FORT WAYNE, Ind., Oct. 16, 2019 /PRNewswire/ -- Steel Dynamics, Inc. STLD today announced third quarter 2019 financial results. The company reported third quarter 2019 net sales of $2.5 billion and net income of $151 million, or $0.69 per diluted share. Comparatively, prior year third quarter net sales were $3.2 billion, with net income of $398 million, or $1.69 per diluted share, which included charges related to fair value purchase accounting adjustments of $0.04 per diluted share and a tax benefit of $0.04 per diluted share. Sequential second quarter 2019 net sales were $2.8 billion, with net income of $194 million, or $0.87 per diluted share.
"Our third quarter 2019 consolidated operating income was $228 million and adjusted EBITDA $315 million," said Mark D. Millett, President and Chief Executive Officer. "The team delivered a solid third quarter performance in a challenging steel pricing environment, as average steel pricing declined in the quarter more than offsetting the benefit of lower scrap costs. Steel customer inventory destocking has subsided, and underlying domestic steel demand remains principally intact for the primary steel consuming sectors, with particular strength in construction, as supported by our continued seasonally strong steel fabrication backlog."
The company generated strong cash flow from operations of $444 million during the third quarter 2019 and increased liquidity to a record high $2.4 billion. The company paid cash dividends of $53 million and repurchased $115 million of its common stock during the third quarter 2019.
"We are pleased by the recent rating upgrades to an investment grade credit by all three credit rating agencies," stated Theresa E. Wagler, Executive Vice President and Chief Financial Officer. "This is a natural progression of our growth, and recognition of our strong balance sheet profile and through-cycle free cash flow generation capability. Due to the strength of our liquidity profile, capital structure and free cash flow generating business model, we have the flexibility for continued growth and responsible shareholder distributions, while also being committed to maintaining investment grade credit metrics."
Third Quarter 2019 Comments
Third quarter 2019 operating income for the company's steel operations was $240 million, or 19 percent lower than sequential second quarter 2019 results. The sequential earnings decline was driven by lower realized product pricing and decreased shipments in the company's sheet steel operations, which more than offset the benefit of lower scrap costs in the quarter. The third quarter 2019 average external product selling price for the company's overall steel operations decreased $70 sequentially to $809 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $41 to $275 per ton.
The company's steel processing locations represented 17 percent of the shipment mix in the third quarter 2019, compared to 16 percent in the sequential quarter and 12 percent in the prior year third quarter. These locations use steel products as their primary raw material, and the associated steel procurement costs represented 17 percent of the steel operations cost of goods sold in the third quarter 2019, 18 percent in the sequential quarter, and 9 percent in the prior year third quarter.
Third quarter 2019 operating income from the company's metals recycling operations decreased to $3 million, compared to $11 million in the sequential second quarter, primarily as a result of the continued decline in aluminum demand and associated selling values. London Metal Exchange aluminum prices have declined more than 10 percent in 2019. Ferrous shipments and selling values also declined in the quarter, with prime scrap indices falling almost $30 per gross ton from July to September 2019.
Third quarter 2019 operating income from the company's steel fabrication operations was a strong $35 million, or 15 percent higher than sequential second quarter results. Earnings improved as higher shipments and lower raw material steel input costs resulted in expanded profit margins. The steel fabrication platform's order backlog remains strong, and customers remain optimistic concerning non-residential construction projects.
Year-to-Date September 30, 2019 Comparison
For the nine months ended September 30, 2019, net income was $550 million, or $2.47 per diluted share, with net sales of $8.1 billion, as compared to net income of $988 million, or $4.17 per diluted share, with net sales of $8.9 billion for the same period in 2018. Net sales decreased nine percent, while operating income of $805 million decreased 41 percent from record high 2018 year-to-date results of $1.4 billion. The decline in earnings was driven by decreased sheet steel product pricing, as hot roll coil price indices fell approximately $185 per ton, or 25 percent, since December 2018.
Compared to prior year results, the average year-to-date external product selling price for the company's overall steel operations decreased $53 to $863 per ton. The average year-to-date ferrous scrap cost per ton melted at the company's steel mills decreased $31 to $309 per ton.
The company generated strong cash flow from operations of $987 million, paid cash dividends of $148 million, and repurchased $292 million of its common stock during the first nine months of 2019.
