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Steel Dynamics, Inc. (NASDAQ:STLD) shares are trading higher after the company provided first-quarter 2024 earnings guidance.
The company expects EPS of $3.51 to $3.55 vs. street view of $3.35, expecting profitability from the steel operations to be meaningfully stronger Q/Q on higher shipments and earnings across the platform.
This is expected to be driven by the company’s flat rolled steel operations, including improved performance at the Sinton Texas Flat Roll Division.
The company projects earnings from metals recycling operations to be higher Q/Q, on substantially stronger realized product pricing and increased volume in ferrous and nonferrous materials.
Steel Dynamics anticipates first quarter 2024 earnings from the steel fabrication operations to be historically strong but lower Q/Q due to seasonally lower shipments and metal spread contraction.
On February 26, the company’s board of directors raised the first quarter 2024 dividend per share by 8% to $0.46.
The company repurchased $279 million in the first quarter through March 11, 2024.
The company plans to release its first quarter 2024 earnings on April 23, 2024.
Price Action: STLD shares are up 2.19% at $135.06 on the last check Friday.
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Posted In: STLD
