Steel Dynamics rises as Q3 profit outlook beats estimates

Sep. 15, 2022 11:36 AM ETSteel Dynamics, Inc. (STLD)By: Preeti Singh, SA News Editor

Steel coil transport

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  • Steel Dynamics (NASDAQ:STLD) expects earnings in the range of $4.93 to $4.97 per diluted share for the third quarter of 2022, the steel producer announced on Thursday.
  • Excluding the impact from costs associated with the startup of its Sinton Texas Flat Roll Steel Mill, adjusted earnings are projected between $5.33 to $5.37 per diluted share, which above consensus estimates of $5.02.
  • Prior year Q3 adjusted earnings were $4.96 per diluted share.
  • The company expects Q3 profitability from its steel operations to be historically strong, but significantly lower sequentially due to lower earnings from flat rolled steel operations.
  • Earnings from metals recycling operations are also expected to be below Q2 based on lower realized pricing and volume.
  • Steel fabrication operations are expected to earn meaningfully higher than record Q2 results, due to continued strong volume and expanding margins, as realized pricing improves and average steel input costs declined.
  • Shares were up over 1% at 11.30AM ET
  • STLD's outlook comes a day after steelmakers fell when Nucor (NUE) issued a downside a 3Q earnings forecast
  • U.S. Steel (X) also issued its Q3 earnings outlook today

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