- Steel Dynamics ( NASDAQ: STLD ) shares gained over 9% on Thursday after the steel producer reported better-than-expected fourth quarter results.
- The company generated Q4 adjusted net income of $769M, or $4.37 per diluted share, on revenue of $4.8B that fell 9% Y/Y. It ended the year with record net sales of $22.3B, operating income of $5.1B, and adjusted EBITDA of $5.5B.
- Annual sales grew 21%, while operating income increased 18% when compared to 2021. Higher net sales and earnings were driven by record product pricing and volume within the company's steel fabrication business.
- Steel Dynamics ( STLD ) also achieved record annual cash flow from operations of $4.5B during 2022, while increasing liquidity to a record $3.4B as of Dec. 31, 2022.
- "Steel Dynamics is in a position of strength as we enter 2023, said CEO Mark Millett, adding that customer order entry activity continues to be healthy across businesses, steel pricing has firmed and and backlogs remain solid.
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Steel Dynamics stock gains after record 2022 results