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Steel Dynamics +4% after strong Q3 results, record high operating income

Published 10/18/2018, 08:30 AM
© Reuters.  Steel Dynamics +4% after strong Q3 results, record high operating income
STLD
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  • Steel Dynamics (NASDAQ:STLD) +3.7% pre-market after reporting stronger than expected Q3 earnings and a 32% Y/Y revenue increase to $3.22B.
  • STLD had guided EPS slightly lower to $1.64-$1.68 in mid-September even as it indicated strong underlying demand in domestic end markets.
  • STLD says Q3 income from operations of $532M, cash flow from operations of $420M and adjusted EBITDA of $626M were record highs for the company, lifted by record steel shipments, average steel selling price improvement and resulting metal spread expansion across its steel operations.
  • "We remain confident that macroeconomic and market conditions are in place to benefit domestic steel production in 2019," CEO Mark Millett says.
  • Now read: Tahoe Resources (TAHO) Escobal & The Path Forward Presentation - Slideshow


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