2023-04-20 11:55:21 ET
- Steel Dynamics ( NASDAQ: STLD ) +8% in Thursday's trading after reporting Q1 adjusted earnings that easily topped analyst estimates and steel shipments that reached a quarterly record.
- Q1 net income fell to $637M, or $3.71/share, from $1.104B, or $5.74/share, in the year-earlier quarter, while net sales fell 12% Y/Y to $4.89B.
- Q1 operating income from Steel Dynamics' ( STLD ) steel operations totaled $345M, nearly double Q4 results, due to record shipments more than offsetting metal spread compression related to lower realized selling values; the company said steel pricing has since strengthened, and steel producer lead times have extended as steel demand is strong.
- Q1 operating income from the company's metals recycling platform more than tripled Q/Q, as demand from the domestic steel industry strengthened, resulting in higher scrap pricing and shipments.
- "We remain confident that market conditions are in place for domestic steel consumption to be solid, [as] order entry activity continues to be strong across all of our businesses," Chairman and CEO Mark Millett said.
- Steel Dynamics' ( STLD ) stock price return shows gains of 21% YTD and 25% during the past year .
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Steel Dynamics surges after Q1 easy earnings beat