Outlook
"Based on domestic steel demand fundamentals, we are constructive regarding 2020 North American steel market dynamics," said Millett. "We believe North American steel consumption will experience modest growth and will be supported by further steel import reductions and the end of steel inventory destocking. We believe current trade actions could have a positive impact in further reducing unfairly traded steel imports into the United States, including coated flat roll steel, which could have a significant positive impact for Steel Dynamics, as we are the largest non-automotive flat roll steel coater in the United States.
"In combination with our existing and newly announced expansion initiatives, there are firm drivers in place for our continued growth. We are excited about our Sinton, Texas flat roll steel mill project, and the associated long-term value creation it will bring through geographic and value-added product diversification. This facility is designed to have product size and quality capabilities beyond that of existing electric-arc-furnace flat roll steel producers, competing even more effectively with the integrated steel model and foreign competition. We have targeted regional markets that represent over 27 million tons of relevant flat roll steel consumption, which includes the growing Mexican flat roll steel market. This facility is located and designed to have a meaningful competitive advantage in those regions.
"We are competitively positioned and remain focused on delivering long-term shareholder value creation through organic and transactional growth opportunities," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss third quarter 2019 operating and financial results on Thursday, October 17, 2019, at 10:00 a.m. Eastern Daylight Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. For the call, a quarterly slide presentation will be available on the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Daylight Time on October 23, 2019.
About Steel Dynamics, Inc.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, manufacturing, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuations in the cost of key raw materials and supplies (including steel scrap, iron units, zinc, graphite electrodes, and energy costs) and our ability to pass on any cost increases; (5) the impact of domestic and foreign imports, including trade policy, restrictions, or agreements; (6) unanticipated difficulties in integrating or starting up new, acquired or planned businesses or assets; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.
More specifically, we refer you to Steel Dynamics' more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com: Investors: SEC Filings.
Steel Dynamics, Inc. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) | ||||||||||||||
Three Months Ended | Nine Months Ended | Three Months | ||||||||||||
September 30, | September 30, | Ended | ||||||||||||
2019 | 2018 | 2019 | 2018 | June 30, 2019 | ||||||||||
Net sales | $ | 2,526,845 | $ | 3,223,547 | $ | 8,114,795 | $ | 8,917,947 | $ | 2,770,515 | ||||
Costs of goods sold | 2,167,006 | 2,537,466 | 6,900,220 | 7,116,368 | 2,349,349 | |||||||||
Gross profit | 359,839 | 686,081 | 1,214,575 | 1,801,579 | 421,166 | |||||||||
Selling, general and administrative expenses | 107,242 | 102,614 | 324,530 | 310,076 | 106,250 | |||||||||
Profit sharing | 17,848 | 45,304 | 64,396 | 114,301 | 22,871 | |||||||||
Amortization of intangible assets | 6,704 | 6,591 | 20,730 | 20,346 | 7,013 | |||||||||
Operating income | 228,045 | 531,572 | 804,919 | 1,356,856 | 285,032 | |||||||||
Interest expense, net of capitalized interest | 31,339 | 31,560 | 94,782 | 94,968 | 32,321 | |||||||||
