Company: ZEUS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001437749-25-024377
Chunk: 39

Company: OLYMPIC STEEL INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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 (as defined in footnote (b) in the table above) decreased to 31.5% in the second quarter of 2025 compared to 34.3% in the second quarter of 2024.  As a percentage of net sales, the LIFO expense recorded in the second quarter of 2025 reduced gross profit by 0.9%. As a percentage of net sales, the LIFO income recorded in the second quarter of 2024 increased gross profit by 1.1%. The decrease in the gross profit as a percentage of net sales in the second quarter of 2025 when compared to the second quarter of 2024 was due to average cost of inventory increasing more than the average selling prices. As a percentage of net sales, gross profit (as defined in footnote (b) in the table above) decreased to 33.1% in the first six months of 2025 compared to 33.6% in the first six months of 2024.  As a percentage of net sales, the LIFO expense recorded in the first six months of 2025 decreased gross profit by 0.5%. As a percentage of net sales, the LIFO income recorded in the first six months of 2024 increased gross profit by 0.3%. The decrease in the gross profit as a percentage of net sales in the first six months of 2025 when compared to the first six months of 2024 was due to average cost of inventory decreasing more than the average selling prices. 

Operating expenses in the second quarter of 2025 decreased $2.4 million, or 10.4%, to $21.1 million from $23.5 million in the second quarter of 2024. Operating expenses decreased to 26.6% of net sales in the second quarter of 2025 compared to 26.9% in the second quarter of 2024. The decrease in operating expenses on a dollar basis was primarily due to lower variable performance-based incentive compensation and lower operating expenses associated with lower shipments. Operating expenses in the first six months of 2025 decreased $4.0   million, or 8.3%, to $43.7 million from $47.7 million in the first six months of