Wabash National Corporation (WNC) , a leading semi-trailer manufacturer in North America, has entered into a 10-year strategic agreement with Steel Dynamics, Inc. (STLD) , a major steel producer and recycler in the region. The partnership ensures a steady supply of key steel components, such as hot-rolled, galvanized and painted steel coils, as well as steel cross members, for Wabash’s range of transportation solutions, including van trailers, tank trailers, platform trailers and truck bodies.Per Richard Ma ...

文章核心观点 - 钢铁动力公司(Steel Dynamics, STLD)最近的交易价格为123.34美元,较前一交易日下跌1.07% [1] - 公司股价表现落后于标普500指数的0.19%下跌 [1] - 过去一个月,公司股价上涨2.69%,低于基础材料板块3.7%的涨幅,但高于标普500指数1.95%的涨幅 [1] 公司财务表现 - 公司预计将于2024年10月16日公布财报,预计每股收益(EPS)为1.94美元,同比下降44.09% [1] - 预计第四季度营收为42.5亿美元,同比下降7.35% [1] - 全年预计每股收益10.32美元,同比下降30.97%;营收176.4亿美元,同比下降6.16% [2] 行业地位 - 公司所属钢铁生产行业目前在250多个行业中排名第150位,处于底部41%区间 [3] - 研究显示,排名前50%的行业,其表现是排名后50%的2倍 [4]

Steel Dynamics, Inc. (STLD) has issued earnings guidance for the third quarter of 2024 in the $1.94-$1.98 per share range. This represents a decline from the company's second-quarter 2024 earnings of $2.72 per share and its third-quarter 2023 earnings of $3.47.STLD’s steel operations profitability is expected to be significantly lower than  the second quarter due to reduced average realized pricing in the flat rolled operations. Approximately 80% of this business is contract-based, linked to lagging pricing ...

In the latest trading session, Steel Dynamics (STLD) closed at $108.74, marking a -1.81% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.45%. Meanwhile, the Dow lost 0.23%, and the Nasdaq, a tech-heavy index, added 0.84%.The steel producer and metals recycler's shares have seen a decrease of 4.51% over the last month, not keeping up with the Basic Materials sector's loss of 0.34% and the S&P 500's gain of 2.54%.The investment community will be closely monitoring ...

FORT WAYNE, Ind., Sept. 5, 2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today petitioned the Department of Commerce (DOC) and the U.S. International Trade Commission (ITC) to apply antidumping duties against imports of corrosion resistant flat rolled steel (CORE) from Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, UAE, and Vietnam, and countervailing duties against imports of CORE from Brazil, Canada, Mexico, and Vietnam. The company was joined by four other ...

Steel Dynamics (STLD) ended the recent trading session at $113.12, demonstrating a -0.74% swing from the preceding day's closing price. This change lagged the S&P 500's 0.16% loss on the day. Meanwhile, the Dow experienced a rise of 0.09%, and the technology-dominated Nasdaq saw a decrease of 0.3%.Shares of the steel producer and metals recycler witnessed a loss of 6.88% over the previous month, trailing the performance of the Basic Materials sector with its gain of 0.19% and the S&P 500's gain of 3.64%.The ...

FORT WAYNE, Ind., Aug. 16, 2024 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced that the company's board of directors declared a third quarter cash dividend of $0.46 per common share. The dividend is payable to shareholders of record at the close of business on September 30, 2024 and is payable on or about October 11, 2024.About Steel Dynamics, Inc.Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking ...

文章核心观点 - 公司第二季度营收和利润超出预期 [3][4] - 公司钢铁业务收入和出货量同比下降 [5][6] - 公司金属回收业务收入和出货量略有增长 [7] - 公司钢结构制造业务收入和出货量大幅下降 [8] - 公司现金储备大幅下降,但长期债务也有所减少 [9] - 公司对下半年市场前景保持乐观,预计将受益于制造业回流和基建投资 [10][11][12] 根据目录分类总结 钢铁业务 - 钢铁业务收入同比下降9.2%,出货量略有下降 [5] - 钢铁业务利润大幅下降37%,主要受到钢价下跌的影响 [6] 金属回收业务 - 金属回收业务收入小幅下降1%,出货量略有增长 [7] 钢结构制造业务 - 钢结构制造业务收入大幅下降38%,但出货量有所增加 [8] 财务状况 - 公司现金储备大幅下降近60% [9] - 公司长期债务下降26.5% [9] - 公司回购了1.5%的股票 [9] 未来展望 - 公司对下半年市场前景保持乐观,预计将受益于制造业回流和基建投资 [10] - 公司新增的钢铁涂层产线将在下半年产生更多高附加值产品 [11] - 公司正在建设铝加工厂,预计2025年投产 [12]

