Olympic’s First-Quarter Sales Up 12%
By Metal Center News Staff
on May 5, 2018
Olympic Steel Inc., Cleveland, reported net sales of $376 million in the first quarter, a 12 percent increase from the same quarter in 2017. Net sales climbed 22.1 percent from the prior quarter.
First-quarter net income totaled $7.6 million, nearly flat with the same quarter last year. Net income in the prior quarter was $4.2 million.
"First-quarter 2018 net sales grew in all three operating segments versus the fourth quarter and compared with the first quarter of last year," said Chairman and CEO Michael D. Siegal. "Accelerating shipments and rising prices throughout the first quarter resulted in our highest operating income in any quarter since 2011."
During the quarter, the company’s flat products sales increased 11.1 percent to $240.9 million, though shipments fell 2 percent to 297,604 tons.
Specialty metals flat products sales totaled $65.6 million, an increase of 13.1 percent from first-quarter 2017. Tons sold increased 7.2 percent to 24,863.
In Olympic’s tubular and pipe products segment, net sales increased 15.2 percent to $69.2 million.
"After quarter end, we acquired Berlin Metals, a distributor of prime tin mill products with a growing stainless steel business. In addition to diversifying into new complementary products, this acquisition also adds new customers and markets, providing us with cross-selling growth opportunities,” Siegal said. “We continue to seek potential acquisition candidates that align with our long-term objectives, as well as undertake internal growth initiatives in key strategic areas."