Steel Dynamics shares down after Q2 earnings miss
The company reported earnings per share of $2.01, missing the consensus estimate of $2.26. Revenue fell to $4.6 billion, also short of the expected $4.73 billion.
Despite the miss, CEO Mark Millett said steel pricing stabilized at higher levels during the quarter, helping drive a 39% sequential improvement in consolidated operating income and a 19% gain in adjusted EBITDA. The margin expansion was led by stronger performance in the company's long products operations.
However, customer hesitancy due to unsettled trade policy and excess inventory weighed on volumes. 'This hesitancy, combined with an inventory overhang of coated flat rolled steel, resulted in lower steel and steel fabrication shipments,' Millett said in the release.
The company also reaffirmed its long-term growth outlook, citing expansion into value-added steel and aluminum flat rolled products.
Shares of Steel Dynamics (NASDAQ:STLD) were down more than 3% at $137 in aftermarket trading. YTD, down about 10%.
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