Gerdau Ameristeel Posts Record Earnings; Announces Special Dividend

Feb.14.08 | About: Gerdau Ameristeel (GNA)

Gerdau Ameristeel Corp. (GNA) shares jumped more than 8% in Wednesday morning trading after the company reported record-setting earnings for 2007.

Gerdau said net income reached $141.4-million or $0.37 per share fully diluted for the three months ended December 31, 2007. That represents a year-over-year 112% increase versus the company's 2006 fourth quarter net income of $66.7-million or $0.22 per share fully diluted, for the three months ended December 31, 2006.

For the year, Gerdau reported record net income of $537.9 million or $1.65 per share fully diluted versus net income of $374.6 million or $1.23 per share fully diluted for the year ended December 31, 2006.

On Tuesday, the company announced that in addition to the normal quarterly dividend of $0.52, the board of directors also approved a special cash dividend of $0.25 per common share, payable March 13, 2008 to shareholders of record at the close of business on February 28, 2008.