Press release
Steel Dynamics Reports Record Second Quarter 2022 Results
FORT WAYNE, Ind., July 20, 2022 /PRNewswire/ -- Second Quarter 2022 Performance Highlights: Record steel shipments of 3.1 million tonsRecord net sales of $6.2
About this update from Steel Dynamics, Inc.
[{"type":"text","content":"FORT WAYNE, Ind., July 20, 2022 /PRNewswire/ --\nSecond Quarter 2022 Performance Highlights:\nRecord steel shipments of 3.1 million tonsRecord net sales of $6.2 billionRecord operating income of $1.6 billion and net income of $1.2 billionRecord steel fabrication operating income of $599 million and record shipments of 218,000 tonsRecord cash flow from operations of $1.0 billion and record adjusted EBITDA of $1.7 billionRepurchased $517 million of the company's common stock, representing 3.5 percent of its outstanding sharesSteel Dynamics, Inc. (NASDAQ/GS: STLD) today announced second quarter 2022 financial results. The company reported record second quarter 2022 net sales of $6.2 billion and record net income of $1.2 billion, or $6.44 per diluted share. Excluding the impact from the following item, the company's second quarter 2022 adjusted net income was $1.3 billion, or $6.73 per diluted share:\nCosts of approximately $77 million, or $0.29 per diluted share, associated with the continued startup of the company's Sinton Texas Flat Roll Steel Mill growth investment.Comparatively, the company's sequential first quarter 2022 earnings were $5.71 per diluted share, and adjusted earnings were $6.02 per diluted share excluding costs of $0.31 per diluted share (net of capitalized interest), associated with construction and startup of the company's Sinton Texas Flat Roll Steel Mill. Prior year second quarter earnings were $3.32 per diluted share and adjusted earnings were $3.40 per diluted share, excluding costs of $0.08 per diluted share (net of capitalized interest), associated with construction of the company's Texas Flat Roll Steel Mill.\n\"The team delivered another strong performance, achieving record quarterly operating and financial performance, including record sales, operating income, cash flow from operations, and adjusted EBITDA,\" said Mark D. Millett, Chairman, President, and Chief Executive Officer. \"Our second quarter 2022 operating income was $1.6 billion, with adjusted EBITDA of $1.7 billion. This tremendous accomplishment displays the power of our highly diversified, value-added, circular manufacturing model — as the strength in our steel fabrication operations more than offset lower earnings in our flat roll steel business, as realized flat roll steel selling values declined during the quarter. Despite softening hot...