FORT WAYNE, Ind., Oct. 19, 2015 /PRNewswire/ -- Steel Dynamics,
Inc. (NASDAQ/GS: STLD) today announced third quarter 2015 net
income of $61 million, or
$0.25 per diluted share, on net sales
of $2.0 billion.
Comparatively, prior year third quarter net income was
$91 million, or $0.38 per diluted share, on net sales of
$2.3 billion, and sequential second
quarter 2015 net sales were $2.0
billion, with adjusted net income of $53 million, or $0.22 per diluted share, which excluded expenses
of $0.09 per diluted share associated
with both idling the company's Minnesota operations and planned furnace
maintenance at Iron Dynamics.
"The third quarter 2015 market environment continued to be
challenging for our steel and metals recycling operations," said
Mark D. Millett, Chief Executive
Officer. "Ongoing pressure from steel imports remains high,
negatively impacting steel pricing and domestic steel production,
resulting in industry utilization not fully reflecting the actual
strength in U.S. steel consumption. The automotive market
remains strong and construction continues its steady
improvement. However, customer steel inventories remain at
elevated levels and when combined with further declining scrap
prices, have resulted in hesitant ordering. As scrap prices
stabilize at these lower levels and steel inventories moderate to
more normalized quantities into 2016, we believe domestic steel
production should improve.
"An important barometer for domestic steel consumption is the
strength of the construction industry. Historically, the
construction industry has been the largest single domestic steel
consuming sector, and it is continuing on an upward trend,"
continued Millett. "For the second consecutive quarter, our
fabrication operations achieved record profitability. Steady
demand resulted in a 17 percent increase in third quarter 2015
fabrication shipments and orders remain robust, reflecting the
steady positive trend in the non-residential construction
market. Our fabrication operating profitability has increased
$56 million, or 184 percent, so far
this year, when compared to 2014.
"Despite the headwind from imports, we achieved a nine percent
improvement in third quarter 2015 operating income, as compared to
sequential second quarter 2015 adjusted operating income (excluding
the idled Minnesota Operations and the Iron Dynamics outage
impact), based on record fabrication performance and a 25 percent
improvement in our steel segment profitability," concluded
Millett.
The company generated cash flow from operations of $164 million during the third quarter 2015.
With available cash of $474 million
at September 30, 2015, the company
achieved record liquidity of $1.7
billion, providing a firm foundation for growth.
During the nine months ended September 30,
2015, the company generated $708
million of cash flow from operations, and after considering
capital expenditures, generated $622
million of free cash flow.
Additional Third Quarter 2015 Comments
While steel imports continued to flood the domestic market, U.S.
steel consumption remained steady resulting in relatively flat
steel and metals recycling shipments. Third quarter 2015
operating income for the company's steel operations increased 25
percent to $127 million, due to metal
spread expansion, as both average steel product pricing and raw
material scrap costs improved in the quarter. The average
product selling price for the company's steel operations increased
$3 to $665 per ton. The average ferrous scrap
cost per ton melted decreased $3 to
$252 per ton.
Third quarter 2015 operating income attributable to the
company's sheet products increased six percent when compared to the
sequential second quarter. Although the company's flat roll
shipments decreased four percent, the improvement in metal spread
more than offset the negative impact of reduced volume. Flat
roll products, specifically commodity-grade hot roll, were the most
severely impacted by high import volumes. Operating income
from long products increased 21 percent, based on improved
engineered special-bar-quality shipments and other sequential
quarterly cost improvements in the group. Driven by weaker
flat roll volume, the company's steel production utilization rate
declined to 82 percent for the third quarter 2015, which remains
higher than the average U.S. domestic steel mill utilization rate,
but lower than the company's second quarter 2015 rate of 87
percent.
The company's metals recycling operations recorded third quarter
2015 operating income of $463,000,
compared to second quarter 2015 operating income of $12 million. Sequential quarterly ferrous
pricing was down three percent and procurement costs rose,
resulting in a 14 percent reduction in metal margin.
Additionally, non-ferrous market indices fell over ten percent in
the third quarter 2015, resulting in a 20 percent reduction in
metal margin.
The company's fabrication operations continued to achieve record
financial performance. Third quarter 2015 operating income of
$37 million surpassed the sequential
second quarter's previous record by 33 percent. Sustained
strong demand combined with lower raw material steel costs,
supported metal spread expansion.
Year-to-Date Comparison
For the nine months ended September 30,
2015, net income was $123
million, or $0.51 per diluted
share, on net sales of $6.0 billion,
as compared to net income of $202
million, or $0.85 per diluted
share, on net sales of $6.2 billion
for the nine months ended September
30, 2014. Year-to-date consolidated net sales
decreased four percent, as a result of a $539 million, or 32 percent, reduction in metals
recycling revenue related to decreased demand, which resulted in
meaningful reduction in both 2015 shipments and
pricing. Year-to-date consolidated operating income
decreased $93 million, or 23 percent,
primarily as the result of decreased earnings from the company's
steel operations. Excluding the second quarter 2015 impact
from idling the Minnesota iron
production facilities and the Iron Dynamics maintenance outage,
year-to-date adjusted operating income declined 16 percent, to
$351 million. The average
year-to-date selling price for the company's steel operations
decreased $142 to $694 per ton. The average year-to-date
ferrous scrap cost per ton melted decreased $95 to $271 per
ton.
