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Steel Dynamics (STLD) Posts Q3 GAAP EPS of 38c

October 21, 2014 6:52 AM

Steel Dynamics (NASDAQ: STLD) reported Q3 EPS of $0.38, which may not compare with the analyst estimate of $0.43. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.14 billion.

Q314 EPS includes the negative impact of approximately $0.09 per diluted share related to acquisition costs, financing fees, and the effect of purchase accounting adjustments for the Severstal Columbus, LLC acquisition that occurred mid-September.

"We are very pleased with our operational and financial performance," said Chief Executive Officer, Mark Millett. "Our consolidated operating income increased 43 percent to $189 million for the third quarter 2014, as compared to the second quarter. During the third quarter, we achieved record volumes in fabrication and steel, even before including the results from our recent acquisition. Despite the continued elevated levels of steel imports into the U.S., the strength of underlying demand, coupled with our market diversification and customer focus supported our record shipments, and we remain optimistic heading toward the end of the year.

"We also successfully completed the acquisition of the Columbus flat roll steel mill mid-September, adding one of the most technologically advanced steel mills in the U.S. to our portfolio. The acquisition of Columbus represents a significant step in the continuation of our growth strategy. It leverages our core strengths, further increasing value-added product and market diversification. Once again, we enthusiastically welcome the Columbus employees and customers into the Steel Dynamics family, and look forward to working with them to drive future growth and success."

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

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