Steel Dynamics Stock Soars as Q3 Earnings, Revenue Surge Y2Y

Steel Dynamics (NASDAQ:STLD) stock is up more than 3% after hours as the company reported its latest quarterly earnings results late in the day on Wednesday, posting earnings and revenue that were stronger than they were during the year-ago quarter.

Steel Dynamics StockThe company said that for its third quarter of fiscal 2018, it brought in net income of $398 million, or $1.69 per diluted share, which included charges of roughly $13 million, or 4 cents per share. On an adjusted basis when excluding these items, the company’s third-quarter net income tallied up to $397 million, or $1.69 per share.

In the year-ago quarter, Steel Dynamics brought in net income of $153 million, or 64 cents per share. The figure was also stronger than what analysts were calling for as the Wall Street consensus estimate was projecting adjusted earnings of $1.65 per share, according to the average estimate of six analysts who were surveyed by Zacks Investment Research.

The company also said that its revenue for the period came in at $3.22 billion, which is better than the $3.17 billion that analysts polled by Zacks were calling for. In the year-ago quarter, Steel Dynamics raked in revenue of $2.4 billion.

STLD stock is up about 3.4% after hours following the company’s strong quarterly earnings showing on Wednesday. Shares had risen about 0.7% during regular trading hours in anticipation of the company quarterly earnings results.

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