The business projects earnings for the third quarter of 2024 to be between $1.94 and $1.98 per diluted share.
SEATTLE (Scrap Monster): Steel Dynamics, Inc. provided third-quarter 2024 earnings guidance.
The business projects earnings for the third quarter of 2024 to be between $1.94 and $1.98 per diluted share. This is in contrast to its sequential $2.72 per diluted share second-quarter 2024 earnings and $3.47 per diluted share third-quarter earnings of the previous year.
The company's steel operations are likely to generate significantly less profit than the second-quarter results that followed, mostly as a result of the flat rolled business' lower average realized pricing. It stated that throughout the quarter, fundamental steel demand remained stable and flat-rolled steel prices improved.
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In the meantime, the company expects steady volumes from its metals recycling operations, as a result of which it expects the segment earnings to remain comparable with sequential second-quarter results. However, the earnings from the company’s steel fabrication operations are expected to be moderately lower than sequential second-quarter results in the third quarter of the year, driven by an anticipated decline in average realized pricing.
The company will release its Q3 2024 earnings after the markets close on Wednesday, October 16, 2024. A conference call will be held the following day at 11:00 AM EDT to review the results.
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