Olympic Steel (ZEUS) Tops Q2 EPS by 23c

Olympic Steel (NASDAQ: ZEUS) reported Q2 EPS of $1.49, $0.23 better than the analyst estimate of $1.26. Revenue for the quarter came in at $453 million versus the consensus estimate of $445 million.

“Record sales tonnage of specialty metals products helped us achieve record revenue in the quarter and six-month period,” said Chairman and Chief Executive Officer Michael D. Siegal. “In addition, our strong margins have substantially improved this year’s financial results.”

Second-quarter net income in 2018 increased 230% to $15.8 million, or $1.39 per diluted share, compared with net income of $4.8 million, or $0.42 per diluted share, in 2017’s same quarter. Net income was negatively impacted in the second quarter of 2018 by $1.5 million in LIFO expense, which reduced earnings by $0.10 per diluted share in the quarter. In the second quarter of the prior year, LIFO expense reduced net income by $0.4 million, or $0.02 per diluted share. Adjusting for LIFO impacts in both periods, second quarter 2018 net income improved to $1.49 per diluted share, up from $0.44 per diluted share in 2017’s second quarter. The table that follows provides a reconciliation of non-GAAP measures to measures prepared in accordance with GAAP.

“Our stainless-steel sales were already at all-time highs prior to our acquisition of Berlin Metals in April,” Siegal said. “We have successfully integrated Berlin’s business into our existing specialty metals operating segment and we continue to evaluate additional strategic acquisition opportunities.”

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

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