Olympic Steel Inc., (ZEUS) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $7.70 million, or $ 0.68 a share in the quarter, against a net loss of $0.77 million, or $0.07 a share in the last year period.
Revenue during the quarter grew 29.63 percent to $334.89 million from $258.35 million in the previous year period. Gross margin for the quarter expanded 177 basis points over the previous year period to 12.02 percent. Total expenses were 96.70 percent of quarterly revenues, down from 99.99 percent for the same period last year. This has led to an improvement of 329 basis points in operating margin to 3.30 percent.
Operating income for the quarter was $11.05 million, compared with $0.04 million in the previous year period.
"In addition to the strong financial performance from our carbon flat rolled segment, sales and profitability in our tubular and pipe and specialty metals segments also improved substantially during the quarter," said chairman and chief executive officer Michael D. Siegal. "Shipping volume of specialty metals increased 17% versus the first quarter last year, and we earned record market share in nearly all of the products we sell."
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