Steel Dynamics Provides Q2 EPS Guidance Of $2.64 - $2.68 (Est $2.97) Vs. $3.67 In Q1 And $4.81 Last Year
Portfolio Pulse from Benzinga Newsdesk
Steel Dynamics has provided Q2 EPS guidance of $2.64 - $2.68, which is below the estimated $2.97 and significantly lower than the $3.67 in Q1 and $4.81 last year. The company's steel operations profitability is expected to be lower due to reduced pricing, despite steady shipments. Domestic steel demand remains strong, led by the automotive, non-residential construction, energy, and industrial sectors, but buying hesitancy has emerged due to a weakening scrap price environment.
June 17, 2024 | 11:48 am
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Steel Dynamics' Q2 EPS guidance of $2.64 - $2.68 is below estimates and previous quarters, indicating lower profitability due to reduced pricing despite steady shipments. This may lead to a short-term negative impact on the stock price.
The lower-than-expected EPS guidance and significant drop from previous quarters suggest reduced profitability, which is likely to negatively impact investor sentiment and the stock price in the short term.
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