Press release
Steel Dynamics Reports Fourth Quarter and Annual 2019 Results
FORT WAYNE, Ind., Jan. 22, 2020 /PRNewswire/ -- Annual 2019 Performance: Record steel shipments of 10.8 million tons and record steel fabrication shipments of
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., Jan. 22, 2020 /PRNewswire/ -- \nAnnual 2019 Performance:\nRecord steel shipments of 10.8 million tons and record steel fabrication shipments of 644,000 tons Net sales of $10.5 billion, the company's second-best performance Operating income of $987 million and net income of $671 million, the company's third-best performance Cash flow from operations of $1.4 billion and EBITDA of $1.3 billion, the company's second-best and third-best performances, respectively Achieved Investment grade credit rating designation, and successfully executed inaugural notes offeringSteel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2019 financial results. The company reported fourth quarter 2019 net sales of $2.4 billion and net income of $121 million, or $0.56 per diluted share. Excluding the impact from the following items, the company's fourth quarter adjusted net income was $134 million, or $0.62 per diluted share:\nFinancing costs related to the company's December 2019 refinancing activities of approximately $4 million, or $0.01 per diluted share, and Lower earnings resulting from two planned annual maintenance outages at the company's Butler and Columbus flat roll divisions, causing higher than normal maintenance and associated costs of approximately $15 million, or $0.05 per diluted share. The outages also reduced flat roll steel shipments by an estimated 70,000 tons to 80,000 tons, further reducing fourth quarter earnings. Comparatively, prior year fourth quarter net sales were $2.9 billion, with net income of $270 million, or $1.17 per diluted share, which included lower earnings from planned facility outages of $0.10 per diluted share, and additional performance-based compensation of $0.04 per diluted share. Sequential third quarter 2019 net sales were $2.5 billion, with net income of $151 million, or $0.69 per diluted share. \n\"The team delivered a strong 2019 operational and financial performance in a challenging steel pricing environment, achieving our third-best annual earnings performance and numerous operational records, including record annual steel and fabrication shipments,\" said Mark D. Millett, President and Chief Executive Officer. \"We performed at the top of our industry throughout the year. We achieved operating income of $987 million with EBITDA of $1.3 billion. With near reco...