Other expense (income), net | (4,545) | (7,103) | (15,137) | (16,601) | (4,249) | |||||||||
Income before income taxes | 201,251 | 507,115 | 725,274 | 1,278,489 | 256,960 | |||||||||
Income tax expense | 48,643 | 109,209 | 171,093 | 292,536 | 60,214 | |||||||||
Net income | 152,608 | 397,906 | 554,181 | 985,953 | 196,746 | |||||||||
Net (income) loss attributable to noncontrolling interests | (1,560) | 469 | (4,503) | 2,422 | (2,444) | |||||||||
Net income attributable to Steel Dynamics, Inc. | $ | 151,048 | $ | 398,375 | $ | 549,678 | $ | 988,375 | $ | 194,302 | ||||
Basic earnings per share attributable to | ||||||||||||||
Steel Dynamics, Inc. stockholders | $ | 0.69 | $ | 1.70 | $ | 2.49 | $ | 4.20 | $ | 0.88 | ||||
Weighted average common shares outstanding | 217,873 | 234,208 | 221,145 | 235,483 | 221,505 | |||||||||
Diluted earnings per share attributable to | ||||||||||||||
Steel Dynamics, Inc. stockholders, including the | ||||||||||||||
effect of assumed conversions when dilutive | $ | 0.69 | $ | 1.69 | $ | 2.47 | $ | 4.17 | $ | 0.87 | ||||
Weighted average common shares | ||||||||||||||
and share equivalents outstanding | 219,109 | 235,649 | 222,197 | 236,772 | 222,519 | |||||||||
Dividends declared per share | $ | 0.2400 | $ | 0.1875 | $ | 0.7200 | $ | 0.5625 | $ | 0.2400 | ||||
Steel Dynamics, Inc. CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||||
September 30, | December 31, | |||||||||
Assets | 2019 | 2018 | ||||||||
(unaudited) | ||||||||||
Current assets | ||||||||||
Cash and equivalents | $ | 1,146,007 | $ | 828,220 | ||||||
Short term investments | 69,529 | 228,783 | ||||||||
Accounts receivable, net | 986,946 | 1,043,756 | ||||||||
Inventories | 1,767,020 | 1,859,168 | ||||||||
Other current assets | 50,818 | 72,730 | ||||||||
Total current assets | 4,020,320 | 4,032,657 | ||||||||
Property, plant and equipment, net | 3,031,731 | 2,945,767 | ||||||||
Intangible assets, net | 249,598 | 270,328 | ||||||||
Goodwill | 540,913 | 429,645 | ||||||||
Other assets | 100,685 | 25,166 | ||||||||
Total assets | $ | 7,943,247 | $ | 7,703,563 | ||||||
Liabilities and Equity | ||||||||||
Current liabilities | ||||||||||
Accounts payable | $ | 528,629 | $ | 550,754 | ||||||
Income taxes payable | 2,074 | 7,468 | ||||||||
Accrued expenses | 392,422 | 436,681 | ||||||||
Current maturities of long-term debt | 82,150 | 24,234 | ||||||||
Total current liabilities | 1,005,275 | 1,019,137 | ||||||||
Long-term debt | 2,355,243 | 2,352,489 | ||||||||
Deferred income taxes | 468,248 | 435,838 | ||||||||
Other liabilities | 70,126 | 8,870 | ||||||||
Total liabilities | 3,898,892 | 3,816,334 | ||||||||
Commitments and contingencies | ||||||||||
Redeemable noncontrolling interests | 143,614 | 111,240 | ||||||||
Equity | ||||||||||
Common stock | 645 | 645 | ||||||||
Treasury stock, at cost | (1,469,078) | (1,184,243) | ||||||||
Additional paid-in capital | 1,175,512 | 1,160,048 | ||||||||
Retained earnings | 4,349,523 | 3,958,320 | ||||||||
Accumulated other comprehensive income | 39 | 301 | ||||||||
Total Steel Dynamics, Inc. equity | 4,056,641 | 3,935,071 | ||||||||
Noncontrolling interests | (155,900) | (159,082) | ||||||||
Total equity | 3,900,741 | 3,775,989 | ||||||||
Total liabilities and equity | $ | 7,943,247 | $ | 7,703,563 | ||||||
Steel Dynamics, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Operating activities: | |||||||||||
Net income | $ | 152,608 | $ | 397,906 | $ | 554,181 | $ | 985,953 | |||
Adjustments to reconcile net income to net cash provided by | |||||||||||
operating activities: | |||||||||||
Depreciation and amortization | 79,470 | 81,383 | 240,555 | 236,638 | |||||||
Equity-based compensation | 8,841 | 7,978 | 33,229 | 28,860 | |||||||
