Olympic Steel (NASDAQ: ZEUS) reported Q4 EPS of $0.14, $0.08 better than the analyst estimate of $0.06. Revenue for the quarter came in at $332 million versus the consensus estimate of $270.07 million.

“Olympic Steel delivered its strongest performance of the year in the fourth quarter of 2020, which is a true testament to the hard work and resilience of our entire team,” said Richard T. Marabito, Chief Executive Officer. “We are proud to finish this unprecedented year on a high note by delivering improved profitability while safely operating as an essential business.”

Marabito continued, “Market dynamics became increasingly favorable throughout the fourth quarter, as shipping volumes approached pre-pandemic levels and metals prices rose, driving sales increases across all three of our segments. At the same time, we maintained the disciplines enacted early in the pandemic, including operating expense reductions, improved inventory turns and reduction of debt to a four-year low, all of which contributed to the successful fourth quarter. In addition, we continue to execute on our strategy to profitably grow and reduce cyclicality, with the successful December 2020 acquisition of Action Stainless & Alloys, Inc., which brings a talented team, additional product offerings and an expanded geographic footprint, including Texas, Missouri and Arkansas, to grow our specialty metals business.”

Marabito concluded, “We enter 2021 with optimism and momentum as market conditions are favorable and metal prices have reached all-time highs. We will stay vigilant in our operational discipline to capitalize on efficiencies and operate with flexibility in the face of the ongoing pandemic, the recovering economy and changing industry dynamics. Looking forward, we believe we are in an excellent position to drive significantly higher profitability in the first quarter of 2021, while executing on our long-term strategy to further diversify our business through both investing in higher-return growth opportunities and through additional acquisitions.”

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