Olympic Steel(ZEUS) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2025 was $2.2 million, or $0.18 per diluted share, down from $2.7 million, or $0.23 per diluted share in Q3 2024[2] - Sales for Q3 2025 totaled $491 million, representing a 4.5% increase compared to $470 million in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $15.4 million, up from $13.0 million in Q3 2024[2] - Operating income for Q3 2025 was $7.3 million, down 6.9% from $7.8 million in Q3 2024[21] - Net income for Q3 2025 was $2.2 million, a decrease of 21.2% compared to $2.7 million in Q3 2024[21] - The adjusted net income per diluted share for Q3 2025 was $0.19, compared to $0.11 in Q3 2024[9] - Net sales for Q3 2025 reached $490.7 million, a 4.0% increase from $470.0 million in Q3 2024[21] Operational Highlights - The Specialty Metals Segment achieved its strongest shipping quarterly volume in the past three years, contributing significantly to profitability[4] - Year-to-date volumes have outpaced the industry, leading to an expansion in market share[4] - The company has maintained operational discipline and focused on higher-margin opportunities to strengthen competitiveness[4] Dividends and Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.16 per share, payable on December 15, 2025[4] - Cash dividends per share increased to $0.48 for the nine months ended September 30, 2025, compared to $0.45 for the same period in 2024[27] Balance Sheet and Cash Flow - Total current assets increased to $614.7 million as of September 30, 2025, up from $580.6 million as of December 31, 2024[23] - Accounts receivable increased to $209.7 million as of September 30, 2025, compared to $166.1 million as of December 31, 2024[23] - Total liabilities rose to $510.9 million as of September 30, 2025, compared to $470.6 million as of December 31, 2024[23] - Net cash from operating activities for the nine months ended September 30, 2025, was $59.5 million, significantly higher than $19.1 million for the same period in 2024[27] - The debt to equity ratio improved to 0.42 to 1 as of September 30, 2025, down from 0.47 to 1 as of December 31, 2024[27] Strategic Initiatives - Olympic Steel has entered into a definitive merger agreement with Ryerson, expected to close in Q1 2026, subject to regulatory and shareholder approvals[5] - The company has a proven track record of acquisitions and organic growth initiatives, underscoring its resilience[1] Pricing Trends - Average selling price per ton for Carbon Flat Products increased to $1,371 in Q3 2025, compared to $1,297 in Q3 2024[25]