Shares of Steel Dynamics Inc. (STLD, Financial) jumped after reporting second quarter earnings per share of $1.53 on revenue of $3.1 billion. The company beat earnings estimates by 4 cents and revenue estimations by $190 million.
Mark D. Millett, the company's president and CEO said: "We remain confident that macroeconomic and market conditions are in place to benefit domestic steel consumption."
In the trimester, the income from operations rose 55% sequentially to a record of $502 million, and adjusted earnings before interest, taxes, depreciation and amortization increased to a record $590 million. The improvement was due to higher demand and product pricing, which positively affected steel shipments and margin expansion.
Shares of Allegheny Technologies Inc. (ATI, Financial) jumped after reporting second quarter earnings per share of 52 cents on revenue of $1.01 billion. The company beat by 16 cents in earnings and $10 million in revenues.
The gross profit was $173.7 million, or 17.2% of sales, compared to $148.6 million, or 15.2% of sales, in the first quarter of 2018 and $124.3 million, or 14.1% of sales in the same quarter a year ago.
Aerospace and defense sales were $438.5 million, 3% higher than the first quarter 2018, and represented 74% of total segment sales. Sales to the commercial aerospace market represented 63% of second quarter total sales and were 14% higher than the prior year, including a 16% increase in sales to the commercial jet engine market. Construction and mining market sales rose 52%, and electrical energy market sales were 67% higher.
Disclosure: The author holds no position in any stocks mentioned.
