Steel Dynamics Inc. Q3 FY2023 results: revenue $4.6 billion, down 18.8% on the year

Steel Dynamics Inc. (STLD) reported revenue of $4.6 billion for Q3 FY2023, the quarter ended 30 September 2023, down 18.8% on the same quarter a year earlier. Net income was $577 million, down 36.9% on the year, and diluted earnings per share $3.47. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$4.6 billiondown 18.8%

Net income$577 milliondown 36.9%

Diluted EPS$3.47

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,587	n/a	n/a	n/a
Cost of revenue	3,635	n/a	n/a	n/a
Gross profit	952	n/a	n/a	n/a
Gross margin	20.8%	n/a	n/a
Selling, general and administrative	146	n/a	n/a	n/a
Operating income	734	n/a	n/a	n/a
Operating margin	16.0%	n/a	n/a
Interest expense	18.4	n/a	n/a	n/a
Pre-tax income	755	n/a	n/a	n/a
Income tax	175	n/a	n/a	n/a
Effective tax rate	23.2%	n/a	n/a
Net income	577	n/a	n/a	n/a
Net margin	12.6%	n/a	n/a
Diluted EPS	$3.47	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,114	n/a	n/a	n/a
Capital expenditure	558	n/a	n/a	n/a
Free cash flow	555	n/a	n/a	n/a
Free cash flow margin	12.1%	n/a	n/a
Depreciation and amortisation	107	n/a	n/a	n/a
Share-based compensation	12.0	n/a	n/a	n/a
Buybacks	331	n/a	n/a	n/a
Dividends paid	70.7	n/a	n/a	n/a
Dividend per share	$0.42	n/a	n/a	n/a
Diluted shares, weighted	166m	n/a	n/a	n/a
Shares outstanding at period end	163m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	14,929	n/a	n/a	n/a
Cash and equivalents	1,765	n/a	n/a	n/a
Receivables	1,882	n/a	n/a	n/a
Inventory	2,942	n/a	n/a	n/a
Goodwill	477	n/a	n/a	n/a
Long-term debt	3,100	n/a	n/a	n/a
Shareholders' equity	8,894	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,587	4,233	4,694	4,633	4,342	3,872	4,369	4,565	4,828	4,414	5,205	6,092
Cost of revenue	3,635	3,503	3,713	3,858	3,736	3,430	3,883	3,947	4,070	3,885	4,442	5,133
Gross profit	952	731	981	775	605	442	487	618	758	529	763	959
Gross margin	21%	17%	21%	17%	14%	11%	11%	14%	16%	12%	15%	16%
SG&A	146	157	160	160	168	177	182	198	201	185	175	193
Operating income	734	519	751	559	395	238	275	383	508	310	538	700
Operating margin	16%	12%	16%	12%	9%	6%	6%	8%	11%	7%	10%	11%
Interest expense	18.4	14.8	12.0	12.7	17.1	14.6	12.1	17.4	13.6	27.0	33.2	39.1
Pre-tax income	755	542	766	565	408	244	281	388	514	311	513	683
Tax rate	23%	21%	23%	24%	21%	14%	22%	22%	21%	15%	22%	22%
Net income	577	424	584	428	318	207	217	299	404	266	403	534
Net margin	13%	10%	12%	9%	7%	5%	5%	7%	8%	6%	8%	9%
Diluted EPS	$3.47	$2.66	$3.67	$2.72	$2.05	$1.40	$1.44	$2.01	$2.74	$1.80	$2.78	$3.69
Operating cash flow	1,114	865	355	383	760	347	153	302	723	273	148	428
Capital expenditure	558	515	374	419	621	453	306	288	166	188	138	124
Free cash flow	555	350	-19.1	-36.6	138	-106	-153	13.3	557	84.2	10.3	304
Buybacks	331	387	298	309	310	295	250	200	210	240	115	200
Dividends paid	70.7	69.5	68.0	72.6	71.6	70.4	69.5	74.7	73.9	73.1	72.5	76.6
Shares outstanding	163m	160m	158m	156m	153m	151m	149m	148m	146m	145m	144m	144m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001558370-23-018528: the filing on EDGAR. All of Steel Dynamics Inc.'s filings: EDGAR company page.

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