SDI Posted Robust Q2 Results, Driven by Best-in-Class Performance

SEATTLE (Scrap Monster): Fort Wayne, Indian-headquartered Steel Dynamics, Inc. announced financial results for Q2 this year. The company’s earnings and revenues exceeded estimates.

According to company press release, it reported net income of $75 million, or $0.36 per diluted share on net sales of $2.1 billion. Excluding special items, the company's second quarter 2020 adjusted net income was $100 million, or $0.47 per diluted share. The above results are in comparison with net income of $194 million, or $0.87 per diluted share, net sales of $2.8 billion in the same quarter a year before.

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The net income totalled $263 million or $1.24 per diluted share during the initial six-month period of the year, whereas the net sales were $4.7 billion. It must be noted that the company had recorded net income of $399 million, or $1.78 per diluted share on net sales of $5.6 billion in the corresponding six-month period in 2019. The H1 steel shipments of 5.4 million tons were 2% lower over the year.

Commenting on the result, Mark D. Millett, President and Chief Executive Officer noted that the company’s operating, commercial, and financial teams achieved best-in-class performance. The company was able to maintain its available liquidity at $2.8 billion at the end of second quarter 2020, he added.