Olympic Steel, Inc. ZEUS will release third-quarter 2021 results after the closing bell on Nov 4.
The company has a trailing four-quarter earnings surprise of 40.9%, on average. Its third-quarter results are likely to have benefited from higher metal prices and solid end-market demand.
Shares of Olympic Steel have rallied 117.9% in the past year compared with the 83.4% rise of the industry.
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Let’s see how things are shaping up for this announcement.
Our proven model predicts an earnings beat for Olympic Steel this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earning beat.
Earnings ESP: Earnings ESP for Olympic Steel is +7.08%. The Zacks Consensus Estimate for the third quarter is currently pegged at $2.62. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Olympic Steel currently carries a Zacks Rank #3.
What do the Estimates Say?
The Zacks Consensus Estimate for third-quarter sales for Olympic Steel is currently pegged at $645.4 million, which suggests a rise of around 115.2% year over year.
A Few Factors to Watch
Olympic Steel, in its second-quarter call, said that it expects a strong third quarter on strong market dynamics and record-high prices.
Favorable market conditions, robust end-user demand and higher metal prices are expected to have driven its top line and margins in the third quarter. Tight supply and strong demand are likely to have provided a boost to metal prices in the September quarter.
Olympic Steel is likely to have witnessed strong demand in its end-markets in the third quarter. Higher demand is expected to have boosted its volumes in the quarter. Healthy demand has helped its shipping volumes to return to the pre-pandemic levels. However, the impacts of supply chain disruptions and labor shortages are expected to reflect on its third-quarter results.
Olympic Steel, Inc. Price and EPS Surprise
Olympic Steel, Inc. price-eps-surprise | Olympic Steel, Inc. Quote
Stocks That Warrant a Look
Here are some companies in the basic materials space you may want to consider as our model shows they too have the right combination of elements to post an earnings beat this quarter:
The Chemours Company CC, scheduled to release earnings on Nov 4, has an Earnings ESP of +1.26% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle Corporation ALB, scheduled to release earnings on Nov 3, has an Earnings ESP of +8.73% and carries a Zacks Rank #3.
Franco-Nevada Corporation FNV, scheduled to release earnings on Nov 3, has an Earnings ESP of +0.38% and carries a Zacks Rank #3.
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