Zacks Foresees Remarkable Earnings Surge for SDI This Fiscal Quarter
During that time, the company had predicted that the second quarter 2021 results would be even higher than its record Q1 2021 results.
SEATTLE (Scrap Monster): Leading investment research firm Zacks predicts remarkable surge in earnings of Steel Dynamics, Inc. (SDI) during the current fiscal quarter. The consensus sales estimate stood at $4.10 billion for the quarter, thus indicating 96.2% growth over the same quarter last year. The lowest estimate for quarterly sales was $4.06 billion, whereas the highest was $4.14 billion. It must be noted that the company had reported $2.09 billion in sales during Q2 2020.
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According to Zacks, the company is expected to report full year sales of $14.51 billion for the current fiscal year. The analyst estimates ranged from $14.43 billion to $14.66 billion. Also, the firm expects SDI to post sales of $13.17 billion during the next financial year. The estimates are based on surveys by research firms.
The Fort Wayne, Indiana-based company had reported record first quarter 2021 financial results. It reported net income of $431 million, or $2.03 per diluted share on net sales of $3.5 billion and adjusted net income of $445 million, or $2.10 per diluted share during the quarter. During that time, the company had predicted that the second quarter 2021 results would be even higher than its record Q1 2021 results.
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