Olympic Steel Inc · Q2 2023 earnings

Briefing

Olympic Steel's performance in Q2 2023 reflected diversification strategy and investments. The carbon segment delivered strong profitability, while the tubular and pipe products segment capitalized on growing demand.

Olympic Steel reported a net income of $15.0 million, or $1.30 per diluted share, for Q2 2023, compared to $37.6 million, or $3.26 per diluted share, in Q2 2022. Sales were $569 million, down from $709 million in the same quarter last year. Distribution shipping volumes increased 2.4% year-over-year, while average selling prices decreased.

• Net income for the second quarter totaled $15.0 million, or $1.30 per diluted share.
• Sales reached $569 million in the second quarter of 2023.
• Distribution shipping volumes increased 2.4% year-over-year.
• The Carbon segment earned $18.4 million of Adjusted EBITDA, while the Tubular and Pipe Products segment posted $10.1 million of Adjusted EBITDA.

Headline financials

Revenue & EPS history

As we move into the third quarter, we expect overall demand to remain steady while reflecting normal seasonal trends. While the near-term economic outlook is somewhat unsettled, we remain optimistic about the long-term outlook for the steel market and we are confident that the steps we have taken position Olympic Steel to deliver more consistent results in all environments.