Close

Steel Dynamics (STLD) Reports In-Line Q3 EPS

October 18, 2017 6:01 PM EDT

Steel Dynamics (NASDAQ: STLD) reported Q3 EPS of $0.66, in-line with the analyst estimate of $0.66. Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.39 billion.

Outlook

"Despite a somewhat noisy market environment related to continued high levels of steel imports, we remain optimistic that macroeconomic and market conditions are in place to benefit domestic steel consumption in 2018," said Millett. "Although U.S. automotive production has peaked, we believe North American automotive steel consumption will be steady, and that there will be continued additional growth in the energy and construction sectors, especially for larger, public sector infrastructure projects.

"We continue to reinvest in our existing facilities through equipment upgrades and further product diversification. During the fourth quarter 2017, we plan to complete a $29 million replacement and upgrade of two ladle furnace cranes at our Butler Flat Roll Division, including a facility expansion to improve logistics. We also plan to complete a $10 million upgrade of the hot strip mill at our Columbus Flat Roll Division, further diversifying our value-added flat roll steel product capabilities. The planned upgrades require longer than typical outages, which will result in higher costs and lower shipments, reducing potential fourth quarter 2017 pretax earnings by an estimated $25 million.

"Our financial position continues to strengthen through strong cash flow generation and the execution of our long-term strategy. We are well-positioned for growth, and remain focused on delivering shareholder value through organic and strategic growth opportunities," concluded Millett.

For earnings history and earnings-related data on Steel Dynamics (STLD) click here.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Earnings, Guidance, Management Comments

Related Entities

Earnings