Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 37

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 37
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 to $425.0 million in the first six months of 2025 from $479.6 million in the first six months of 2024. 

As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) increased to 25.8% in the second quarter of 2025 compared to 20.7% in the second quarter of 2024. As a percentage of net sales, gross profit (as defined in footnote (a) in the table above) increased to 25.3% in the first six months of 2025 compared to 21.2% in the first six months of 2024. The increase in the gross profit as a percentage of net sales in the first six months of 2025 when compared to the six months of 2024 was due to the inclusion of MetalWorks revenue but no corresponding tons sold and the average cost of inventory decreasing more than the average selling prices.

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Operating expenses in the second quarter of 2025 increased $7.1 million, or 12.2%, to $65.5 million from $58.4 million in the second quarter of 2024. As a percentage of net sales, operating expenses increased to 23.2% in the second quarter of 2025 compared to 19.0% in the second quarter of 2024. The increase in operating expenses on a dollar basis was primarily attributable to the inclusion of MetalWorks operating expenses in 2025.

Operating expenses in the first six months of 2025 increased $15.5 million, or 13.5%, to $130.6 million from $115.1 million in the first six 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 six months of 2024. The increase in operating expenses on a dollar basis was primarily attributable to the inclusion of MetalWorks operating expenses in 2025.

Operating income in the second quarter of 2025 totaled $7.4 million, or 2.6% of net sales, compared to operating income of $5.4 million, or 1.7%