Olympic Steel Inc Reports Drop in Top and Bottom-line in Q1 2024

Analyzing the Financial Performance and Stock Decline of the Leading Steel Manufacturer in April 2024

Published / Modified May 04 2024
Goran Soko / CSIMarket.com

Olympic Steel Inc, a leading steel manufacturer, experienced a decline in its stock during the month of April, with a decrease of -4.24%. This brings the share price down by the same percentage when considering the second quarter of 2024.
Despite this decrease, the company's stock has been performing well overall as it is only 8.1% below its 52 week high.

When analyzing the financial performance of Olympic Steel Inc in the first quarter of 2024, it is evident that there are mixed results.
The company's income fell by -11.76%, amounting to $0.75 per share compared to $0.85 in the same period the previous year.
On the other hand, the net profit per share increased by 17.56% from $0.64 per share in the previous reporting period.

In terms of revenue, Olympic Steel Inc experienced a decline of -8.103% to $526.64 million in the fiscal first quarter of 2024, compared to $573.08 million in the same period a year prior.
However, the company's revenue did show improvement sequentially, increasing by 7.608% from $489.41 million.

Earnings in the fiscal first quarter of 2024 saw a significant decline of -11.9%, with $8.697 million compared to $9.872 million in the corresponding period the previous year.

Analyzing the company's profitability, Olympic Steel Inc's operating margin decreased to 3.03% in the first quarter of 2024, compared to 3.09% in the same period in 2023.
Similarly, the net margin shrank to 1.65%.
The operating earnings of Olympic Steel Inc fell by -10.07% to $15.938 million in the fiscal first quarter of 2024, contributing to the decrease in the operating margin.

Despite the decline in stock and the varied financial performance, Olympic Steel Inc remains a company with potential.
The fact that its stock is only 8.1% short of its 52 week high indicates investor confidence in the company.

Investors should consider these financial results when assessing whether to invest in Olympic Steel Inc.
While the decline in stock and the decrease in profitability may raise concerns, the company's solid performance over the long term suggests that it may be able to rebound and provide returns in the future.
It is essential for investors to conduct their due diligence and carefully analyze the company's financial statements and overall market conditions before making any investment decisions.

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