Why Steel Dynamics Shares Are Up Today
Portfolio Pulse from Lekha Gupta
Steel Dynamics, Inc. (NASDAQ:STLD) shares rose after the company provided positive Q1 2024 earnings guidance, expecting EPS of $3.51 to $3.55, above the street view of $3.35. The increase is attributed to stronger steel operations, higher shipments, and earnings across the platform, particularly from flat rolled steel operations and metals recycling. The company also announced an 8% dividend increase and repurchased $279 million in shares. STLD shares are up 2.19% at $135.06.
March 15, 2024 | 4:58 pm
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Steel Dynamics, Inc. (STLD) shares increased following the announcement of higher than expected Q1 2024 earnings guidance, an 8% dividend increase, and significant share repurchases.
The positive earnings guidance, coupled with an increase in dividends and aggressive share repurchases, signals strong financial health and operational efficiency, likely leading to increased investor confidence and a short-term positive impact on STLD's stock price.
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IMPORTANCE 90
RELEVANCE 100