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Steel Dynamics Posts Earnings Guidance, Declares Dividend [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) Steel Dynamics provided third quarter 2014 earnings guidance in the range of $0.34 to $0.38 per diluted share, which includes estimated charges of $34 million (before taxes) related to the acquisition and financing of Severstal Columbus that occurred mid- September, and required post-acquisition estimated purchase accounting adjustments. According to a release from the company, excluding these charges, the company's estimated third quarter 2014 earnings guidance would have been in the range of $0.42 to $0.46 per diluted share. Estimated third quarter earnings are higher than both the company's sequential second quarter 2014 earnings of $0.31 per diluted share and prior year third quarter earnings of $0.25 per diluted share. Profitability from the company's steel operations for the third quarter 2014 is expected to be higher in comparison to the sequential quarter. Both shipments and metal spreads are expected to improve across the steel operating platform, despite continued elevated import activity. Demand trends for key steel-consuming end markets is expected to remain favorable, as strength in automotive, manufacturing, energy and construction markets continue to improve. Continued increased demand for the company's structural steel and fabricated steel joist and decking products indicates the nonresidential construction market is continuing a positive trend. Third quarter 2014 profitability from the company's fabrication operations is expected to continue to increase based on both improved volume and margin. Metals recycling financial results are expected to be somewhat flat to slightly lower for the third quarter 2014 when compared to the sequential quarter, based on lower nonferrous metal spreads more than offsetting improved ferrous and nonferrous volumes. The company's board of directors has declared a quarterly cash dividend of $0.1150 per common share. The dividend is payable to shareholders of record at the close of business on September 30, and is payable on or about October 10. Steel Dynamics is a domestic steel producer and metals recycler in the United States. More information and complete details: www.steeldynamics.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |