Olympic Steel (ZEUS) Tops Q1 EPS by 68c, Revenues Beat

Olympic Steel (NASDAQ: ZEUS) reported Q1 EPS of $1.97, $0.68 better than the analyst estimate of $1.29. Revenue for the quarter came in at $463.12 million versus the consensus estimate of $442.3 million.

“The strong momentum as we closed out 2020 continued in the first quarter of 2021. Favorable market conditions and record-high metals pricing, along with the disciplines we reinforced in 2020 to reduce operating expenses and improve inventory management, combined to deliver record financial performance,” said Richard T. Marabito, Chief Executive Officer. “All of our segments reported robust growth in profitability as strong demand from our end markets, combined with extended lead times to source metal, resulted in historic low inventories throughout the metals supply chain. We will continue to rely on our long-standing mill supply relationships and our strong cash conversion cycle disciplines to support our customers through this supply-constrained environment. We are proud of the hard work, dedication and safety focus of our entire team to deliver exceptional performance and value to our stakeholders.”

Marabito continued, “We are optimistic that we are in the early stages of a positive demand cycle, and Olympic Steel is in excellent position to benefit from a strengthening economy and the anticipated U.S. infrastructure build. We will maintain our operating expense and working capital disciplines to drive profitable growth in the near term, while continuing to execute our long-term strategy of business diversification by actively pursuing higher-return growth opportunities and additional acquisitions.”

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

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