By Connor Hart
Steel Dynamics logged better-than-expected profit and revenue in the first quarter, as both shipment volumes and prices increased.
The Fort Wayne, Ind., steel producer on Tuesday posted a profit of $217.2 million, down from $584.0 million in the same period a year earlier.
On a per-share basis, earnings came in at $1.44. Analysts surveyed by FactSet expected per-share earnings of $1.38.
Revenue fell 6.9% to $4.37 billion, but came in ahead of the $4.19 billion that analysts modeled.
Chief Executive Mark Millett said underlying demand improved in the quarter, as customer orders rebounded and backlogs increased at the company's steel and steel fabrication operations.
The company said it shipped a record 3.5 million tons of steel during the quarter. Steel prices are continuing to improve, and higher prices stand to benefit the company in future quarters.
Recent trade actions has increased uncertainty from some customers, Millett said, though he noted he still believes market conditions are in place for domestic steel consumption to be solid through 2025 and into the following years.
"Overall, we believe demand for lower-carbon emission, U.S. produced steel products coupled with lower imports will support steel pricing and demand," he said.
Shares edge 1.1% higher, to $118.70, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 22, 2025 16:56 ET (20:56 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.