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Olympic Steel reports Q1 results

Steel News - Published on Fri, 03 May 2019

Image Source: Owler
Olympic Steel Inc, a leading US metals service center, has announced financial results for the three months ended March 31, 2019. First-quarter 2019 net sales increased 19%, to USD 446 million, compared with USD 376 million in the first quarter of 2018. The increase in net sales was driven by higher average selling prices. Net income was USD 2.1 million in the first quarter, compared with USD 7.6 million in the same quarter of 2018. While current-year profit margins were pressured by declining steel prices, first-quarter 2019 sales and earnings were sequentially higher than fourth-quarter results. First-quarter results include the Company's January 2019 acquisition of McCullough Industries. There was no LIFO adjustment made during the first quarter of 2019.

Chief Executive Officer Mr Richard T Marabito said "Net sales in the first quarter were up nearly 20% over the same quarter in the prior year, despite lower shipments for carbon flat products, mirroring the industry's market trend. Our Specialty Metals and Tubular and Pipe businesses performed well, with strong contributions to our first-quarter results."

He said "Our most recent acquisition, McCullough Industries, is off to an exceptional start, with profitability and integration contributions in line with our expectations. As we advance our long-term growth strategy, we continue to evaluate opportunities with similar vertical downstream advantages, proven track records of profitability and strong management teams."

He added "Seasonally, the second quarter is typically stronger than the first quarter, and we are optimistic about contributions from successful execution of our recent capital investments. We will remain focused on controlling our operating expenses and improving inventory turnover throughout the year.”

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Posted By : Rabi Wangkhem on Fri, 03 May 2019
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