Steel Dynamics Sees Q3 EPS Below View

(RTTNews) - Steel Dynamics Inc. (STLD) said it expects third quarter 2024 earnings to be in the range of $1.94 to $1.98 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $2.10 per share for the third quarter. Analysts' estimates typically exclude special items. Comparatively, the company's sequential second quarter 2024 earnings were $2.72 per share, and prior year third quarter earnings were $3.47 per share.

Third quarter 2024 profitability from the company's steel operations is expected to be meaningfully lower than sequential second quarter results, based on lower average realized pricing within the flat rolled operations as generally 80 percent of this business is contractually based and tied to lagging pricing indices.

Third quarter 2024 earnings from the company's metals recycling operations are expected to be comparable to second quarter sequential results, based on steady volumes offsetting marginally lower realized pricing.

Third quarter 2024 earnings from the company's steel fabrication operations are expected to be moderately lower than sequential second quarter results, based on an anticipated slight decline in average realized pricing.

The company plans to release its third quarter 2024 earnings after the markets close on Wednesday, October 16, 2024.

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