FORT WAYNE, Ind. (AP) _ Steel Dynamics Inc. (STLD) on Wednesday reported fourth-quarter net income of $121.4 million.
On a per-share basis, the Fort Wayne, Indiana-based company said it had profit of 56 cents. Earnings, adjusted for non-recurring costs, came to 62 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The steel producer and metals recycler posted revenue of $2.37 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $2.27 billion.
For the year, the company said profit was nearly unchanged at $1.26 billion. Annual earnings per share also remained unchanged at $5.35. Revenue was reported as $10.5 million.
Steel Dynamics shares have dropped roughly 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $32.07, a fall of 8% in the last 12 months.