Olympic Steel, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 22, 2024 at 04:30 pm EST
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Olympic Steel, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 489.41 million compared to USD 520.04 million a year ago. Net income was USD 7.41 million compared to USD 3.96 million a year ago. Basic earnings per share from continuing operations was USD 0.64 compared to USD 0.34 a year ago. Diluted earnings per share from continuing operations was USD 0.64 compared to USD 0.34 a year ago.
For the full year, sales was USD 2,158.16 million compared to USD 2,559.99 million a year ago. Net income was USD 44.53 million compared to USD 90.93 million a year ago. Basic earnings per share from continuing operations was USD 3.85 compared to USD 7.87 a year ago. Diluted earnings per share from continuing operations was USD 3.85 compared to USD 7.87 a year ago.
Olympic Steel, Inc. is a metals service center company. The Company provides metals processing and distribution services to a range of customers. It operates through three segments: specialty metals flat products, carbon flat products, and tubular and pipe products. Specialty metals flat products segment is engaged in the direct sale and distribution of processed aluminum and stainless flat-rolled sheet and coil products, flat bar products, prime tin mill products and fabricated parts. Carbon flat products segment is engaged in the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts. Tubular and pipe products segment distributes metal tubing, pipe, bar, valves and fittings and fabrication of parts supplied to various industrial markets. This segment also offers a range of value-added fabrication services, including tube laser cutting, tube bending, robotic welding, flat laser burning and others.