Olympic Enjoys Record Sales Quarter
By Metal Center News Staff
on Aug 8, 2022
Olympic Steel reported record sales of $709 million in the second quarter, a 27.5 percent increase compared with the same quarter last year. First-half sales of $1.4 billion increased 37.9 percent from the prior year.
The Cleveland-based service center company’s net income totaled $37.6 million in the quarter, a 26.9 percent increase. First-half income was up 45 percent to $75 million.
"The continued strength of our three business segments in the second quarter drove another record-breaking performance for Olympic Steel. We achieved all-time record quarterly sales surpassing our first-quarter 2022 results to deliver the second-most-profitable quarter in the company's history," said Richard T. Marabito, CEO. "Our success is rooted in our expansion into higher-return, value-added products, our five successful acquisitions over the past four years and our disciplined approach to working capital and expense management."
The company’s carbon flat products segment experienced a decline of 13.8 percent to 210,604, though net sales in the segment were up 13.9 percent to $370 million. The average selling price per ton went from $1,332 to $1,760 in the quarter.
Specialty metals tons sold also declined in the quarter from 40,188 to 38,386, but sales jumped 64.4 percent to $226,964. The average price per ton sold increased from $3,435 to $5,913.
"While metal pricing is declining during the third quarter, we remain optimistic regarding underlying demand and our ability to consistently produce earnings in all market cycles," Marabito concluded.