PhonlamaiPhoto/iStock via Getty Images
PhonlamaiPhoto/iStock via Getty Images
Steel Dynamics (NASDAQ:STLD ) +0.3% post-market Wednesday after easily beating expectations for Q2 adjusted earnings and revenues, as steel shipments came in at a quarterly record 3.1M tons.
Q2 net income rose to a quarterly record $1.21B from $712.2M in the year-ago quarter, while net sales jumped 39% Y/Y to $6.21B, also a quarterly record.
The company set other quarterly records for operating income ($1.6B), steel fabrication operating income ($599M), steel fabrication shipments (218K tons), cash flow from operations ($1B) and adjusted EBITDA ($1.7B).
Q2 average external product selling price for steel operations was $1,539/ton, and the average ferrous scrap cost melted at steel mills was $538/ton.
Steel Dynamics (STLD) said its steel fabrication operations order backlog remains at near-record volumes and forward pricing levels; "This combined with continued healthy order activity and broad customer optimism, supports strong overall demand dynamics for the construction industry," it said.
Steel Dynamics (STLD) recently unveiled plans to build a new $2.2B, 650K-ton recycled aluminum flat rolled mill, with two supporting satellite recycled aluminum slab centers.