Deferred income taxes | 11,311 | 23,899 | 34,952 | 45,437 | |||||||
Other adjustments | (1,116) | 312 | (952) | 197 | |||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts receivable | 85,633 | (48,024) | 95,195 | (330,307) | |||||||
Inventories | 35,479 | (69,885) | 139,889 | (240,908) | |||||||
Other assets | 39 | (6,429) | 7,632 | (7,164) | |||||||
Accounts payable | 1,111 | (14,883) | (54,167) | 100,368 | |||||||
Income taxes receivable/payable | 6,293 | (31,127) | 19,715 | 55,414 | |||||||
Accrued expenses | 64,533 | 79,310 | (83,001) | 49,920 | |||||||
Net cash provided by operating activities | 444,202 | 420,440 | 987,228 | 924,408 | |||||||
Investing activities: | |||||||||||
Purchases of property, plant and equipment | (154,131) | (70,668) | (293,687) | (176,477) | |||||||
Purchases of short term investments | (34,884) | (35,000) | (134,026) | (125,000) | |||||||
Proceeds from maturities of short term investments | 79,508 | 10,000 | 293,279 | 10,000 | |||||||
Acquisition of business, net of cash and restricted cash acquired | (3,694) | (37,589) | (97,106) | (433,998) | |||||||
Other investing activities | 2,746 | 576 | 4,023 | 1,462 | |||||||
Net cash used in investing activities | (110,455) | (132,681) | (227,517) | (724,013) | |||||||
Financing activities: | |||||||||||
Issuance of current and long-term debt | 128,230 | 110,041 | 374,686 | 327,670 | |||||||
Repayment of current and long-term debt | (119,988) | (115,039) | (369,134) | (346,162) | |||||||
Dividends paid | (52,751) | (44,081) | (148,493) | (125,146) | |||||||
Purchase of treasury stock | (114,950) | (74,965) | (292,394) | (193,379) | |||||||
Other financing activities | (1,527) | - | (7,259) | (8,324) | |||||||
Net cash used in financing activities | (160,986) | (124,044) | (442,594) | (345,341) | |||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | 172,761 | 163,715 | 317,117 | (144,946) | |||||||
Cash, cash equivalents, and restricted cash at beginning of period | 978,779 | 726,424 | 834,423 | 1,035,085 | |||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,151,540 | $ | 890,139 | $ | 1,151,540 | $ | 890,139 | |||
Supplemental disclosure information: | |||||||||||
Cash paid for interest | $ | 9,115 | $ | 8,643 | $ | 71,702 | $ | 70,498 | |||
Cash paid for income taxes, net | $ | 29,794 | $ | 119,802 | $ | 116,149 | $ | 198,752 | |||
Steel Dynamics, Inc. SUPPLEMENTAL INFORMATION (dollars in thousands) | |||||||||||||||||||
Third Quarter | Year to Date | ||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 1Q 2019 | 2Q 2019 | ||||||||||||||
External Net Sales | |||||||||||||||||||
Steel | $ | 1,922,528 | $ | 2,475,044 | $ | 6,153,448 | $ | 6,722,260 | $ | 2,124,570 | $ | 2,106,350 | |||||||
Fabrication | 246,078 | 250,625 | 715,982 | 669,556 | 228,480 | 241,424 | |||||||||||||
Metals Recycling | 280,908 | 387,219 | 955,145 | 1,200,045 | 351,137 | 323,100 | |||||||||||||
Other | 77,331 | 110,659 | 290,220 | 326,086 | 113,248 | 99,641 | |||||||||||||
Consolidated | $ | 2,526,845 | $ | 3,223,547 | $ | 8,114,795 | $ | 8,917,947 | $ | 2,817,435 | $ | 2,770,515 | |||||||
Operating Income | |||||||||||||||||||
Steel | $ | 239,587 | $ | 577,308 | $ | 846,793 | $ | 1,452,857 | $ | 312,437 | $ | 294,769 | |||||||
Fabrication | 35,321 | 13,145 | 86,690 | 47,162 | 20,663 | 30,706 | |||||||||||||
Metals Recycling | 2,894 | 17,764 | 33,466 | 71,297 | 19,958 | 10,614 | |||||||||||||
Operations | 277,802 | 608,217 | 966,949 | 1,571,316 | 353,058 | 336,089 | |||||||||||||
Non-cash amortization of intangible assets | (6,704) | (6,591) | (20,730) | (20,346) | (7,013) | (7,013) | |||||||||||||
Profit sharing expense | (17,848) | (45,304) | (64,396) | (114,301) | (23,677) | (22,871) | |||||||||||||
