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(Reuters) -Steel Dynamics on Tuesday beat Wall Street estimates for first-quarter revenue and profit, helped by higher steel shipments in the quarter.
The company said its first-quarter results were supported by record steel shipments of 3.5 million tons, which was also backed by higher earnings at its metals recycling and steel fabrication operations.
"Underlying steel demand improved in the first quarter as customer orders rebounded and backlogs increased throughout the quarter at our steel and steel fabrication operations," CEO Mark Millett said.
He added that steel prices improved throughout the reported quarter from the lows seen in the second half of 2024, as the Trump administration's tariffs saw imports declining from recent highs.
The Fort Wayne, Indiana-based company reported a net income of $217.2 million, or $1.44 per share, for the quarter ended March 31, down from $584 million, or $3.67 per share, a year earlier.
However, they came in ahead of analysts' estimates of $1.38 per share, according to data compiled by LSEG.
Revenue fell to $4.37 billion from a year ago, but came ahead of analysts' estimates of $4.20 billion.
Shares of the company were up 2% in after-market trading.
(Reporting by Aatreyee Dasgupta and Abhinav Parmar in Bengaluru; Editing by Shailesh Kuber)