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STLD's Q3 Earnings Beat Estimates on Record Steel Shipments
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Key Takeaways
Steel Dynamics reported Q3 earnings of $2.74 per share, topping the estimated $2.66.
Net sales rose 11.2% year over year to $4.83B, exceeding consensus expectations.
Improved margins, stronger shipments and expansion in low-carbon steel and aluminum support growth.
Steel Dynamics, Inc. (STLD - Free Report) reported third-quarter 2025 earnings of $2.74 per share, up from $2.05 in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of $2.66.
Net sales in the second quarter were up around 11.2% year over year to $4,828.2 million. The metric surpassed the Zacks Consensus Estimate of $4,690.7 million.
Strong financial performance and achievement of several operational milestones in the third quarter resulted in a sequential improvement in margins. The company expects better market conditions, fewer unfair imports and rising U.S. manufacturing to boost demand, while its low-carbon steel and aluminum expansion supports strong long-term growth.
Steel Dynamics, Inc. Price, Consensus and EPS Surprise
Net sales for steel operations were $3,538.04 million in the reported quarter, up around 21.3% year over year. STLD registered record steel shipments of roughly 3.6 million tons in the quarter compared with our estimate of 3.36 million tons.
STLD's steel operations reported an average external product selling price of $1,119 per ton, up from $1,059 in the year-ago quarter and down from $1,134 in the previous quarter. The figure was above our estimate of $973 per ton.
Net sales of Metal’s recycling operations were $520.99 million in the quarter under review, up around 4.5% from the year-ago quarter. STLD registered ferrous shipments of around 1.59 million gross tons in the quarter, up 8.8% year over year. The figure outpaced our estimate of 1.56 million gross tons.
The company's steel fabrication operations reported sales of around $377.7 million, down roughly 15.56% year over year. Steel Dynamics recorded steel fabrication shipments of 151,563 tons in the quarter, down around 4.4% year over year. The figure surpassed our estimate of 148,833 tons.
STLD’s Financial Position
Steel Dynamics ended the quarter with cash and cash equivalents of $770.4 million, down around 24.12% year over year. Long-term debt was $3,781 million, up roughly 35% from the year-ago quarter.
The company generated cash flow from operations of $722.6 million in the reported quarter, down around 5% year over year.
STLD’s Outlook
The company anticipates improving market conditions supported by greater trade stability, policy clarity, and a more favorable interest rate environment. These factors, coupled with the expansion of U.S. manufacturing, are expected to drive stronger domestic demand for steel and aluminum products. Management also expects a reduction in unfairly traded imports, following the U.S. International Trade Commission’s final determinations on coated flat-rolled steel, to benefit its operations and market positioning.
The company continues to strengthen its competitive advantage through its focus on low-carbon, U.S.-made steel and aluminum solutions. The aluminum business remains on track with the commissioning of the Columbus, MS and San Luis Potosi facilities. The company remains confident in its long-term growth strategy, driven by sustainable, high-margin operations and its expansion into aluminum flat-rolled products.
STLD’s Price Performance
Shares of Steel Dynamics have gained 12.8% over the past year against an 11.8% rise in its industry.
Image Source: Zacks Investment Research
STLD’s Zacks Rank & Key Picks
STLD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth a look in the basic materials space are Avino Silver & Gold Mines Ltd. (ASM - Free Report) , Royal Gold, Inc. (RGLD - Free Report) and Fortuna Mining Corp. (FSM - Free Report) .
Avino Silver is slated to report third-quarter results on Nov. 6. The Zacks Consensus Estimate for third-quarter earnings is pegged at 3 cents per share. ASM’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 141.67%. Avino Silver flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Royal Gold is scheduled to report third-quarter results on Nov. 5. The Zacks Consensus Estimate for RGLD’s third-quarter earnings is pegged at $2.18 per share. RGLD’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 8.95%. Royal Gold currently sports a Zacks Rank #1.
Fortuna Mining is expected to report third-quarter results on Nov. 5. FSM carries a Zacks Rank #2 (Buy) at present. Fortuna Mining’s earnings beat the consensus estimate in one of the last four quarters and missed thrice.
