Steel Dynamics Inc.’s third-quarter profit fell 64 percent, but still beat analyst estimates.
For the three
months ended Sept. 30, the Fort Wayne company said it posted a profit of $69 million, or 30 cents per share. That compares
to $193 million, or 98 cents per share, in the same period last year. This was the first gain after three
straight quarterly losses.
Third-quarter sales fell 54 percent to $1.17 billion from $2.56
billion during the year-earlier quarter. The company said pricing reached historical peaks in the 2008 third quarter.
Analysts surveyed by Thomson Reuters were expecting a profit of 23 cents per share on revenue of $1.06 billion.
Steel Dynamics said Monday that the latest results were stronger than anticipated because of cost cuts, high production
and shipping volumes at its Flat Roll Division, and better results in metals recycling.
For the fourth quarter,
the company says it "anticipates a slight easing in current operations rates, which could result in somewhat lower earnings
than the third quarter."
Steel Dynamics said it will provide further guidance later in the quarter.
Shares of Steel Dynamics added 38 cents, or 2.5 percent, to $15.70 in after-hours trading, after falling 7 cents to close
at $15.32 in the regular session.