Olympic Steel reports Q1 adjusted EPS 77c, consensus 72c

Reports Q1 revenue $527M, consensus $558.31M. “Olympic Steel delivered solid results in the first quarter, with all three segments contributing to our profitability,” said Richard T. Marabito, Chief Executive Officer. “Shipping volumes were up over 9% sequentially from the fourth quarter, and we maintained our margins despite index pricing for hot-rolled steel falling more than 31% from January through mid-March. We also continued to navigate falling stainless steel surcharges throughout the first quarter. Our strategy to diversify and expand our portfolio of higher-value manufactured products provides a counter-cyclical benefit to falling metal prices and helps drive profitability regardless of market conditions.”