Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 38

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 38
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 months ended June 30, 2025. Includes $1,000 and $600 of LIFO income, respectively, for the three and six months ended June 30, 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 $8.4 million, or 9.6%, to $79.2 million in the second quarter of 2025 from $87.6 million in the second quarter of 2024.  The decrease is a result of a 9.3% decrease in shipping volume and a 0.3% decrease in average selling prices during the second quarter of 2025 compared to the second quarter of 2024. 

Net sales decreased $27.4 million, or 14.9%, to $156.4 million in the first six months of 2025 from $183.8 million in the first six months of 2024.  The decrease is a result of a 12.5% decrease in shipping volume and a 2.7% decrease in average selling prices during the first six months of 2025 compared to the first six months of 2024. 

Cost of materials sold decreased $3.3  million, or 5.7%, to $54.3 million in the second quarter of 2025 from $57.6 million in the second quarter of 2024. The decrease in cost of materials sold was due the 9.3% decrease in shipping volume. Cost of materials sold decreased $17.3 million, or 14.2%, to $104.7 million in the first six months of 2025 from $121.9 million in the first six months of 2024. The decrease in cost of materials sold was due to the 12.5% decrease in shipping volume. We recorded $0.8 million of LIFO expense during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, we recorded $1.0 million and $0.6 million of LIFO income, respectively. 

As a percentage of net sales, gross profit