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- Steel Dynamics (NASDAQ:STLD) -1.7% post-market after Q4 adjusted earnings and revenues topped expectations, while adjusted EBITDA of $1.52B came in slightly below $1.64B analyst consensus.
- Q4 net income soared by nearly 6x to $1.09B from $187.8M in the year-earlier quarter, while net sales more than doubled to $5.31B, as the average external product selling price for its steel operations rose to $1,662/ton from $1,550/ton in Q3.
- Q4 operating income for the company's steel operations was a record $1.4B, and steel fabrication operations reported record operating income of $238M, supported by strong shipments and a $986/ton increase in realized pricing, more than offsetting the continued increased in average steel input costs.
- Steel Dynamics says it achieved record annual cash flow from operations of $2.2B and ended the year with liquidity of more than $2.4B.
- Steel Dynamics set full-year records for operating income of $4.3B and net income of $3.2B, with record net sales of $18.4B.
- Steel and steel fabrication shipments of 11.2M tons and 789K tons, respectively, also were annual records for the company.
- "Based on our record steel fabrication order backlog extending through most of 2022, combined with the continued strength of order activity and broad customer optimism, we believe construction will remain strong in the coming year," the company says, adding that "the more severe supply chain challenges" in the North American automotive sector should ease during 2022.