US steelmaker Steel Dynamics increased revenue by a third to $6.51 billion in July–September, while nearly doubling net income to $756 million. Earnings per share fell short of analyst expectations, although revenue exceeded forecasts.
A year earlier, the company earned $403.7 million, or $2.74 per share. Quarterly earnings came to $5.26 per share. Analysts surveyed by FactSet had expected $5.48 per share on revenue of $6.43 billion, according to a Steel Dynamics press release.
During the quarter, the company paid shareholders $76 million in dividends and repurchased $276 million worth of its shares. Steel Dynamics shares fell 4.6% in after-hours trading on Monday. The company’s market value has risen 44.7% since the start of the year to $35.14 billion.
