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Olympic Steel(ZEUS) - 2024 Q3 - Quarterly Results
ZEUSOlympic Steel(ZEUS)2024-10-31 20:32

Financial Performance - Net income for Q3 2024 was 2.7million,or2.7 million, or 0.23 per diluted share, down from 12.2million,or12.2 million, or 1.06 per diluted share in Q3 2023[2] - Sales totaled 470millioninQ32024,comparedto470 million in Q3 2024, compared to 526 million in Q3 2023, primarily due to declines in metal pricing[3] - EBITDA for Q3 2024 was 15.0million,adecreasefrom15.0 million, a decrease from 27.1 million in Q3 2023[2] - Adjusted net income per diluted share for Q3 2024 was 0.11,downfrom0.11, down from 0.68 in Q3 2023[6] - Adjusted EBITDA for Q3 2024 was 13.0million,comparedto13.0 million, compared to 21.1 million in Q3 2023[7] - Operating income for the nine months ended September 30, 2024, was 38,857,000,down39.838,857,000, down 39.8% from 64,380,000 in the prior year[13] - Net income for the three months ended September 30, 2024, was 2,734,000,adeclineof77.72,734,000, a decline of 77.7% compared to 12,230,000 for the same period in 2023[13] - Gross profit for the nine months ended September 30, 2024, was 185,875,000,down5.6185,875,000, down 5.6% from 196,885,000 in the same period of 2023[16] - Net cash from operating activities for the nine months ended September 30, 2024, was 19,114thousand,asignificantdecreasefrom19,114 thousand, a significant decrease from 120,999 thousand for the same period in 2023[20] Debt and Equity - The company reduced its debt by approximately 12millionto12 million to 197 million and had about 304millionofcreditavailabilityenteringQ42024[4]−Shareholders′equitypershareincreasedto304 million of credit availability entering Q4 2024[4] - Shareholders' equity per share increased to 51.26 as of September 30, 2024, from 49.90asofDecember31,2023[18]−Thetotalliabilitiesincreasedto49.90 as of December 31, 2023[18] - The total liabilities increased to 441,401,000 as of September 30, 2024, from 429,357,000asofDecember31,2023[14]−Debttoequityratioimprovedslightlyfrom0.34to0.35[19]Dividends−TheBoardofDirectorsapprovedaquarterlycashdividendof429,357,000 as of December 31, 2023[14] - Debt to equity ratio improved slightly from 0.34 to 0.35[19] Dividends - The Board of Directors approved a quarterly cash dividend of 0.15 per share, payable on December 16, 2024[4] - Cash dividends per share increased to 0.45from0.45 from 0.38 year-over-year[20] Market and Operational Insights - The company remains optimistic about long-term growth despite near-term market challenges[4] - Olympic Steel's diversification strategy has allowed all business segments to remain EBITDA-positive despite pricing pressures[4] - The company continues to invest in equipment automation and processing to enhance efficiency and productivity[4] - Operating expenses for the three months ended September 30, 2024, were 56,322,000,anincreaseof8.556,322,000, an increase of 8.5% compared to 51,997,000 in 2023[15] - The average selling price per ton for Carbon Flat Products decreased to 1,297in2024from1,297 in 2024 from 1,470 in 2023, reflecting a 11.7% decline[15] Asset Management - Total assets increased to 1,012,011,000asofSeptember30,2024,from1,012,011,000 as of September 30, 2024, from 984,835,000 as of December 31, 2023[14] - The company reported a total current asset increase to 622,408,000asofSeptember30,2024,comparedto622,408,000 as of September 30, 2024, compared to 603,169,000 at the end of 2023[14]