Non-segment operations | (25,205) | (24,750) | (76,904) | (79,813) | (30,526) | (21,173) | |||||||||||||
Consolidated Operating Income | $ | 228,045 | $ | 531,572 | $ | 804,919 | $ | 1,356,856 | $ | 291,842 | $ | 285,032 | |||||||
Adjusted EBITDA | |||||||||||||||||||
Net income | $ | 152,608 | $ | 397,906 | $ | 554,181 | $ | 985,953 | $ | 204,827 | $ | 196,746 | |||||||
Income taxes | 48,643 | 109,209 | 171,093 | 292,536 | 62,236 | 60,214 | |||||||||||||
Net interest expense | 24,107 | 25,894 | 73,722 | 79,304 | 24,017 | 25,598 | |||||||||||||
Depreciation | 71,456 | 73,431 | 215,887 | 212,125 | 71,846 | 72,585 | |||||||||||||
Amortization of intangible assets | 6,704 | 6,591 | 20,730 | 20,346 | 7,013 | 7,013 | |||||||||||||
Noncontrolling interest | (1,560) | 469 | (4,503) | 2,422 | (499) | (2,444) | |||||||||||||
EBITDA | 301,958 | 613,500 | 1,031,110 | 1,592,686 | 369,440 | 359,712 | |||||||||||||
Non-cash adjustments | |||||||||||||||||||
Unrealized hedging (gain) loss | 3,697 | 3,030 | 1,720 | (4,090) | 1,742 | (3,719) | |||||||||||||
Inventory valuation | 278 | 1,017 | 870 | 1,482 | 241 | 351 | |||||||||||||
Equity-based compensation | 8,842 | 7,978 | 28,541 | 25,933 | 10,619 | 9,080 | |||||||||||||
Adjusted EBITDA | $ | 314,775 | $ | 625,525 | $ | 1,062,241 | $ | 1,616,011 | $ | 382,042 | $ | 365,424 | |||||||
Other Operating Information | |||||||||||||||||||
Steel | |||||||||||||||||||
Average external sales price (Per ton) * | $ | 809 | $ | 988 | $ | 863 | $ | 916 | $ | 902 | $ | 879 | |||||||
Average ferrous cost (Per ton melted) # | $ | 275 | $ | 352 | $ | 309 | $ | 340 | $ | 338 | $ | 316 | |||||||
Flat Roll shipments | |||||||||||||||||||
Butler and Columbus Flat Roll Divisions | 1,527,230 | 1,562,813 | 4,628,544 | 4,713,125 | 1,526,851 | 1,574,463 | |||||||||||||
Techs, Heartland, and USS Divisions (processing) | 427,645 | 294,559 | 1,181,269 | 711,624 | 330,775 | 422,849 | |||||||||||||
Long Product shipments | |||||||||||||||||||
Structural and Rail Division | 366,306 | 431,326 | 1,094,582 | 1,241,128 | 376,263 | 352,013 | |||||||||||||
Engineered Bar Products Division | 176,564 | 239,951 | 579,082 | 705,193 | 206,874 | 195,644 | |||||||||||||
Roanoke Bar Division | 123,495 | 145,648 | 404,355 | 409,194 | 152,400 | 128,460 | |||||||||||||
Steel of West Virginia | 90,669 | 82,623 | 277,846 | 245,236 | 91,248 | 95,929 | |||||||||||||
Total shipments (Tons) | 2,711,909 | 2,756,920 | 8,165,678 | 8,025,500 | 2,684,411 | 2,769,358 | |||||||||||||
External shipments (Tons) * | 2,362,915 | 2,489,133 | 7,096,975 | 7,296,871 | 2,347,209 | 2,386,851 | |||||||||||||
Steel production (Tons) * | 2,736,306 | 2,852,451 | 8,251,344 | 8,222,163 | 2,745,128 | 2,769,910 | |||||||||||||
Metals Recycling | |||||||||||||||||||
Nonferrous shipments (000's of pounds) | 257,087 | 277,332 | 815,347 | 852,994 | 292,038 | 266,222 | |||||||||||||
Ferrous shipments (Gross tons) | 1,169,963 | 1,304,164 | 3,531,003 | 3,908,079 | 1,171,361 | 1,189,679 | |||||||||||||
External ferrous shipments (Gross tons) | 396,135 | 459,362 | 1,204,453 | 1,362,477 | 382,841 | 425,477 | |||||||||||||
Fabrication | |||||||||||||||||||
Average sales price (Per ton) | $ | 1,464 | $ | 1,461 | $ | 1,523 | $ | 1,398 | $ | 1,575 | $ | 1,538 | |||||||
Shipments (Tons) | 168,571 | 171,578 | 470,776 | 479,406 | 145,222 | 156,983 | |||||||||||||
* Includes all steel operations | |||||||||||||||||||
# Includes ferrous cost per ton melted at our steel mills | |||||||||||||||||||
View original content:http://www.prnewswire.com/news-releases/steel-dynamics-reports-third-quarter-2019-results-300940085.html
SOURCE Steel Dynamics, Inc.
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