Steel Dynamics, Inc. (STLD: Quote) Monday reported a surge in profit for the fourth quarter, due mainly to lower cost of sales.
Net income for the quarter rose to $55.0 million from $25.7 million in the same period last year.
Net income attributable to Steel Dynamics was $61 million or $0.27 per share, compared to $30. million or $0.14 per share last year. Cost of sales fell to $1.524 billion from $1.698 billion last year.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.15 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenues totaled $1.7 billion, down from $1.9 billion last year. Analysts expected revenues of $1.69 billion.
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by RTT Staff Writer
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