Steel Dynamics ($STLD) Stock Hits a Record HighSteel Dynamics ( NASDAQ: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 ( NASDAQ: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 ( NASDAQ: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.
