In a story and headlines about third-quarter results, The Associated Press, in a story generated by Automated Insights, reported erroneously that Steel Dynamics Inc. missed third-quarter earnings expectations. The story omitted that the company had adjusted net income of 47 cents per share, which beat analysts' expectations of 43 cents per share.
A corrected version of the story is below:
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Steel Dynamics beats 3Q profit forecasts
Steel Dynamics beats 3Q earnings expectations, tops revenue forecasts
FORT WAYNE, Ind. (AP) — FORT WAYNE, Ind. (AP) — Steel Dynamics Inc. (STLD) on Monday reported third-quarter profit of $91.2 million.
On a per-share basis, the Fort Wayne, Indiana-based company said it had net income of 38 cents. On an adjusted basis, the company reported earnings of 47 cents per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The steel producer and metals recycler posted revenue of $2.34 billion in the period, which topped Street forecasts. Analysts expected $2.12 billion, according to Zacks.
Steel Dynamics shares have climbed 8 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $21.10, an increase of 17 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. STLD stock research report from Zacks: http://www.zacks.com/ap/STLD
Keywords:Steel Dynamics,Earnings Report