Steel dynamics posted record Q2 of 2022 earnings guidance in the range of $6.33 to $6.37 per diluted share.
- The company expects second-quarter 2022 adjusted earnings to be in the range of $6.61 to $6.65 per diluted share, excluding the impact of costs related to the startup of the company’s Sinton Texas Steel Mill growth investment of an estimated $76M.
- The company noted that its Q2 profitability from the steel operations is projected to be historically solid but lower than Q1 of 2022 due to lower earnings from flat roll steel operations.
- The company’s Q2 earnings from metal recycling operations are expected to be significantly higher than sequential Q1 results, backed by strong demand supporting increased shipments and higher pricing.
In Q2 through June 10, 2022, Steel Dynamics repurchased $397M or more than 2.5% of its common stock, subject to continued confidence in the company’s earnings outlook.
STLD down -1.62%, CMC up +2.50%
Source: Steel Dynamics