US-based steel maker Steel Dynamics Inc. (STLD), Wednesday reported a plunge in profit for the third quarter, negatively impacted by recent refinancing and impairment charges. Excluding one-time items, adjusted earnings still declined from last year, as global economic uncertainty pressured on steel shipments. Both earnings and revenue figure for the quarter came in below analysts' expectations.
Fort Wayne, Indiana-based Steel Dynamics' net income for the quarter dropped to $12.8 million or $0.06 per share from $43.3 million or $0.19 per share last year.
Results for the quarter include charges related to refinancing activities of $0.07 per share, primarily associated with prepayment fees, and impairment charges of $0.02 per share related to a decision to terminate two small joint ventures.
Adjusting for the special items, earnings were $0.15 per share for the quarter. On average, 16 analysts polled by Thomson Reuters expected earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Third-quarter revenues dropped to $1.69 billion from $2.04 billion last year. Analysts expected revenues of $1.78 billion for the quarter.
In steel operations, total shipments dropped to 1.41 million tons from 1.47 million tons last year. Average external sales price declined to $809 per ton from $897 per ton last year. Ferrous shipments dropped to 1.34 million tons from 1.48 million tons last year.
Chief Executive Mark Millett said, "The U.S. market in general remains tepid, as uncertainty surrounding the strength of Europe, growth in China, and the near-term U.S. economic and political environment continues to weigh heavily on customers' purchasing decisions. Aside from our fabrication operations, this reluctance in customer buying resulted in reduced selling volumes across our major operating platforms.
STLD closed Wednesday's trading at $12.62, down $0.02 or 0.16%, on a volume of 4 million shares. In after-hours, the stock further dropped $0.46 or 3.65%.
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