WASHINGTON (dpa-AFX) - Steel producer Steel Dynamics Inc. (STLD) on Thursday provided its earnings and adjusted earnings guidance for the first quarter, well above analysts' estimates.
For the first quarter, the company said it expects earnings in a range of $3.47 to $3.51 per share and adjusted earnings in a range of $3.78 to $3.82 per share.
Adjusted earnings exclude the impact from costs associated with the startup of the company's Sinton Texas Flat Roll Steel Mill growth investment of an estimated $78 million, or $0.31 per share.
On average, six analysts polled by Thomson Reuters expect the company to report earnings of $3.11 per share for the quarter. Analysts' estimates typically exclude special items.
The company had reported earnings of $5.71 per share, and adjusted earnings of $6.02 per share in the prior-year quarter.
The company projects first quarter 2023 profitability from its steel operations to be meaningfully stronger than sequential fourth quarter results, based on increased shipments across the platform more than offsetting metal spread compression as average realized selling values associated with lagging indexed-contracts declined in the quarter.
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