Steel Dynamics Inc. (STLD) on Monday detailed some weak earnings outlook for the second quarter, significantly below current Wall Street estimates.
The Fort Wayne, Indiana-based steel producer expects second-quarter earnings in the range of $0.10 to $0.14 per share. Analysts polled by Thomson Reuters currently expect earnings of $0.23 per share for the quarter.
The expectations pale when compared with earnings of $0.21 per share the company reported in the sequential quarter and $0.20 per share a year ago.
While overall steel shipments in the quarter to be slightly higher on a sequential basis, margin pressure due to declines in average sheet and structural steel pricing will impact profit at its steel operations, the company said in a statement.
With the domestic environment not very conducive, pressures also arise from an expected slower economic growth in China and volatility in the European region, the company added.
Steel Dynamics declared a quarterly cash dividend of $0.11 per common share, payable on or about July 12 to shareholders of record June 30.
Steel Dynamics closed Monday's regular trade at $15.01, up 0.60%, on a volume of 1.4 million shares on the Nasdaq. In after hours, the stock fell 0.87%.
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