Steel Dynamics Q4 Results Top View; Stock Up

(RTTNews) - Steel Dynamics, Inc. (STLD) reported that its fourth-quarter net income declined to $121.43 million or $0.56 per share from $270.00 million or $1.17 per share in the prior year.

Lower earnings resulting from two planned annual maintenance outages at the company's Butler and Columbus flat roll divisions, causing higher than normal maintenance and associated costs of approximately $15 million, or $0.05 per share. The outages also reduced flat roll steel shipments by an estimated 70,000 tons to 80,000 tons, further reducing fourth quarter earnings, the company said.

Adjusted net income for the latest-quarter was $134 million or $0.62 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales decreased to $2.37 billion from $2.90 billion in the prior year. Analysts expected revenue of $2.34 billion for the quarter.

STLD closed Wednesday's regular trading at $32.07, up $0.15 or 0.47 percent. In the after-hours trade, the stock further gained $1.30 or 4.05 percent.