钢铁业务表现 - 公司第二季度2024年钢铁出货量为3.2百万吨[116] - 第二季度2024年钢铁业务净销售额下降10%至32.48亿美元，相比2023年同期[119] - 第二季度2024年钢铁业务营业收入下降37%至4.386亿美元，相比2023年同期[121] - 第二季度2024年钢铁业务金属价差减少7%，导致营业收入下降37%[129] - 2024年第二季度，钢铁制造业务板块的净销售额下降39%，主要由于平均售价每吨下降1406美元，即32%，以及销量减少11%[137] - 2024年第二季度，钢铁制造业务板块的金属价差收缩44%，导致营业利润下降61%至1.807亿美元[138] - 2024年上半年，钢铁制造业务板块的营业利润下降65%至3.591亿美元，主要由于金属价差减少47%[138] 金属回收业务表现 - 第二季度2024年金属回收业务净销售额持平，为11.72亿美元[119] - 第二季度2024年金属回收业务营业收入下降35%至2822.5万美元，相比2023年同期[121] - 2024年第二季度，金属回收业务板块的非铁金属出货量增加9%，而非铁金属平均售价增加16%[134] - 2024年第二季度，金属回收业务板块的非铁金属价差减少22%，导致该板块营业利润下降14%至2820万美元[134] - 2024年上半年，金属回收业务板块的非铁金属出货量增加5%，而非铁金属价差减少14%，导致营业利润下降35%至4700万美元[135] 财务表现 - 第二季度2024年合并营业收入下降47%至5.591亿美元，相比2023年同期[117] - 第二季度2024年净利润下降47%至4.28亿美元，与2023年同期相比[117] - 上半年2024年合并营业收入下降31%至13亿美元，相比2023年同期[118] - 上半年2024年净利润下降30%至10亿美元，与2023年同期相比[118] 费用和投资 - 2024年第二季度，销售、一般及行政费用增加13%至1.6亿美元，主要由于执行增长战略导致的薪资和福利费用增加[141] - 2024年第二季度，利润分享费用减少47%至4810万美元，与税前收益减少一致[142] - 2024年第二季度，净利息费用减少至1270万美元，主要由于铝业务板块建设相关的资本化利息增加[143] - 2024年上半年，资本投资增加至7.935亿美元，主要用于钢铁和铝业务板块，计划通过可用现金和运营现金流资助新的低碳再生铝扁轧产品厂和两个支持性再生铝板中心[157] 风险和合同策略 - 公司面临市场风险和价格波动，涉及产品销售和原材料采购，如金属原材料、电力、水、天然气及其运输服务、燃料、空气产品、锌和电极[161] - 公司在原材料采购方面通常与供应商就未来预期需求做出一些承诺，包括电力、水、天然气及其运输服务、燃料、空气产品、锌和电极，其中某些承诺要求公司“提货或支付”指定数量，不论实际使用情况，期限一般为5年，有的延长至16年（空气产品）和28年（水产品）[162] - 在金属回收和钢铁业务中，公司与客户和供应商签订了固定价格合同，用于未来交付有色和黑色金属，风险策略是通过进入基础金属金融合同来保护利润率，截至2024年6月30日，这些金融合同的结算日期大多在接下来的十二个月内[163]

Monty Rakusen Shares of Steel Dynamics (NASDAQ:STLD) have been a solid performer over the past year, rising about 25%. However, shares have pulled back over 10% from their high as investors have been concerned about a potential slowing in the economy. I last covered STLD in April, reiterating shares as a “buy.” Since that recommendation, performance has been disappointing with shares down 13% even as the market has rallied 5%. With solid Q2 results and long-term tailwinds, I believe this is a dip that s ...