$STLD
STEEL DYNAMICS INC

2019 Q1 Form 10-Q Financial Statement

#000114420419025136 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $2.817B $2.604B
YoY Change 8.2% 9.95%
Cost Of Revenue $2.384B $2.140B
YoY Change 11.37% 12.89%
Gross Profit $433.6M $463.4M
YoY Change -6.44% -1.85%
Gross Profit Margin 15.39% 17.8%
Selling, General & Admin $141.7M $140.0M
YoY Change 1.22% 7.54%
% of Gross Profit 32.69% 30.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.17M $76.14M
YoY Change 5.31% 1.38%
% of Gross Profit 18.49% 16.43%
Operating Expenses $141.7M $140.0M
YoY Change 1.22% 1.76%
Operating Profit $291.8M $323.4M
YoY Change -9.76% -3.34%
Interest Expense $31.12M $31.90M
YoY Change -2.43% -193.81%
% of Operating Profit 10.66% 9.86%
Other Income/Expense, Net $6.343M $4.463M
YoY Change 42.12% 20.62%
Pretax Income $267.1M $296.0M
YoY Change -9.77% -2.74%
Income Tax $62.24M $70.49M
% Of Pretax Income 23.3% 23.82%
Net Earnings $204.8M $225.5M
YoY Change -9.16% 13.49%
Net Earnings / Revenue 7.27% 8.66%
Basic Earnings Per Share $0.91 $0.96
Diluted Earnings Per Share $0.91 $0.96
COMMON SHARES
Basic Shares Outstanding 224.1M 236.6M
Diluted Shares Outstanding 225.0M 237.7M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $967.0M $1.028B
YoY Change -5.93% 6.2%
Cash & Equivalents $791.4M $991.4M
Short-Term Investments $175.0M $42.00M
Other Short-Term Assets $52.63M $36.00M
YoY Change 46.19% 9.09%
Inventory $1.868B $1.600B
Prepaid Expenses
Receivables $1.141B $988.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.029B $3.652B
YoY Change 10.32% 12.54%
LONG-TERM ASSETS
Property, Plant & Equipment $2.937B $2.658B
YoY Change 10.49% -3.73%
Goodwill $530.7M
YoY Change
Intangibles $263.3M
YoY Change
Long-Term Investments
YoY Change
Other Assets $97.42M $27.00M
YoY Change 260.81% -10.0%
Total Long-Term Assets $3.828B $3.321B
YoY Change 15.28% -3.99%
TOTAL ASSETS
Total Short-Term Assets $4.029B $3.652B
Total Long-Term Assets $3.828B $3.321B
Total Assets $7.857B $6.973B
YoY Change 12.68% 4.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $582.3M $563.0M
YoY Change 3.43% 6.03%
Accrued Expenses $141.2M $274.0M
YoY Change -48.45% 2.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $80.96M $10.00M
YoY Change 709.58% 233.33%
Total Short-Term Liabilities $1.003B $861.0M
YoY Change 16.5% -2.27%
LONG-TERM LIABILITIES
Long-Term Debt $2.354B $2.354B
YoY Change 0.02% 0.0%
Other Long-Term Liabilities $63.17M $20.00M
YoY Change 215.86% 0.0%
Total Long-Term Liabilities $2.418B $2.374B
YoY Change 1.84% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.003B $861.0M
Total Long-Term Liabilities $2.418B $2.374B
Total Liabilities $3.868B $3.502B
YoY Change 10.44% -4.55%
SHAREHOLDERS EQUITY
Retained Earnings $4.109B
YoY Change
Common Stock $1.161B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.262B
YoY Change
Treasury Stock Shares $42.62M
Shareholders Equity $4.008B $3.471B
YoY Change
Total Liabilities & Shareholders Equity $7.857B $6.973B
YoY Change 12.68% 4.01%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $204.8M $225.5M
YoY Change -9.16% 13.49%
Depreciation, Depletion And Amortization $80.17M $76.14M
YoY Change 5.31% 1.38%
Cash From Operating Activities $181.6M $177.9M
YoY Change 2.03% -25.98%
INVESTING ACTIVITIES
Capital Expenditures $54.44M $50.61M
YoY Change 7.57% -221.36%
Acquisitions
YoY Change
Other Investing Activities -$364.0K -$229.0K
YoY Change 58.95% -100.85%
Cash From Investing Activities -$92.42M -$90.38M
YoY Change 2.26% 510.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $84.31M $69.27M
YoY Change 21.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.3M -131.2M
YoY Change -3.75% 30.83%
NET CHANGE
Cash From Operating Activities 181.6M 177.9M
Cash From Investing Activities -92.42M -90.38M
Cash From Financing Activities -126.3M -131.2M
Net Change In Cash -37.18M -43.66M
YoY Change -14.86% -134.85%
FREE CASH FLOW
Cash From Operating Activities $181.6M $177.9M
Capital Expenditures $54.44M $50.61M
Free Cash Flow $127.1M $127.3M
YoY Change -0.17% -54.86%