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STLD's Q3 Earnings Beat Estimates on Record Steel Shipments
Key Takeaways
Steel Dynamics, Inc. (STLD - Free Report) reported third-quarter 2025 earnings of $2.74 per share, up from $2.05 in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of $2.66.
Net sales in the second quarter were up around 11.2% year over year to $4,828.2 million. The metric surpassed the Zacks Consensus Estimate of $4,690.7 million.
Strong financial performance and achievement of several operational milestones in the third quarter resulted in a sequential improvement in margins. The company expects better market conditions, fewer unfair imports and rising U.S. manufacturing to boost demand, while its low-carbon steel and aluminum expansion supports strong long-term growth.
Steel Dynamics, Inc. Price, Consensus and EPS Surprise
Steel Dynamics, Inc. price-consensus-eps-surprise-chart | Steel Dynamics, Inc. Quote
STLD’s Segment Highlights
Net sales for steel operations were $3,538.04 million in the reported quarter, up around 21.3% year over year. STLD registered record steel shipments of roughly 3.6 million tons in the quarter compared with our estimate of 3.36 million tons.
STLD's steel operations reported an average external product selling price of $1,119 per ton, up from $1,059 in the year-ago quarter and down from $1,134 in the previous quarter. The figure was above our estimate of $973 per ton.
Net sales of Metal’s recycling operations were $520.99 million in the quarter under review, up around 4.5% from the year-ago quarter. STLD registered ferrous shipments of around 1.59 million gross tons in the quarter, up 8.8% year over year. The figure outpaced our estimate of 1.56 million gross tons.
The company's steel fabrication operations reported sales of around $377.7 million, down roughly 15.56% year over year. Steel Dynamics recorded steel fabrication shipments of 151,563 tons in the quarter, down around 4.4% year over year. The figure surpassed our estimate of 148,833 tons.
STLD’s Financial Position
Steel Dynamics ended the quarter with cash and cash equivalents of $770.4 million, down around 24.12% year over year. Long-term debt was $3,781 million, up roughly 35% from the year-ago quarter.
The company generated cash flow from operations of $722.6 million in the reported quarter, down around 5% year over year.
STLD’s Outlook
The company anticipates improving market conditions supported by greater trade stability, policy clarity, and a more favorable interest rate environment. These factors, coupled with the expansion of U.S. manufacturing, are expected to drive stronger domestic demand for steel and aluminum products. Management also expects a reduction in unfairly traded imports, following the U.S. International Trade Commission’s final determinations on coated flat-rolled steel, to benefit its operations and market positioning.
The company continues to strengthen its competitive advantage through its focus on low-carbon, U.S.-made steel and aluminum solutions. The aluminum business remains on track with the commissioning of the Columbus, MS and San Luis Potosi facilities. The company remains confident in its long-term growth strategy, driven by sustainable, high-margin operations and its expansion into aluminum flat-rolled products.
STLD’s Price Performance
Shares of Steel Dynamics have gained 12.8% over the past year against an 11.8% rise in its industry.
Image Source: Zacks Investment Research
STLD’s Zacks Rank & Key Picks
STLD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth a look in the basic materials space are Avino Silver & Gold Mines Ltd. (ASM - Free Report) , Royal Gold, Inc. (RGLD - Free Report) and Fortuna Mining Corp. (FSM - Free Report) .
Avino Silver is slated to report third-quarter results on Nov. 6. The Zacks Consensus Estimate for third-quarter earnings is pegged at 3 cents per share. ASM’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 141.67%. Avino Silver flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Royal Gold is scheduled to report third-quarter results on Nov. 5. The Zacks Consensus Estimate for RGLD’s third-quarter earnings is pegged at $2.18 per share. RGLD’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 8.95%. Royal Gold currently sports a Zacks Rank #1.
Fortuna Mining is expected to report third-quarter results on Nov. 5. FSM carries a Zacks Rank #2 (Buy) at present. Fortuna Mining’s earnings beat the consensus estimate in one of the last four quarters and missed thrice.