Steel Dynamics (STLD) provided lower-than-expected guidance for the current quarter, in part because of a problem with one of its plants. However, shares of the steelmaker recently edged higher as the company gave a positive outlook for the industry environment.
The company reported that it expects fourth-quarter earnings per share (EPS) in a range of $1.26 to $1.30. Analysts surveyed by Visible Alpha were looking for $1.60.
Steel Dynamics explained that per-share profitability would be "meaningfully lower" than the $2.05 produced in the third quarter because of "lower average realized pricing, seasonally lower shipments, and an unplanned outage at the Company's Butler Flat Roll Division further reducing volume by an estimated 50,000 tons.”
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