Olympic Steel (NASDAQ: ZEUS) reported Q2 EPS of $2.58, $0.70 better than the analyst estimate of $1.88. Revenue for the quarter came in at $556 million versus the consensus estimate of $516.4 million.

The second quarter of 2021 was the most profitable quarter in the history of Olympic Steel. Our strategic execution and ongoing focus on working capital and operating expenses, combined with exceptional markets and historically high metal prices, resulted in record quarterly adjusted EBITDA of $51.7 million and our second consecutive quarter of record sales. Our shipping volumes have returned to pre-COVID levels and we expect steady demand to continue in the third quarter despite our customers navigating persistent component shortages and other supply chain and labor constraints,” said Richard T. Marabito, Chief Executive Officer.

Marabito continued, “We are seeing the results of our long-term strategy to position Olympic Steel to deliver consistent profitability. We are optimistic about the future and, in the near term, anticipate a similarly strong third quarter. Our robust balance sheet was bolstered by our recently amended and extended $475 million credit facility to provide continued access to low-cost capital, financial flexibility and additional borrowing capacity to further pursue acquisition opportunities and our organic growth initiatives. We are hopeful that new infrastructure legislation will be passed this year and we are poised to be a key supplier to our customers who provide equipment and components that are critical to the nation’s roads, bridges and other infrastructure.”

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