Press release
Steel Dynamics Provides Second Quarter 2024 Earnings Guidance
FORT WAYNE, Ind., June 17, 2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided second quarter 2024 earnings guidance in the range of
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., June 17, 2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided second quarter 2024 earnings guidance in the range of $2.64 to $2.68 per diluted share. Comparatively, the company's sequential first quarter 2024 earnings were $3.67 per diluted share, and prior year second quarter earnings were $4.81 per diluted share.\n\nSecond quarter 2024 profitability from the company's steel operations are expected to be meaningfully lower than sequential first quarter results, based on lower realized pricing offsetting steady shipments. Underlying domestic steel demand remains intact although steel buying hesitancy has resulted from a weakening scrap price environment. The automotive, non-residential construction, energy, and industrial sectors continue to lead demand.\nSecond quarter 2024 earnings from the company's metals recycling operations are expected to be higher than sequential first quarter results, based on stronger volumes in both ferrous and nonferrous materials. \nSecond quarter 2024 earnings from the company's steel fabrication operations are expected to be in line with sequential first quarter results, based on increased shipments offsetting incrementally lower realized pricing. The non-residential construction sector remains solid, as further evidenced by steel joist and deck order backlog volume that extends into the fourth quarter of 2024, with historically strong associated product pricing. In addition, the continued onshoring of manufacturing, coupled with the robust U.S. infrastructure program and industrial buildouts, support strong demand in the coming years. \nBased on continued confidence in the company's earnings outlook and cash flow generation, the company repurchased $247 million, or 1.1 percent, of its common stock during the second quarter through June 10, 2024. \nThe company plans to release its second quarter 2024 earnings after the markets close on Wednesday, July 17, 2024, and will hold a conference call the following day at 11:00 a.m. Eastern Daylight Time to review the company's results. \nAbout Steel Dynamics, Inc. Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics ...