Jefferies Raises Price Target on Olympic Steel (ZEUS) to $20 Following 1Q Beat
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Olympic Steel Reports 2016 First-Quarter Financial Results
April 29, 2016 6:00 AM EDTBoard Declares Regular Quarterly Cash Dividend
CLEVELAND--(BUSINESS WIRE)-- Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced financial results for the first quarter ended March 31, 2016.
First-quarter 2016 net sales were $258.3 million, compared with $345.9 million in 2015s first quarter, due to significantly lower year-over-year metal prices and moderately less consolidated sales volume. The Company reported a net loss of $0.8 million, or $0.07 per share, in the first quarter of 2016, versus net income of $1.1 million, or $0.10 per diluted share, in same quarter last year.
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