Olympic Steel beats by $0.11, beats on revs :
- Reports Q1 (Mar) earnings of $0.51 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus of $0.40; revenues rose 29.7% year/year to $334.9 mln vs the $305.41 mln two analyst estimate.
- An out-of-period income tax adjustment related to the future tax deductibility of certain payments from one of the Company's retirement plans resulted in a one-time reduction of income tax expense that increased net income by $1.9 million, or $0.17 per diluted share, in the quarter.
- "Looking ahead, broad-based demand is improving and the business regulatory environment is becoming more favorable for domestic manufacturing. This is encouraging, and we expect the benefits of our previous capital investments and ongoing operating enhancements will continue to be reflected in future financial performance,"
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