SDI Announced Guidance for Q4 2023 Earnings
Meantime, the steel order activity remains solid as it heads towards Q1 2024.
SEATTLE (Scrap Monster): Fort Wayne-based Steel Dynamics, Inc. (SDI) expects fourth quarter 2023 earnings to range between $2.60 and $2.64 per diluted share. This compares with the Q3 2023 earnings of $3.47 per diluted share and Q4 2022 earnings of $3.61 per diluted share.
According to the company press release, it expects Q4 2023 profitability from steel operations to be lower than sequential third quarter, mainly due to flat shipments and contracted metal spread. Meantime, the steel order activity remains solid as it heads towards Q1 2024.
The Q4 earnings from metals recycling operations are expected to be more or less flat when compared with sequential third quarter results. The company expects lower Q4 2023 earnings from the company’s steel fabrication operations, on account of lower shipments and compression in metal spread. Meantime, the steel joist and deck order activity is expected to record improvement during the fourth quarter.
The company has repurchased $1.4 billion of its common stock and paid cash dividends to shareholders of $271 million so far this year.
SDI is set to announce its fourth quarter 2023 and full-year earnings after the markets close on Tuesday, January 23, 2024.
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