Press release
Steel Dynamics Reports First Quarter 2024 Results
FORT WAYNE, Ind., April 23, 2024 /PRNewswire/ -- First Quarter 2024 Performance Highlights: Steel shipments of 3.3 million tonsNet sales of $4.7 billion,
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., April 23, 2024 /PRNewswire/ --\n\nFirst Quarter 2024 Performance Highlights:\nSteel shipments of 3.3 million tonsNet sales of $4.7 billion, operating income of $751 million, net income of $584 million, and adjusted EBITDA of $879 millionCash flow from operations of $355 million, which was reduced by the annual companywide profit-sharing contribution of $265 million in the quarterStrong liquidity of $3.1 billion as of March 31, 2024Share repurchases of $298 million of the company's common stock, representing 1.5 percent of its outstanding sharesFirst quarter 2024 cash dividend increase of 8 percentSteel Dynamics, Inc. (NASDAQ/GS: STLD) today announced first quarter 2024 financial results. The company reported first quarter 2024 net sales of $4.7 billion and net income of $584 million, or $3.67 per diluted share. Comparatively, the company's sequential fourth quarter 2023 net income was $424 million, or $2.61 per diluted share and prior year first quarter net income was $637 million, or $3.70 per diluted share.\n\"The teams executed well delivering a solid first quarter performance,\" said Mark D. Millett, Chairman and Chief Executive Officer. \"Underlying steel demand was steady in the quarter; however, we experienced some steel order volatility early in the quarter as customer inventories remain incredibly low and scrap prices declined month over month in the quarter. Customer orders rebounded strongly in March supporting increased pricing and solid order backlogs, especially within our value-added coated flat rolled steel products portfolio. \n\"The teams achieved strong first quarter 2024 operating income of $751 million and adjusted EBITDA of $879 million,\" continued Millett. \"The sequential improvement in earnings was driven by our steel and metals recycling businesses and supported by continued historically strong results from our steel fabrication operations. Across the company, our teams achieved strong performance, while keeping each other safe.\" \nFirst Quarter 2024 Comments\nFirst quarter 2024 operating income for the company's steel operations was $675 million, or 85 percent higher than sequential fourth quarter results, due to solid demand resulting in near-record first quarter steel shipments of 3.3 million tons and higher realized selling values. The automotive, non-residential construction, en...