Steel Dynamics (STLD) Third Quarter Earnings and Sales Estimates - October 21, 2022

Steel Dynamics (STLD) Third Quarter Earnings and Sales Estimates – October 21, 2022

Metal Dynamics Firm (STLD Free Report) internet revenue of $914.3 million, or $5.03 per share, within the third quarter of 2022 in comparison with $990.8 million, or $4.85, within the prior yr quarter.

Excluding one-time gadgets, adjusted earnings per share had been $5.46, topping Zacks Consensus’ estimate of $4.97.

Web gross sales for the quarter rose almost 11% yr over yr to a report $5,651.7 million. The quantity exceeded Zacks Consensus’ estimate of $5,478.4 million.

Sector highlights

Web gross sales within the firm’s metal operations rose almost 1% year-over-year to $3,720.8 million within the cited quarter. Working revenue decreased almost 51% yr over yr to $658.3 million. The common product promoting worth per unit decreased about 11% yr over yr to $1,381 per ton within the cited quarter. The corporate reported report metal shipments of almost 3.2 million tons within the cited quarter, pushed by regular metal demand.

The corporate’s metal manufacturing operations generated gross sales of roughly $1,140.3 million, a rise of roughly 131% yr over yr. This section reported working revenue of $676.8 million, up from working revenue of $89.4 million within the first quarter of final yr. The corporate has seen robust demand from the non-residential building market.

Web gross sales in steel recycling operations fell almost 20% year-over-year to $472.1 million. Working revenue decreased roughly 79% yr over yr to $9.9 million.

Monetary Middle

Metal Dynamics ended the quarter in money and money equivalents of $1,420.5 million, up about 30% from final yr’s quarter ranges. Lengthy-term debt was $3,012.1 million, primarily flat on an annualized foundation.

The corporate generated $1.5 billion in money circulation from operations within the third quarter. It additionally repurchased $482 million of its frequent inventory in the course of the quarter.

prospects

Metal Dynamics studies that buyer order entry exercise stays wholesome throughout its enterprise. It sees a seasonally reasonable quantity in its metal and steel recycling operations within the coming months. Demand and delay exercise stays robust regardless of the softness of flat rolled metal costs.

The corporate expects metal consumption in North America to stay flat. It additionally expects demand for low-carbon metal merchandise produced by america and decrease imports to assist metal pricing. Moreover, the order backlog in metal manufacturing operations stays traditionally excessive primarily based on quantity and future worth ranges.

worth efficiency

Metal Dynamics shares gained 35.8% final yr versus a 16.5% drop in industry.


Picture supply: Zacks Funding Analysis

Zacks Rank & Different Key Picks

Metal Dynamics presently has a Zacks ranking of three (Maintain).

Embrace top-rated shares price learning within the core topic space Albemarle Firm (ALB free report), Sociedad Quimica y Minera de Chile SA (Sq. meters free report) and Ryerson Holding Firm (RYI free report).

Albemarle, which is presently rated by Zacks #1 (a powerful purchase), has an anticipated earnings development fee of 426.7% for the present yr. Zacks’ consensus estimate of ALB’s earnings for the present yr has been revised up 5% up to now 60 days. you possibly can see The full list of Zacks #1 stocks today is here.

Albemarle’s earnings beat Zacks’ consensus estimate in every of the final 4 quarters. It has a delayed quarterly earnings shock of about 24.2% on common. ALB gained about 10% in a yr.

Sociedad has an anticipated earnings development fee of 530.7% for the present yr. Zacks’ consensus estimate of SQM earnings for the present yr has been revised up 2.1% up to now 60 days.

Sociedad posted a shock fourth-quarter revenue of about 27.2%. SQM is up almost 70% in a yr. The corporate presently holds a Zacks #1 ranking.

Ryerson Holding, which presently holds Zacks #1, has an anticipated earnings development fee of 74.2% for the present yr. The consensus estimate for RYI’s earnings for the present yr has been revised up 3.2% up to now 60 days.

Ryerson Holding’s earnings beat Zacks Consensus’s estimate in every of the following 4 quarters, averaging 28.9%. RYI gained about 22% over the course of a yr.


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