2023-06-16 09:19:02 ET
Steel Dynamics ( NASDAQ: STLD ) -1.9% pre-market Friday after issuing guidance for Q2 earnings of $4.78-$4.82/share, above Q1 EPS of $3.70/share but below $5.02 analyst consensus and far below the $6.44 EPS reported in the same quarter of 2022.
Steel Dynamics ( STLD ) said it expects Q2 profitability from its steel operations will be significantly stronger than Q1, based on significant metal spread expansion across the platform as realized selling values more than offset moderately higher scrap costs.
The company also expects Q2 earnings from its metals recycling operations will be steady Y/Y, while earnings from its steel fabrication likely will be "historically very strong" but lower than Q1 results, while steel fabrication shipments steady compared to Q1 but lower than originally expected due to delays in some customer projects related to continued supply-chain constraints.
More on Steel Dynamics:
- Financial and valuation comparison to sector peers
- Analysis: Steel Dynamics: A Stock To Watch
- Stock price return: Up 11.5% YTD, up 47% in the past 12 months
For further details see:
Steel Dynamics guides for below-consensus Q2 earnings