Olympic Steel(ZEUS) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $2.7 million, or $0.23 per diluted share, down from $12.2 million, or $1.06 per diluted share in Q3 2023[2] - Sales totaled $470 million in Q3 2024, compared to $526 million in Q3 2023, primarily due to declines in metal pricing[3] - EBITDA for Q3 2024 was $15.0 million, a decrease from $27.1 million in Q3 2023[2] - Adjusted net income per diluted share for Q3 2024 was $0.11, down from $0.68 in Q3 2023[6] - Adjusted EBITDA for Q3 2024 was $13.0 million, compared to $21.1 million in Q3 2023[7] - Operating income for the nine months ended September 30, 2024, was $38,857,000, 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, 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, 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 $19,114 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 $12 million to $197 million and had about $304 million of credit availability entering Q4 2024[4] - Shareholders' equity per share increased to $51.26 as of September 30, 2024, from $49.90 as of December 31, 2023[18] - The total liabilities increased to $441,401,000 as of September 30, 2024, from $429,357,000 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 $0.45 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, 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 $1,297 in 2024 from $1,470 in 2023, reflecting a 11.7% decline[15] Asset Management - Total assets increased to $1,012,011,000 as of September 30, 2024, from $984,835,000 as of December 31, 2023[14] - The company reported a total current asset increase to $622,408,000 as of September 30, 2024, compared to $603,169,000 at the end of 2023[14]