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Steel Dynamics(STLD) - 2025 Q1 - Quarterly Results
STLDSteel Dynamics(STLD)2025-04-23 17:51
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Financial Performance - First quarter 2025 net sales were 4.4billion,withnetincomeof4.4 billion, with net income of 217 million, or 1.44perdilutedshare,comparedto1.44 per diluted share, compared to 584 million, or 3.67perdilutedshareintheprioryear[3]−NetsalesforthethreemonthsendedMarch31,2025,were3.67 per diluted share in the prior year[3] - Net sales for the three months ended March 31, 2025, were 4,369,195, a decrease of 6.9% compared to 4,694,003forthesameperiodin2024[23]−GrossprofitforQ12025was4,694,003 for the same period in 2024[23] - Gross profit for Q1 2025 was 486,544, down 50.5% from 980,798inQ12024[23]−Operatingincomedecreasedto980,798 in Q1 2024[23] - Operating income decreased to 275,144 in Q1 2025, a decline of 63.5% from 750,975inQ12024[23]−NetincomeattributabletoSteelDynamics,Inc.was750,975 in Q1 2024[23] - Net income attributable to Steel Dynamics, Inc. was 217,151 for Q1 2025, down 62.9% from 584,041inQ12024[23]−BasicearningspershareattributabletoSteelDynamics,Inc.stockholdersdecreasedto584,041 in Q1 2024[23] - Basic earnings per share attributable to Steel Dynamics, Inc. stockholders decreased to 1.45 in Q1 2025, compared to 3.68inQ12024[23]OperationalHighlights−Operatingincomeforsteeloperationsincreasedto3.68 in Q1 2024[23] Operational Highlights - Operating income for steel operations increased to 230 million, a 39% increase from the sequential fourth quarter, driven by record shipments[6] - Record steel shipments reached 3.5 million tons in the first quarter 2025[7] - Adjusted EBITDA for the first quarter 2025 was 448million,withcashflowfromoperationsof448 million, with cash flow from operations of 153 million, despite a 165millionretirementprofit−sharingdistribution[7]−Theaverageexternalproductsellingpriceforsteeloperationsdecreasedby165 million retirement profit-sharing distribution[7] - The average external product selling price for steel operations decreased by 13 sequentially to 998perton,whiletheaverageferrousscrapcostincreasedby998 per ton, while the average ferrous scrap cost increased by 16 to 386perton[6]LiquidityandCapitalManagement−Strongliquidityof386 per ton[6] Liquidity and Capital Management - Strong liquidity of 2.6 billion was maintained as of March 31, 2025[11] - Share repurchases totaled 250million,representing1.3250 million, representing 1.3% of outstanding shares, with a 9% increase in cash dividends for the first quarter 2025[7] - Cash and equivalents increased to 1,186,917 as of March 31, 2025, up from 589,464attheendof2024[25]−Totalassetsroseto589,464 at the end of 2024[25] - Total assets rose to 15,930,428 as of March 31, 2025, compared to 14,935,233attheendof2024[25]−Totalliabilitiesincreasedto14,935,233 at the end of 2024[25] - Total liabilities increased to 7,096,534 as of March 31, 2025, compared to 5,989,987attheendof2024[25]−Dividendsdeclaredpershareincreasedto5,989,987 at the end of 2024[25] - Dividends declared per share increased to 0.50 in Q1 2025, up from $0.46 in Q1 2024[23] Future Outlook - The company expects to realize full run rate earnings potential from new value-added flat rolled steel coating lines in the second half of 2025[13] - The aluminum flat rolled products mill in Columbus, Mississippi successfully cast its first aluminum ingot in January 2025, with commercial shipments expected by mid-2025[14] - The company anticipates solid domestic steel consumption through 2025, supported by increased onshoring and public/private funding for fixed asset investments[12]