Stock

Steel Dynamics beats Q3 estimates, shares rise

FORT WAYNE, Ind. – Steel Dynamics Inc. (NASDAQ:STLD) reported better-than-expected third quarter results, sending shares up 1.65% in after-hours trading on Wednesday.

The steel producer posted adjusted earnings of $2.05 per share, surpassing analyst estimates of $1.97 per share. Revenue came in at $4.3 billion, topping expectations of $4.18 billion.

Net income for the quarter was $318 million, down from $577 million in the same period last year. The company attributed the year-over-year decline to lower average realized steel pricing, primarily in its flat rolled operations.

“The teams achieved a solid third quarter 2024 performance across the platforms, with adjusted EBITDA of $557 million and cash flow from operations of $760 million,” said Mark D. Millett, Co-Founder, Chairman, and Chief Executive Officer.

Steel shipments totaled 3.2 million tons in Q3, while the average external product selling price for steel operations decreased $79 sequentially to $1,059 per ton.

Looking ahead, Millett expressed optimism about 2025 market dynamics, citing expectations for steel pricing recovery amid anticipated lower interest rates and continuing onshoring of manufacturing businesses.

The company repurchased $310 million of its common stock during the quarter, representing 1.6% of outstanding shares. Steel Dynamics maintained a strong liquidity position of $3.1 billion as of September 30.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com

You May Also Like

Editor's Pick

Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

Latest News

A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

Economy

A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

Investing

Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 balanceandcharge.com

Exit mobile version