SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) provided record earnings guidance for the third quarter of the current year.
The company expects the quarterly earnings to range between $4.78 and $4.82 per diluted share. Excluding the impacts from costs associated with the construction of the Sinton Texas Flat Rolll Steel Mill, the adjusted earnings of the company are likely to range between $4.88 and $4.92 per diluted share, said the press release.
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The Q3 profitability from SDI’s steel operations will be significantly higher than the prior quarter, primarily driven by strong steel demand and robust metal spread expansion across the entire platform, especially from flat roll segment. The steel shipments too are expected to remain strong across the platform.
The third quarter earnings from metals recycling operations are expected to be in line with the sequential Q2 results. The ferrous scrap demand is expected to witness moderated growth in Q4, due to planned maintenance outages.
Meantime, the earnings from steel fabrication operations are expected to surge higher by more than two-and-a-half times than the sequential quarter, triggered by higher prices and record quarterly shipments. The momentum is likely to continue through the rest of the year, boosted by robust order activity from non-residential construction sector.
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