$STLD
STEEL DYNAMICS INC

2024 Q2 Form 10-Q Financial Statement

#000155837024007736 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $4.633B $4.694B
YoY Change -8.84% -4.07%
Cost Of Revenue $3.858B $3.713B
YoY Change 2.2% -3.23%
Gross Profit $774.8M $980.8M
YoY Change -40.71% -7.13%
Gross Profit Margin 16.73% 20.89%
Selling, General & Admin $208.1M $222.2M
YoY Change -10.39% 3.87%
% of Gross Profit 26.85% 22.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $117.1M $115.3M
YoY Change 5.48% 7.02%
% of Gross Profit 15.11% 11.75%
Operating Expenses $215.7M $229.8M
YoY Change -11.27% 4.1%
Operating Profit $559.1M $751.0M
YoY Change -47.44% -10.1%
Interest Expense -$12.72M -$11.98M
YoY Change -38.75% -46.78%
% of Operating Profit -2.27% -1.59%
Other Income/Expense, Net $18.71M $26.78M
YoY Change -40.32% -23.33%
Pretax Income $565.1M $765.8M
YoY Change -47.4% -9.67%
Income Tax $133.4M $178.3M
% Of Pretax Income 23.61% 23.28%
Net Earnings $428.0M $584.0M
YoY Change -47.3% -8.36%
Net Earnings / Revenue 9.24% 12.44%
Basic Earnings Per Share $2.73 $3.68
Diluted Earnings Per Share $2.72 $3.67
COMMON SHARES
Basic Shares Outstanding 157.1M 158.2M
Diluted Shares Outstanding 157.6M 159.4M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.248B $1.693B
YoY Change -40.19% -27.03%
Cash & Equivalents $830.0M $1.039B
Short-Term Investments $418.4M $653.3M
Other Short-Term Assets $141.6M $138.6M
YoY Change 16.07% 9.08%
Inventory $3.074B $3.027B
Prepaid Expenses
Receivables $1.775B $1.739B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.239B $6.597B
YoY Change -15.64% -12.76%
LONG-TERM ASSETS
Property, Plant & Equipment $7.434B $7.064B
YoY Change 28.53% 28.64%
Goodwill $477.5M $477.5M
YoY Change 0.0% -4.9%
Intangibles $242.5M $250.1M
YoY Change -11.52% -4.04%
Long-Term Investments
YoY Change
Other Assets $668.8M $637.8M
YoY Change 7.82% 58.13%
Total Long-Term Assets $8.822B $8.429B
YoY Change 23.3% 26.62%
TOTAL ASSETS
Total Short-Term Assets $6.239B $6.597B
Total Long-Term Assets $8.822B $8.429B
Total Assets $15.06B $15.03B
YoY Change 3.5% 5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.213B $1.184B
YoY Change 15.72% 3.92%
Accrued Expenses $620.8M $539.3M
YoY Change 1.05% 6.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $815.6M $425.7M
YoY Change 1334.25% 816.42%
Total Short-Term Liabilities $2.656B $2.299B
YoY Change 50.99% 26.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.213B $2.612B
YoY Change -26.51% -13.34%
Other Long-Term Liabilities $144.0M $144.3M
YoY Change -17.77% -19.96%
Total Long-Term Liabilities $2.357B $2.757B
YoY Change -26.03% -13.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.656B $2.299B
Total Long-Term Liabilities $2.357B $2.757B
Total Liabilities $5.930B $5.954B
YoY Change 1.49% 1.21%
SHAREHOLDERS EQUITY
Retained Earnings $14.41B $14.06B
YoY Change 13.65% 17.72%
Common Stock $1.208B $1.198B
YoY Change 0.3% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.131B $9.072B
YoY Change
Total Liabilities & Shareholders Equity $15.06B $15.03B
YoY Change 3.5% 5.68%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $428.0M $584.0M
YoY Change -47.3% -8.36%
Depreciation, Depletion And Amortization $117.1M $115.3M
YoY Change 5.48% 7.02%
Cash From Operating Activities $382.6M $355.2M
YoY Change -52.64% -51.59%
INVESTING ACTIVITIES
Capital Expenditures $419.2M $374.3M
YoY Change 16.99% 65.39%
Acquisitions
YoY Change
Other Investing Activities $209.6M $81.38M
YoY Change -282.26% -197.66%
Cash From Investing Activities -$209.6M -$292.9M
YoY Change -55.72% -5.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -382.4M -423.8M
YoY Change -17.62% -5.31%
NET CHANGE
Cash From Operating Activities 382.6M 355.2M
Cash From Investing Activities -209.6M -292.9M
Cash From Financing Activities -382.4M -423.8M
Net Change In Cash -209.4M -361.6M
YoY Change 61.58% 1440.14%
FREE CASH FLOW
Cash From Operating Activities $382.6M $355.2M
Capital Expenditures $419.2M $374.3M
Free Cash Flow -$36.61M -$19.09M
YoY Change -108.14% -103.76%

Facts In Submission

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Income Taxes Paid Net
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CY2024Q1 us-gaap Number Of Reportable Segments
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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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. Actual results may differ from these estimates and assumptions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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’s Annual Report on Form 10-K for the year ended December 31, 2023.</p>
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CY2023Q4 us-gaap Short Term Investments
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CY2024Q1 us-gaap Goodwill
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CY2023Q4 us-gaap Goodwill
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.71
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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688000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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584041000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Earnings Per Share Diluted
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3.67
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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637310000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.70
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2024Q1 us-gaap Inventory Supplies Net Of Reserves
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CY2023Q4 us-gaap Inventory Supplies Net Of Reserves
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CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2024Q1 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Dividends Common Stock Cash
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CY2024Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2024Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2024Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
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CY2024Q1 us-gaap Profit Loss
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CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Dividends Common Stock Cash
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CY2023Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q1 us-gaap Operating Income Loss
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CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2024Q1 us-gaap Assets
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 us-gaap Operating Income Loss
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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