The company expects the quarterly earnings to range between $4.93 and $4.97 per diluted share.
SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics, Inc. (SDI) provided earnings guidance for third quarter of 2022.
The company expects the quarterly earnings to range between $4.93 and $4.97 per diluted share. Excluding the costs associated with the company’s Sinton Texas Flat Roll Steel Mill, the adjusted earnings are expected to be in the range of $5.33 to $5.37 per diluted share, said the company press release.
It must be noted that the sequential second quarter 2022 earnings of the company were $6.44 per diluted share, and adjusted earnings were $6.73 per diluted share. Also, it had reported earnings and adjusted earnings of $4.85 per diluted share and $4.96 per diluted share respectively during the prior year third quarter.
SDI anticipates historically strong profitability from its steel operations during Q3 2022. However, it is likely to be significantly lower than Q2 2022 results, mainly on account of lower earnings from the company’s flat rolled steel operations. The quarterly earnings from metal recycling operations are expected to be below sequential second quarter results, driven by dip in ferrous and nonferrous scrap prices. Meantime, the steel fabrication operations are expected to deliver meaningfully higher results in Q3 2022, primarily due to ongoing strong volumes and expanding margins.
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