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Record results for 1QSTLD Earnings Estimates: Analysts predicted Steel Dynamics earnings per share would rise 170% to $5.66 on revenue growth of 57% to $5.32 billion. Results: Steel Dynamics earnings per share surged 187% to $6.02, beating by 36 cents, on revenue of $5.57 billion. Steel Dynamics said the results, which came despite lower hot roll coil pricing earlier in the quarter, reflected a near doubling of operating income for its steel fabrication operations. "The non-residential construction sector remains strong, resulting in a record order backlog with record forward-pricing for the company's steel fabrication platform," the company said. Meanwhile, Steel Dynamics said its Sinton, Texas, mill coming online should ship about 1.5 million tons this year. STLD stock edged higher overnight to 91.60 after a regular-session loss of 0.5%. STLD stock had finished at an all-time closing high on Tuesday. STLD, NUE and CLF stocks all scored breakouts in late February or early March, then continued to outperform the market. Steel stocks are ranked No. 8 among 197 industry groups based on stock performance and momentum. Nucor stock is part of the IBD Leaderboard portfolio of elite stocks, while CLF stock is part of the flagship IBD 50 list. |
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