Steel Dynamics, Inc. (NASDAQ: STLD), a company engaged in steel production and metal recycling in North America, has provided guidance for the third quarter ending September 30, 2024.
- The company said it expects earnings in the range of $1.94 per share to $1.98 per share for the third quarter, compared to $3.47 per share in the prior-year quarter.
- Profitability from steel operations is expected to be meaningfully lower in Q3 than in the second quarter of 2024
- Q3 profit from metals recycling operations is expected to be in line with earnings generated in the preceding quarter
- Earnings from steel fabrication operations are expected to be moderately lower than in Q2 2024, based on an anticipated slight decline in average realized pricing
- The order backlog remains steady, extending into the first quarter of fiscal 2025 at attractive pricing levels
- The company repurchased $307 million, or 2%, of its common shares during the third quarter, through September 11, 2024
- The third quarter 2024 earnings report is expected to come on Wednesday, October 16, 2024, after the closing bell