Singular Research's Private Client call with Olympic Steel ( ZEUS)


Thu, Jun 10, 2021 at 9:00 AM PDT




Join us for one of the most timely and compelling calls of the year with CEO Richard Marabito & CFO Richard Manson of Olympic Steel (ZEUS) as we dissect the current state of the global steel industry, analyze the impact of shortages, and extend a view into 2022. There will also be a discussion as to when we may see a more "normal" environment for the steel industry and its impact on Olympic Steel.

Q4:20 earnings were strong as led by improving market conditions. Volumes have rebounded to pre-COVID levels and the outlook for 2021 is strong. Q4:20 revenues were $331.5 million, up ~3.7% from Q4:19, due to higher volumes (+3% YOY). All three segments - Carbon Flat (+0.9% YOY), Special Metals Flat (+9.0% YOY) and Tubular & Pipe Products (+4.7% YOY) reported higher sales. Operating income was $5.3 million in Q4:20 versus operating income of $1.0 million in Q4:19. Adjusted EBITDA was $9.8 million in Q4:20, versus $3.4 million in Q4:19. All three segments delivered positive EBITDA for the quarter. Excluding LIFO income and restructuring charges, adjusted EPS was $0.14 in Q4:20 compared to ($0.23) in Q4:19. Management noted that it expects favorable market conditions to continue in 2021.

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