SEATTLE (Scrap Monster): Fort Wayne, Indiana-headquartered Steel Dynamics, Inc. provided guidance for its third quarter earnings.
The company expects earnings to range between $0.42 and $0.46 per diluted share in Q3 2020. This compares with the prior year third quarter earnings of $0.69 per diluted share and the sequential second quarter 2020 earnings of $0.36 per diluted share.
Excluding special items, the adjusted earnings for third quarter 2020 is expected is likely to range between $0.46 and $0.50 per diluted share. This is after considering costs of approximately $12 million, or $0.04 per diluted share in connection with the construction of its Sinton Texas Flat Roll Steel Mill. The company’s adjusted earnings for the sequential second quarter 2020 were $0.47 per diluted share, after excluding the impact of refinancing costs and costs related to construction of the Texas steel mill.
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The company expects lower earnings from steel operations during the quarter, due to compression in metal spread. The average realized quarterly flat roll steel product pricing is expected to decline. Meantime, significantly higher scrap shipments are likely to result in better earnings from its metals recycling operations. Also, the earnings from steel fabrication operations are likely to touch record levels during the quarter.
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