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Mar 31, 2021
Olympic Steel Q1 2021 Earnings Report
Olympic Steel reported record quarterly sales and the most profitable first quarter in the company’s history.
Key Takeaways
Olympic Steel reported record sales for the first quarter of 2021, totaling $463 million, and net income totaled $22.0 million, or $1.91 per diluted share.
The company reported record sales for the first quarter of 2021, totaling $463 million, compared with $354 million in the first quarter of 2020.
Net income for the first quarter totaled $22.0 million, or $1.91 per diluted share, compared with net income of $0.6 million, or $0.05 per diluted share, in the first quarter of 2020.
Adjusted EBITDA for the first quarter of 2021 was $37.8 million, compared with $7.5 million in the first quarter of 2020.
The Board of Directors also approved a regular quarterly cash dividend of $0.02 per share, which is payable on June 15, 2021, to shareholders of record on June 1, 2021.
Revenue by Segment
Forward Guidance
Olympic Steel is optimistic about a positive demand cycle and is in an excellent position to benefit from a strengthening economy and the anticipated U.S. infrastructure build.
Positive Outlook
- Favorable market conditions
- Record-high metals pricing
- Disciplines reinforced in 2020 to reduce operating expenses
- Disciplines reinforced in 2020 improve inventory management
- Strong demand from end markets
Challenges Ahead
- Supply chain disruption resulting from the COVID-related imbalance of metal supply and end user demands
- Increased customer demand without corresponding increase in metal supply could lead to an inability to meet customer demand and result in lower sales and profits
- Risks associated with the COVID-19 pandemic
- Risks of falling metals prices and inventory devaluation
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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