Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 35

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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) in the table above) decreased to 17.8% in the second quarter of 2025 from 19.8% in the second quarter of 2024. As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) decreased to 16.9% in the first six months of 2025 from 18.4% in the first six months of 2024. The decrease in the gross profit as a percentage of net sales for the three and six months ended June 30, 2025 is due to the average selling prices decreasing more than the average cost of materials sold.

Operating expenses increased $0.9 million, or 5.2%, to $19.0 million in the second quarter of 2025 from $18.1 million in the second quarter of 2024.  As a percentage of net sales, operating expenses increased to 14.1% in the second quarter of 2025 compared to 13.8% in the second quarter of 2024. The increase in operating expenses on a dollar basis was primarily attributable to increased variable operating expenses due to increased shipments.

Operating expenses increased $1.0 million, or 2.9%, to $37.1 million in the first six months of 2025 from $36.1 million in the first six months of 2024.  As a percentage of net sales, operating expenses increased to 14.0% in the first six months of 2025 compared to 13.9% in the first six months of 2024. The increase in operating expenses on a dollar basis was primarily attributable to increased variable operating expenses due to increased shipments.

Operating income in the second quarter of 2025 totaled $4.9 million, or 3.7% of net sales, compared to $7.9 million, or 6.0% of net sales, in the second quarter of 2024. Operating income in the first six months of 2025 totaled $7.6 million, or 2.9% of net sales, compared to $11.8 million, or 4.5% of net sales, in the first six months of 2024. 

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Carbon flat products

The following table