Steel Dynamics (NASDAQ:STLD) posted its quarterly earnings results late on Monday, amassing a profit that missed the Wall Street consensus forecast, yet revenue was stronger than what analysts expected–the stock is up less than 1% the following day.
The steel producer — hailing out of Fort Wayne, In. — raked in adjusted earnings of 87 cents per share, which is a couple of cents below the Wall Street guidance of 89 cents per share, according to data compiled by Zacks Investment Research. This amount marked a decline of more than 40% when compared to the year-ago quarterly profit of $1.53 per share, also adjusted for non-recurring items.
Steel Dynamics also revealed that its sales for the period tallied in at $2.77 billion, marking a decline from the $3.09 billion it brought in during the same period a year ago. The figure did manage to surpass analysts’ projection by 2.83%, according to the Zacks Consensus Estimate.
The business has now topped Wall Street revenue outlook three times over the last four quarters.
STLD stock is up about 0.8% on Tuesday, the day after the company’s results.