Steel Dynamics Reports Record Quarter for Steel Sales, Net Income and Shipment (NASDAQ:STLD)

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Steel dynamics (NASDAQ: STLD) +1% after trading on Wednesday after announcing first-quarter adjusted earnings that beat the Wall Street consensus and beat the company’s earlier forecast of $5.85-5.89, while revenue jumped 57% year-on-year to $5.57 billion.

The company posted records during the first quarter for net sales, operating income ($1.5 billion), net income ($1.1 billion), manufacturing operating income ($467 million), steel shipments ($2.9 million), cash flow from operations ($819 million) and adjusted EBITDA ($1.6 billion).

Q1 Net Sales by Segment: Steel +50% YoY to $3.76B, Steel Manufacturing +261% to $930M, Metal Recycling +23% to $579.6M, other products -3% to $297.8 million.

Hot rolling coil prices moderated in the quarter, with Steel Dynamics’ (STLD) average external selling price for steel operations falling just over $100 T/T to 1,561 $/ton.

“We remain confident that the market conditions are in place for domestic steel consumption to remain strong this year and into 2023,” Chief Executive Officer Mark Millett said. “We expect steel prices to remain supported by strong demand, balanced customer inventory levels and high raw material costs.”

Shares of Steel Dynamics (STLD) have gained 47% year-to-date and 78% over the past year.

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