Steel Dynamics Q3 2024 Earnings Guidance and Market Insights
Steel Dynamics Q3 2024 Earnings Guidance
Steel Dynamics, Inc. (NASDAQ: STLD), a key player in the steel industry and metal recycling sector, has provided crucial guidance for its Q3 2024 earnings. The company now expects its earnings to fall between $1.94 and $1.98 per share. This compares to a previous year’s earnings of $3.47 per share, indicating a notable decline.
Profitability Trends
The expected profitability from steel operations in Q3 2024 is anticipated to be significantly lower than in Q2 2024. Specifically, profit from metals recycling operations is projected to mirror earnings from the prior quarter. Additionally, earnings from steel fabrication are expected to witness a moderate decrease due to a slight decline in average realized pricing.
Market Outlook and Strategic Moves
- The order backlog remains substantial, extending well into Q1 2025, backed by attractive pricing.
- Steel Dynamics executed $307 million in share repurchases, constituting about 2% of its common shares, through September 11, 2024.
Scheduling this report as a focal point for stakeholders, the third quarter earnings announcement is set for October 16, 2024, following the closing bell.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.