US steelmaker Steel Dynamics increased its third-quarter revenue 35% year over year to $6.51 billion. Net income nearly doubled, but earnings per share fell short of analysts’ expectations.
According to the company’s press release, Steel Dynamics earned $756 million, or $5.26 per share, from July through September. A year earlier, net income was $403.7 million, or $2.74 per share. Analysts surveyed by FactSet had expected earnings of $5.48 per share and revenue of $6.43 billion, so revenue beat forecasts.
During the quarter, the company paid shareholders $76 million in dividends and repurchased $276 million of its shares. Steel Dynamics shares fell 4.6% in after-hours trading on Monday. The company’s market capitalization has risen 44.7% since the start of the year to $35.14 billion.
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