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CLEVELAND - Steel distributor Olympic Steel Inc. said Thursday third-quarter earnings increased fourfold as sales climbed on higher steel prices.
Net income rose to $24.2 million, or $2.21 per share, from $6 million, or 56 cents per share, in the year-ago period.
On average, analysts expected profit of $1.65 per share, according to Thomson Reuters.
Sales jumped 31 percent to $335.2 million from $256.1 million, but fell short of the $355 million expected by Wall Street. The gain came even as volume sales declined because steel prices nearly doubled from a year ago, according to Chief Financial Officer Richard Marabito.
The executive also said the profit increase came as margins increased from the use of better processing equipment.
Olympic shares rose 83 cents, or 4 percent, to $21.25 in morning trading. In the past year, the stock has ranged from $15.70 to $78.32.
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