Outlook
"We believe the current elevated level of domestic supply chain
inventory, combined with the continuation of excessive steel
imports and typical fourth quarter seasonality, could further erode
domestic steel industry profitability in the fourth quarter 2015,"
said Millett. "While underlying steel demand in certain
market sectors remains steady and import levels have somewhat
declined, the issue of steel imports persists. Nonetheless,
we continue to strengthen our financial position through strong
cash flow generation, record liquidity, and the execution of our
long-term strategy. We are well-positioned for additional
growth. The recently announced purchase of steel decking
facilities is an example of an investment that provides an
excellent financial return and further diversifies our product
capabilities within our fabrication group. Customer focus,
coupled with our market diversification and low-cost operating
platforms, support our ability to not only maintain our
best-in-class industry performance, but to also grow in a
challenging environment," concluded Millett.
Supplemental
Quarterly Information – New Segment Presentation
(1)
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Third
Quarter
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Year to
Date
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2015
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2014
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2015
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2014
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1Q 2015
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2Q 2015
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External Net
Sales
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(Dollars in
thousands)
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Steel
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$ 1,351,387
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$ 1,451,211
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$ 4,112,483
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$ 3,833,914
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$ 1,385,419
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$ 1,375,677
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Fabrication
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174,954
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189,993
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490,490
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440,706
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161,023
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154,513
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Metals
Recycling
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345,572
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597,648
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1,162,378
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1,701,281
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425,596
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391,210
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Other
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79,010
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100,164
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238,014
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262,958
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75,397
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83,607
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Consolidated
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$ 1,950,923
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$ 2,339,016
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$ 6,003,365
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$ 6,238,859
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$ 2,047,435
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$ 2,005,007
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Operating
Income
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Steel
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$ 126,735
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$ 204,568
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$ 344,943
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$ 475,439
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$ 116,996
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$ 101,212
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Fabrication
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36,733
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19,474
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85,754
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30,190
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21,361
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27,660
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Metals
Recycling
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463
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13,021
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12,283
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40,968
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(480)
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12,300
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Operations
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163,931
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237,063
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442,980
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546,597
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137,877
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141,172
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Non-cash Amortization
of Intangible Assets
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(6,318)
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(6,764)
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(19,134)
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(20,633)
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(6,323)
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(6,493)
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Profit Sharing
Expense
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(9,008)
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(12,865)
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(18,637)
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(28,729)
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(4,598)
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(5,031)
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Non-segment
Operations
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(17,576)
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(28,791)
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(96,850)
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(95,755)
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(27,185)
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(52,089)
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Consolidated
Operating Income
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131,029
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188,643
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308,359
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401,480
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99,771
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77,559
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Minnesota Idle
Charges (Including Minority Interests)
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-
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-
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33,167
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-
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-
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33,167
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Iron Dynamics Outage
Impact
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-
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-
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9,403
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-
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-
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9,403
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Purchase Accounting -
Severstal Columbus Acquisition
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-
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15,049
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-
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15,049
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-
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-
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Adjusted Operating
Income (2)
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$ 131,029
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$ 203,692
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$ 350,929
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$ 416,529
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$ 99,771
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$ 120,129
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External
Shipments
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Steel (In
tons)
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2,031,096
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1,728,023
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5,926,152
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4,585,478
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1,816,371
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2,078,685
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Steel Shipped to
Internal Locations
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160,108
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172,020
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456,480
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443,063
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132,649
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163,723
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Fabrication(In
tons)
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128,753
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143,709
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351,144
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343,564
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112,729
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109,662
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Metals
Recycling
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Nonferrous (In
000's of pounds)
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261,072
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293,958
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755,925
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815,817
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241,580
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253,273
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Ferrous (In gross
tons)
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551,076
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780,031
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1,819,420
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2,198,629
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642,080
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626,264
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Ferrous Scrap
Shipped to Internal Steel Mills
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803,263
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673,640
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2,125,675
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2,042,272
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590,921
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731,491
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Other Operating
Information
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Steel
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Average External
Sales Price(Per ton shipped)
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$
665
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$
840
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$
694
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$
836
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$
763
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$
