Steel Dynamics earnings beats forecasts, but stock down
(AP) Fort Wayne-based Steel Dynamics Inc. on Monday reported first-quarter earnings of $187.3 million.
The company said it had net income of 88 cents per share, beating Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.
The steel producer and metals recycler posted revenue of $2.58 billion in the period, also surpassing forecasts. Three analysts surveyed by Zacks expected $2.55 billion.
Steel Dynamics shares, however have declined 34% since the beginning of the year. In the final minutes of trading on Monday, shares hit $22.57, a drop of 34% in the last 12 months.