FORT WAYNE, Ind. , Oct. 16, 2024 /PRNewswire/ -- Third Quarter 2024 Performance Highlights: Steel Dynamics, Inc.
(NASDAQ/GS: STLD) today announced third quarter 2024 financial results. The company reported third quarter 2024 net sales of $4.3 billion and net income of $318 million , or $2.
05 per diluted share. Comparatively, the company's sequential second quarter 2024 net income was $428 million , or $2.72 per diluted share and prior year third quarter net income was $577 million , or $3.
47 per diluted share. "The teams achieved a solid third quarter 2024 performance across the platforms, with adjusted EBITDA of $557 million and cash flow from operations of $760 million ," said Mark D. Millett , Co-Founder, Chairman, and Chief Executive Officer.
"With our proven through-cycle cash generation, we increased liquidity to $3.1 billion , while also investing $621 million in our internal ongoing growth initiatives and distributing $381 million to our shareholders through cash dividends and share repurchases. Our three-year after-tax return-on-invested capital of 26 percent is a testament to our ongoing high-return capital allocation execution.
"Underlying steel demand continued to be stable in the third quarter," continued Millett. "However, earnings declined sequentially, based on lower average realized steel pricing, primarily within the flat rolled operations as generally 80 percent of this business is contractually based and tied to lagging pricing indices. Steady steel demand.
