Olympic Steel reports profitable Q2 with sales of $526 million, net income of $15 million.

From Investing.com: 2024-08-04 14:33:43

Olympic Steel, Inc. (ZEUS) reported a profitable second quarter for 2024 despite tough pricing conditions in the steel industry. Sales reached $526 million with a net income of $15 million and EBITDA of $22 million. The company’s diversified product offerings and strategic growth initiatives have positioned it favorably for future growth.

Key Takeaways:
– Second-quarter sales of $526 million
– Net income of $15 million
– EBITDA of $22 million, with Carbon segment contributing $9.5 million
– Over $340 million in borrowing availability
– Expansion plans for Coated and Specialty Metals product lines
– Quarterly dividend of $0.15 per share paid

Company Outlook:
– Optimistic about future domestic metals industry prospects
– Continuing investments in automation, fabrication, and equipment
– Bullish highlights include increased shipping volumes across segments and profit growth in Specialty Metals

InvestingPro Insights
– Market capitalization of $499.18 million
– P/E ratio at 14.47
– Revenue for the last twelve months at $2068.71 million
– High shareholder yield and recent price volatility

Olympic Steel’s 2024 second quarter results showcased resilience and profitability in a challenging industry. Strategic investments, diversified product offerings, and disciplined expense management position the company for future growth. Optimism about the domestic metals industry and a track record of consistent dividend payments make Olympic Steel an attractive investment option.



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