Zacks Foresees Remarkable Earnings Surge for SDI This Fiscal Quarter

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.