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Steel Dynamics Sees Q4 Earnings Below View - Quick Facts

Steel Dynamics, Inc. (STLD) on Tuesday provided its earnings outlook for the fourth quarter below analysts' estimates and also said it expects record earnings for fiscal 2018.

The company expects fourth-quarter 2018 earnings in a range of $1.11 to $1.15 per share. Excluding the impact from certain items, the company expects adjusted earnings for the quarter in a range of $1.25 to $1.29 per share.

On average, 14 analysts polled by Thomson Reuters expect the company to report earnings of $1.36 per share for the quarter. Analysts' estimates typically exclude special items.

The adjusted earnings outlook excludes items such as additional performance-based compensation of about $12 million, or $0.04 per share, awarded to all non-executive, eligible employees; lower earnings of about $14 million, or $0.04 per share, associated with a planned outage at the company's liquid pig iron production facility; and lower earnings resulting from significant planned maintenance outages at the company's two flat roll steel mills.

For fiscal 2018, Steel Dynamics said it anticipates "record annual earnings significantly higher" than its previous record set in 2017.

Based on strong steel demand fundamentals and customer optimism, the company believes steel consumption and market dynamics will remain strong in 2019, and said it has confidence in its ability to continue to deliver consistent strong free cash flow.

In addition to continued organic and transactional growth, the company also expects to repurchase more than 5 percent of its outstanding shares, or over $500 million, during 2018.

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