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CY2019Q1 us-gaap Operating Lease Payments
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y3M18D
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CY2019Q1 us-gaap Other Assets Current
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CY2018Q4 us-gaap Other Assets Noncurrent
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CY2019Q1 us-gaap Other Assets Noncurrent
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CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
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283000
CY2019Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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54000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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58000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2018Q1 us-gaap Other Labor Related Expenses
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CY2019Q1 us-gaap Other Labor Related Expenses
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CY2018Q4 us-gaap Other Liabilities Current
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CY2019Q1 us-gaap Other Liabilities Current
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CY2019Q1 us-gaap Other Liabilities Noncurrent
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Other Operating Activities Cash Flow Statement
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30000
CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2018Q1 us-gaap Other Selling General And Administrative Expense
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CY2019Q1 us-gaap Other Selling General And Administrative Expense
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CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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69269000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2018Q1 us-gaap Payments Of Dividends Common Stock
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CY2019Q1 us-gaap Payments Of Dividends Common Stock
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CY2019Q1 us-gaap Payments To Acquire Businesses Gross
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q1 us-gaap Payments To Acquire Short Term Investments
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CY2019Q1 us-gaap Payments To Acquire Short Term Investments
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49677000
CY2019Q1 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
-170000
CY2018Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
93058000
CY2019Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5180000
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5720000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
225475000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
204827000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2945767000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2936893000
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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111240000
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
139930000
CY2018Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
113034000
CY2019Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6400000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6200000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5800000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3958320000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4109034000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2597312000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2814486000
CY2018Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
6563000
CY2019Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2949000
CY2018Q1 us-gaap Revenues
Revenues
2603875000
CY2019Q1 us-gaap Revenues
Revenues
2817435000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
140019000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
12841000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15308000
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
228783000
CY2019Q1 us-gaap Short Term Investments
ShortTermInvestments
173723000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4400000
CY2018Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
5132000
CY2019Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
6695000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3935071000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
4008111000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3195068000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3312137000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3775989000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3849528000
CY2018Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
228783000
CY2019Q1 us-gaap Trading Securities Debt
TradingSecuritiesDebt
173723000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40550228
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
42621540
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1184243000
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1261837000
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
69269000
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
84308000
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 9pt"> <font style="display: inline;font-weight:bold;font-style:italic;font-size:9pt;">Use of Estimates.</font><font style="display: inline;font-weight:bold;font-size:9pt;">&nbsp;</font><font style="display: inline;font-size:9pt;"> These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.&nbsp; </font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 9pt"> <font style="display: inline;font-size:9pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Times New Roman;color:#000000;font-size: 9pt"> <font style="display: inline;font-size:9pt;">In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company&#x2019;s Annual Report on Form 10-K for the year ended </font><font style="display: inline;font-size:9pt;">December 31, 2018</font><font style="display: inline;font-size:9pt;">.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
237723000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
224962000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236623000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
224058000
CY2019Q1 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:AccruedLiabilitiesCurrent

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