Steel Dynamics expects 4Q above Wall Streeet views
FORT WAYNE, Ind. (AP) — Steel Dynamics Inc. expects its fourth-quarter earnings to be better than analysts anticipated, despite customers' reluctance to spend money amid the economic and political uncertainty heading into the new year.
The company said late Monday that its earnings for the final three months of the year should range from 18 cents to 22 cents per share. The projection includes a tax benefit that will lift Steel Dynamics' earnings by six cents per share.
If not for that one-time gain, the company said its earnings will range from 12 cents to 16 cents per share. On that basis, the average estimate among analysts polled by FactSet called for earnings of 11 cents per share.
Steel Dynamics, which is based in Fort Wayne, Ind., said its fourth-quarter product shipments will remain largely unchanged from the same time last year as jittery customers turn more cautious.
The company also declared a quarterly dividend of 10 cents per share, payable on Jan. 11 to stockholders of record as of Dec. 31.
Steel Dynamics' stock dipped 6 cents to $13.70 in Monday's extended trading.