Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 28

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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 on debt 

     4,182

     0.9

     4,010

     0.7

      Income before income taxes 

     3,590

     0.7

     11,909

     2.3

      Income taxes 

     1,081

     0.2

     3,212

     0.6

      Net income 
      
     $
     2,509

     0.5

     $
     8,697

     1.7

(a) Includes $400   of LIFO expense for the three months ended March 31, 2024.

(b) Gross profit is calculated as net sales less the cost of materials sold.

(c) Operating expenses are calculated as total costs and expenses less the cost of materials sold.  

Net sales decreased $33.7 million, or 6.4%, to $492.9 million in the first quarter of 2025 from $526.6 million in the first quarter of 2024. Specialty metals flat products net sales were 26.3% of total net sales in the first quarter of 2025 compared to 24.6% of total net sales in the first quarter of 2024. Carbon flat products net sales were 58.0% of total net sales in the first quarter of 2025 compared to 57.1% of total net sales in the first quarter of 2024. Tubular and pipe products net sales were 15.7% of total net sales in the first quarter of 2025 compared to 18.3% of total net sales in the first quarter of 2024. The decrease in net sales was due to a consolidated 10.2% decrease in average selling prices during the first quarter of 2025 compared to the first quarter of 2024 partially offset by a 4.3% increase in sales volume.

Cost of materials sold decreased $33.0 million, or 8.1%, to $374.5 million in the first quarter of 2025 from $407.5 million in the first quarter of 2024. The decrease in cost of materials sold in the first three months of 2025 is related to the decreased metals pricing discussed above in Results of Operations.

     23

As a percentage of net sales,