Steel Dynamics misses 4Q profit forecasts

FORT WAYNE, Ind. (AP) _ Steel Dynamics Inc. (STLD) on Tuesday reported fourth-quarter net income of $20 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Fort Wayne, Indiana-based company said it had net income of 8 cents. Earnings, adjusted for asset impairment costs and to extinguish debt, came to 43 cents per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The steel producer and metals recycler posted revenue of $1.91 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $1.86 billion.

For the year, the company reported net income of $382.1 million, or $1.56 per share, swinging to a profit in the period. Revenue was reported as $7.78 billion.

Steel Dynamics shares have climbed nearly 2 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.25, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STLD at https://www.zacks.com/ap/STLD

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Keywords: Steel Dynamics, Earnings Report