2023-04-27 06:09:00 ET
Investors in steel company Steel Dynamics (NASDAQ: STLD) were presumably (and pleasantly) surprised last week when a mixed earnings report showed Q1 sales falling short of expectations -- but profits coming in comfortably ahead of expectations.
Steel Dynamics earned a non-GAAP (adjusted) profit of $4.01 per share for the first quarter of 2023 --actual generally accepted accounting principles ( GAAP ) earnings were $3.70 per share -- despite sales coming in at just $4.9 billion. The shares popped nearly 5% the day after earnings came out, and while they've given back some of their gains since then, they remain above Steel Dynamics' pre-earnings price.
But for how long?
For further details see:
Is This the Beginning of the End for Steel Dynamics?