Steel Dynamics Sees Q3 Profit Well Above Estimates

RTTNews | 1079 dagar sedan
Steel Dynamics Sees Q3 Profit Well Above Estimates

(RTTNews) - Steel producer Steel Dynamics Inc. (STLD) on Thursday provided its earnings and adjusted earnings guidance for the third quarter, well above analysts' estimates.

For the third quarter, the company said it expects earnings in a range of $4.93 to $4.97 per share and adjusted earnings in a range of $5.33 to $5.37 per share.

Adjusted earnings exclude the impact from costs associated with the startup of the company's Sinton Texas Flat Roll Steel Mill growth investment of an estimated $104 million, or $0.40 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.90 per share for the quarter. Analysts' estimates typically exclude special items.

The company had reported earnings of $4.85 per share, and adjusted earnings of $4.96 per share in the prior-year quarter.

The company projects third quarter 2022 profitability from its steel operations to be historically strong, but significantly lower than second quarter 2022 results, due to lower earnings from the company's flat rolled steel operations, as lower average flat rolled steel pricing is expected to more than offset lower raw material costs and higher shipments.

read more
German Inflation Accelerates To 2.2% In August

German Inflation Accelerates To 2.2% In August

Consumer price inflation in Germany climbed in August to its highest level in five months, while the core figure was steady amid an acceleration in food price growth, and weakened chances for further easing from the European Central Bank in the near term.
RTTNews | 1h 46minuter sedan
Swiss Market Ends Modestly Lower

Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.
RTTNews | 4h 35minuter sedan