Steel Dynamics ($STLD) Stock Hits a Record High
Steel Dynamics (
STLD) reports current quarter guidance that was above estimates as it sees profitability potentially stronger than the previous quarter. The steelmaker said the gains were driven by its flat-rolled steel operations.
Steel Dynamics added that because of its confidence in the business, the company repurchased 1.4% of its stock so far in the quarter. Steel Dynamics (STLD) shares soared to a record high after the steel maker reported much better-than-expected guidance on booming demand.
The company predicts current quarter earnings per share (EPS) of $3.51 to $3.55, while analysts were looking for $3.32.
Steel Dynamics said it anticipates profitability from its steel operations to be "meaningfully stronger" than fourth-quarter results.
While the company will give more details in its first quarter financial report on April 23, it pointed to increased shipments and earnings driven by the company's flat-rolled steel operations as fueling growth. Steel Dynamics (STLD) also said earnings from its metals recycling business will be higher, and that its automotive, non-residential construction, energy, and industrial sectors “continue to lead demand,”
Based on its “continued confidence in its earnings outlook and cash flow generation,” it had repurchased $279 million, or 1.4%, of its stock in the first quarter through March 11, the company said.
STLD) reports current quarter guidance that was above estimates as it sees profitability potentially stronger than the previous quarter. The steelmaker said the gains were driven by its flat-rolled steel operations.Steel Dynamics added that because of its confidence in the business, the company repurchased 1.4% of its stock so far in the quarter. Steel Dynamics (
STLD) shares soared to a record high after the steel maker reported much better-than-expected guidance on booming demand.The company predicts current quarter earnings per share (EPS) of $3.51 to $3.55, while analysts were looking for $3.32.
Steel Dynamics said it anticipates profitability from its steel operations to be "meaningfully stronger" than fourth-quarter results.
While the company will give more details in its first quarter financial report on April 23, it pointed to increased shipments and earnings driven by the company's flat-rolled steel operations as fueling growth. Steel Dynamics (
STLD) also said earnings from its metals recycling business will be higher, and that its automotive, non-residential construction, energy, and industrial sectors “continue to lead demand,”Based on its “continued confidence in its earnings outlook and cash flow generation,” it had repurchased $279 million, or 1.4%, of its stock in the first quarter through March 11, the company said.
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