Company: ZEUS
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001437749-25-032420
Chunk: 39

Company: OLYMPIC STEEL INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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Works operating expenses and higher year-over-year payroll and warehousing expenses in 2025.

Operating expenses in the first nine months of 2025 increased $23.5 million, or 13.7%, to $194.9 million from $171.4 million in the first nine months of 2024. As a percentage of net sales, operating expenses increased to 23.0% in the first six months of 2025 compared to 18.9 % in the first nine months of 2024. The increase in operating expenses on a dollar basis was primarily attributable to the inclusion of MetalWorks operating expenses and higher year-over-year payroll, distribution and warehousing expenses in 2025.

Operating income in the third quarter of 2025 totaled $1.3 million, or 0.5% of net sales, compared to operating income of $0.4 million, or 0.2% of net sales, in the third quarter of 2024. Operating income in the first nine months of 2025 totaled $14.5 million, or 1.7% of net sales, compared to operating income of $14.5   million, or 1.7% of net sales, in the first nine months of 2024. 

Tubular and pipe products

The following table presents selected operating results for our tubular and pipe products segment for the periods indicated (dollars are shown in thousands):

      For the Three Months Ended September 30, 

      For the Nine Months Ended September 30, 

      2025 

      2024 

      2025 

      2024 

      % of net 

      % of net 

      % of net 

      % of net 

      $ 

      sales 

      $ 

      sales 

      $ 

      sales 

      $ 

      sales 

      Net sales 
      
     $
     81,571

     100.0

     $
     79,454

     100.0

     $
     237,968

     100.0

     $
     263,209

     100.0

      Cost of materials sold (a) 

     56,377

     69.1

     51,601

     64.9

     161,044