel team has allowed us to successfully navigate the unprecedented market conditions we have experienced this year. Our COVID-19 protocols are keeping our employees safe and healthy, while reliably maintaining the continuity of our operations to perform for our customers,” said Richard T. Marabito, Chief Executive Officer.

“Our third-quarter performance improved sequentially, as demand increased steadily throughout the quarter, and we successfully executed on our initiatives to improve inventory turns, lower expense run rates, and reduce our debt. While profitability lagged due to the impacts of COVID-19 on demand and falling metal prices, all of our segments were EBITDA-positive for the third quarter,” Marabito continued. “As we enter the final months of the year, we are seeing strengthening demand and tightening supply across the industry, which should support a positive pricing environment and result in Olympic Steel having a strong finish to 2020.”

Marabito concluded, “The actions we’ve taken to diversify our business, build operational efficiencies, and strengthen our balance sheet are helping us manage through the near-term uncertainty while building a stronger, more profitable Olympic Steel for the long term. As we move forward, we are positioned to deliver consistent profitability, and our access to capital and strong balance sheet put us in an excellent position to invest in higher-return growth opportunities.”

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

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