Olympic Steel(US:ZEUS)2024-08-01 20:44Financial Performance - Net sales for Q2 2024 decreased to $526.25 million, down 7.6% from $569.27 million in Q2 2023[9] - Net income for Q2 2024 dropped to $7.66 million, a 49% decline from $15.02 million in Q2 2023[9] - Carbon Flat Products segment saw a 5.8% decrease in net sales to $307.76 million in Q2 2024 compared to $326.63 million in Q2 2023[11] - Specialty Metals Flat Products segment's gross profit increased by 6.3% to $25.93 million in Q2 2024 from $24.40 million in Q2 2023[11] - Tubular and Pipe Products segment's operating income fell to $6.50 million in Q2 2024, down 30.7% from $9.37 million in Q2 2023[11] Assets and Liabilities - Total assets increased to $1.006 billion as of June 30, 2024, up from $984.84 million at the end of 2023[10] - Total current liabilities decreased to $165.32 million as of June 30, 2024, from $180.24 million at the end of 2023[10] - Flat-products assets grew to $665.84 million as of June 30, 2024, up from $649.74 million at the end of 2023[13] - Tubular and pipe products assets increased to $339.18 million as of June 30, 2024, from $333.68 million at the end of 2023[13] - Corporate assets decreased to $1.28 million as of June 30, 2024, down from $1.41 million at the end of 2023[13] Shareholders' Equity and Debt - Shareholders' equity per share increased to $51.15 as of June 30, 2024, compared to $49.90 as of December 31, 2023[14] - Debt to equity ratio rose to 0.37 to 1 as of June 30, 2024, from 0.34 to 1 as of December 31, 2023[14] Cash Flow and Dividends - Net cash used for operating activities was $5,512 million for the six months ended June 30, 2024, compared to net cash from operating activities of $79,196 million for the same period in 2023[14] - Cash dividends per share increased to $0.30 for the six months ended June 30, 2024, from $0.25 for the same period in 2023[14]