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Steel Dynamics Raises 2nd Quarter Earnings Guidance
06/13/2008 - Stronger-than-anticipated volumes and pricing prompt Steel Dynamics to raise its 2nd quarter earnings expectations into the range of $0.90 to $0.95 per diluted share.
Higher volumes and stronger-than-anticipated pricing are prompting Steel Dynamics, Inc. to raise its earnings expectations for the second quarter of 2008.
The company said it now expects earnings to be within a range of $0.90 to $0.95 per diluted share, which compares to the company's initial guidance of $0.80 to $0.90 per diluted share. The company said the increase is based primarily on stronger-than-anticipated shipping volume and selling values for flat-rolled steel products and stronger volume and margins in recycling.
“We continue to experience strong market conditions for our steel and recycled metals businesses," said Keith Busse, Chairman and CEO of Steel Dynamics. “In addition to the improving performance of the Flat Rolled Division and The Techs, our long products divisions continue to perform well, with continued strong order activity and backlogs. Strong shipping volumes and profit margins of our OmniSource Corp. subsidiary are expected to continue in the third quarter as well, as both internal and external demand for recycled metals remain strong.”
The company's Board of Directors has approved a regular quarterly dividend of $0.10 per share to be distributed to shareholders of record at the close of business on June 30, 2008. Payment of the cash dividend is scheduled for July 11, 2008.
