On Feb. 28, Oregon Steel (NYSE:OS) released full-year earnings for the period ended Dec. 31, 2005.

  • Tonnage sold dropped 14% for the year, to 1.49 million tons.
  • Average selling prices per ton were up 23% for the year, to $846.
  • The company announced an order for at least 510,000 tons of large-diameter pipe for a pipeline project scheduled to begin in mid-2007.

(Figures in millions, except per-share data)

Income Statement Highlights

Avg. Est.

2005

2004

% Change

Sales

No Data

$1,258

$1,185

6.2

Net Profit

--

$110

$117

(5.7)

EPS

No Data

$3.08

$4.03

(23.6)

Note: Profit numbers for both 2005 and 2004 are influenced by a gain on an asset sale in 2005 and a labor dispute settlement charge in 2004.

Get back to basics with a look at the income statement.

Margin Checkup

2005

2004

% Change

Gross Margin

20.17%

22.26%

(2.09)

Op. Margin

16.05%

13.07%

2.98

Net Margin

8.74%

9.85%

(1.10)

Note: Operating and net margins for both 2005 and 2004 are influenced by a gain on an asset sale in 2005 and a labor dispute settlement charge in 2004.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

2005

2004

% Change

Cash+ ST Invest.

$178

$137

30

Inventory

$302

$235

28.3

Accounts Rec.

$138

$119

16.4



Liabilities

2005

2004

% Change

Long-Term Debt

$308

$314

(1.7)

Accounts Pay.

$88

$80

10.4



Cash Flow Highlights

2005

2004

% Change

Cash From Ops

$106

$32

227.3

Capital Expend.

$80

$24

237.9

Free Cash Flow

$25

$9

197.9

Note: Management commentary suggests that ongoing maintenance capital expenditures are approximately $25 million.

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Related Companies:

  • Mittal Steel (NYSE:MT)
  • Nucor (NYSE:NUE)
  • Steel Dynamics (NASDAQ:STLD)
  • Maverick Tube (NYSE:MVK)

Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.

Fool contributor Stephen Simpson owns shares of Mittal Steel, but has no financial interest in any other stocks mentioned (that means he's neither long nor short the shares). Mittal Steel is a Motley Fool Inside Value pick. The Fool has a disclosure policy.