PhonlamaiPhoto/iStock via Getty Images
PhonlamaiPhoto/iStock via Getty Images
Steel Dynamics (NASDAQ:STLD ) +1% post-market Wednesday after reporting Q1 adjusted earnings that beat Wall Street consensus and topped the company's prior guidance of $5.85-$5.89, while revenues surged 57% Y/Y to $5.57B.
The company reported records during Q1 for net sales, operating income ($1.5B), net income ($1.1B), steel fabrication operating income ($467M), steel shipments (2.9M tons), cash flow from operations ($819M) and adjusted EBITDA ($1.6B).
Q1 net sales by segment: Steel +50% Y/Y to $3.76B, steel fabrication +261% to $930M, metals recycling +23% to $579.6M, other products -3% to $297.8M.
Hot roll coil pricing moderated during the quarter, with Steel Dynamics' (STLD) average external product selling price for steel operations declining just over $100 Q/Q to $1,561/ton.
"We remain confident that market conditions are in place for domestic steel consumption to continue to be strong this year and into 2023," Chairman, President and CEO Mark Millett said. "We believe steel prices will remain supported by strong demand, balanced customer inventory levels and elevated raw material costs."
Steel Dynamics (STLD) shares have gained 47% YTD and 78% during the past year.