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Steel Dynamics reports $100M profit

(Photo supplied/Steel Dynamics)

FORT WAYNE, Ind. (AP): Steel Dynamics Inc. (STLD) on Monday reported a third-quarter profit of $100.1 million.

The Fort Wayne-based company said it had a net income of 47 cents per share. Earnings, adjusted for non-recurring costs, were 51 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.

The steel producer and metals recycler posted revenue of $2.33 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $2.19 billion.

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