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Jun 30, 2024
Steel Dynamics Q2 2024 Earnings Report
Reported a solid performance with stable steel demand, but earnings declined due to lower selling values in steel operations.
Key Takeaways
Steel Dynamics reported Q2 2024 net sales of $4.6 billion and net income of $428 million, or $2.72 per diluted share. Operating income was $559 million.
Second quarter operating income for steel operations was $442 million.
Metals recycling operations increased 42% to $32 million.
Steel fabrication operations achieved strong operating income of $181 million.
The steel fabrication order backlog extends through the fourth quarter 2024, at historically strong pricing levels.
Revenue by Segment
Forward Guidance
Market conditions are in place for domestic steel consumption to be solid in the second half of 2024. Order entry has improved in many businesses, and expect steel pricing to firm.
Positive Outlook
- Automotive, non-residential construction, and industrial sectors will remain steady this year.
- The continued onshoring of manufacturing businesses will benefit the domestic steel industry.
- Expect significant fixed asset investment to be derived from public funding.
- Will be benefitting from an additional 1.1 million tons of value-added steel products in the second half of this year and fully in 2025.
- Plan to begin operating the aluminum flat rolled mill mid-2025.
Challenges Ahead
- No specific negatives were mentioned in the outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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