Steel Dynamics Sees Q3 Profit Well Above Estimates
(RTTNews) - Steel producer Steel Dynamics Inc. (STLD) on Thursday provided its earnings and adjusted earnings guidance for the third quarter, well above analysts' estimates.
For the third quarter, the company said it expects earnings in a range of $4.93 to $4.97 per share and adjusted earnings in a range of $5.33 to $5.37 per share.
Adjusted earnings exclude the impact from costs associated with the startup of the company's Sinton Texas Flat Roll Steel Mill growth investment of an estimated $104 million, or $0.40 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.90 per share for the quarter. Analysts' estimates typically exclude special items.
The company had reported earnings of $4.85 per share, and adjusted earnings of $4.96 per share in the prior-year quarter.
The company projects third quarter 2022 profitability from its steel operations to be historically strong, but significantly lower than second quarter 2022 results, due to lower earnings from the company's flat rolled steel operations, as lower average flat rolled steel pricing is expected to more than offset lower raw material costs and higher shipments.
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