UPDATE 1-Steel Dynamics Q3 profit more than doubles
* Q3 rev rises to $2 bln from $1.6 bln last yearOct 17 (Reuters) - Steel Dynamics posted quarterly
profit which more than doubled on higher shipments and increased
external steel selling price.Third-quarter net profit was $43 million, or 19 cents per
share, up from $19 million, or 9 cents per share, a year ago,
the Fort Wayne, Indiana-based steelmaker said on Monday.But the profit was lower than the $99 million, or 43 cents
per share, it earned this year’s second quarter. Revenue fell to
$2 billion from $2.1 billion last quarter.Last month, Steel Dynamics forecast third-quarter earnings
that lagged market estimates, citing uncertainty in the U.S. and
global economies, which led to lower demand for its products.As a result, analysts lowered their estimates for the third
quarter to 20 cents per share from 29 cents per share, according
to Thomson Reuters I/B/E/S.
