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STLD

Steel Dynamics

$33.83

0.03 (0.09%)

18:04
09/19/17
09/19
18:04
09/19/17
18:04

Steel Dynamics sees Q3 adjusted EPS 63c-67c, consensus 70c

Steel Dynamics provided Q3 earnings guidance in the range of 61c-65c per diluted share, which includes estimated charges of $8M or approximately 2c per diluted share, related to the company's Q3 debt refinancing activities. Compares to Q2 EPS 63. Q3 profitability from the company's steel operations is expected to be similar to sequential Q2 results, based on somewhat higher shipments being offset by metal spread compression. Average quarterly steel product pricing is expected to be fairly consistent; while average scrap costs are expected to be higher, as continued high levels of steel imports dampen the ability for domestic steel prices to keep pace with raw material costs. The company's flat roll operations anticipate lower sequential earnings due to metal spread compression. The company's long product operations anticipate higher sequential earnings based on improved engineered bar, structural, and merchant steel shipments. Demand from the construction sector remains strong, and the energy sector is continuing to strengthen. Demand from the domestic automotive sector has softened, but the company's steel operations continue to gain market share. Q3 profitably for the company's metals recycling platform is also expected to remain steady compared to the sequential second quarter, based on comparable shipments and some metal spread expansion from higher third quarter scrap selling values.

STLD Steel Dynamics
$33.83

0.03 (0.09%)

09/12/17
09/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) downgraded to Neutral from Long-Term Buy at Hilliard Lyons with analyst Kurt Kemper citing share appreciation as shares have approached his previous $65 price target. 2. Bunge (BG) downgraded to Hold from Buy at Vertical Group citing the acquisition of 70% interest in IOI Loders Croklaan. 3. Advance Auto Parts (AAP) downgraded to Sell from Neutral at Citi with analyst Kate McShane saying the company's turnaround seems to be taking longer given the number of issues to fix, and its cost savings are unlikely to impact earnings given its needed investments. 4. Precision Drilling (PDS) downgraded to Neutral from Overweight at JPMorgan. 5. Nucor (NUE) and Steel Dynamics (STLD) were downgraded to Equal Weight from Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/17
09/12/17
DOWNGRADE

Equal Weight
Nucor, Steel Dynamics downgraded on margin concerns at Morgan Stanley
As previously reported, Morgan Stanley analyst Piyush Sood downgraded Nucor (NUE) and Steel Dynamics (STLD), each to Equal Weight from Overweight, contending that the crosscurrents of higher U.S. steel and scrap pricing and weaker non-residential and auto demand are a drag on these "mini mills" and peer Commercial Metals (CMC). However, the net impact of the pricing and demand factors is beneficial to U.S. Steel (X), added Sood, who keeps an Overweight rating on that stock.
09/12/17
MSCO
09/12/17
DOWNGRADE
MSCO
Equal Weight
Steel Dynamics downgraded to Equal Weight from Overweight at Morgan Stanley
09/06/17
MACQ
09/06/17
INITIATION
Target $36
MACQ
Neutral
Steel Dynamics initiated with a Neutral at Macquarie
Macquarie analyst David Lipschitz initiated Steel Dynamics with a Neutral and a $36 price target. The analyst expects earnings growth to slow in the near-term following the first half of this years improved downstream demand and buyers' pre-orders due to concerns on potential trade investigations.

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