662
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Average Ferrous Cost
(Per ton melted)
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$
252
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$
356
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$
271
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$
366
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$
312
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$
255
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Flat Roll
Shipments
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Butler
Division
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637,289
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738,460
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1,937,897
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2,158,200
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579,493
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721,115
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Columbus Division
(Acquired Sept 2014)
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712,992
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174,754
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1,971,005
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174,754
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564,241
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693,772
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The Techs
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190,130
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205,417
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518,303
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550,588
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145,934
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182,239
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Long Product
Shipments
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Structural and Rail
Division-Structural
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241,923
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306,003
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706,905
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837,064
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237,644
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227,338
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Structural and Rail
Division-Rail
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64,150
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59,897
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205,770
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157,532
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66,708
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74,912
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Engineered Bar
Products Division
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132,901
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176,891
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409,826
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473,962
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156,366
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120,559
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Roanoke Bar
Division
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130,314
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153,395
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396,232
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440,760
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125,123
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140,795
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Steel of West
Virginia-Specialty Shapes
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81,505
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85,226
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236,694
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235,681
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73,511
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81,678
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Total Steel Shipments
(In tons)
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2,191,204
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1,900,043
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6,382,632
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5,028,541
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1,949,020
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2,242,408
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Steel Production
(In tons)
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2,252,412
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1,885,299
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6,546,570
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5,113,117
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1,949,263
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|
2,344,895
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|
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|
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Fabrication
|
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|
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|
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|
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|
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Average External
Sales Price(Per ton shipped)
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$ 1,359
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|
$ 1,322
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|
$ 1,397
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|
$ 1,283
|
|
$ 1,428
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|
$ 1,409
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Consolidated
EBITDA
|
|
|
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|
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|
|
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Earnings Before
Taxes
|
|
$ 93,705
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$ 134,666
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$ 175,805
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$ 289,270
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|
$ 40,492
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$ 41,608
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Net Interest
Expense
|
|
36,739
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|
30,724
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|
116,503
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|
90,931
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|
42,874
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|
36,890
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|
|
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Depreciation
|
|
66,400
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|
57,863
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|
197,541
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|
156,779
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|
64,860
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|
66,281
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|
|
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Amortization
|
|
6,318
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|
6,764
|
|
19,134
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|
20,633
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|
6,323
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|
6,493
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|
|
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Non-controlling
Interest
|
|
1,750
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|
3,516
|
|
11,782
|
|
14,359
|
|
3,807
|
|
6,225
|
|
|
|
EBITDA
|
|
204,912
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|
233,533
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|
520,765
|
|
571,972
|
|
158,356
|
|
157,497
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|
|
|
Unrealized Hedging
(Gain) Loss
|
|
738
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|
(3,125)
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|
2,145
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|
(4,692)
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|
3,215
|
|
(1,808)
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|
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|
Inventory
Valuation
|
3,127
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|
1,054
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|
26,192
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|
3,288
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|
4,990
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|
18,075
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|
|
|
Equity Based
Compensation
|
|
5,333
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|
5,104
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|
18,888
|
|
14,493
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|
7,199
|
|
6,356
|
|
|
|
Non-Cash Financing
Expenses
|
|
-
|
|
-
|
|
3,326
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|
-
|
|
3,326
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|
-
|
|
|
|
Adjusted
EBITDA
|
|
$ 214,110
|
|
$ 236,566
|
|
$ 571,316
|
|
$ 585,061
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|
$ 177,086
|
|
$ 180,120
|
|
1
Effective the third quarter 2015, our reporting segments are Steel,
which includes our steel mills and finishing facilities as well as
Iron Dynamics; Metals recycling, which consists solely of
OmniSource: and Fabrication, which consists solely of New
Millennium Building Systems. Minnesota operations is reflected in
non-segment operations. All prior periods have been restated
consistent with this new segment presentation.
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2 Amount
excludes 2Q 2015 expenses associated with the idled Minnesota
Operations (amount includes non-controlling interests of
approximately $4 million), the impact from the Q2 2015 Iron
Dynamics planned furnace maintenance outage that generally is
required once every 5 years, and the Q3 2014 impact of purchase
accounting related to the Severstal Columbus
acquisition.
|
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss
third quarter 2015 operating and financial results on Tuesday,
October 20, 2015, at 10:00 a.m. Eastern Time. You
may access the call and find dial-in information on the Investor
Relations section of the company's website at
www.steeldynamics.com. A replay of the call will be available
on our website until 11:59 p.m. Eastern Time on October 25, 2015.
About Steel Dynamics, Inc.
Steel Dynamics, Inc. is one of the largest domestic steel
producers and metals recyclers in the
United States based on estimated annual steelmaking and
metals recycling capability, with annual sales of $8.8 billion in 2014, approximately 7,600
employees, and manufacturing facilities primarily located
throughout the United States
(including six steel mills, eight steel coating facilities, an iron
production facility, approximately 80 metals recycling locations
and eight steel fabrication plants).
Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). Management
believes that EBITDA and Adjusted EBITDA, non-GAAP financial
measures, provide additional meaningful information regarding the
company's performance and financial strength. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, the company's reported results prepared in accordance with
GAAP. In addition, because not all companies use identical
calculations, EBITDA included in this release may not be comparable
to similarly titled measures of other companies.
Forward-Looking Statement
This press release contains some predictive statements about
future events, including statements related to conditions in the
steel and metallic scrap markets, Steel Dynamics' revenues, costs
of purchased materials, future profitability and earnings, and the
operation of new or existing facilities. These statements are
intended to be made as "forward-looking," subject to many risks and
uncertainties, within the safe harbor protections of the Private
Securities Litigation Reform Act of 1995. These statements speak
only as of this date and are based upon information and
assumptions, which we consider reasonable as of this date,
concerning our businesses and the environments in which they
operate. Such predictive statements are not guarantees of future
performance, and we undertake no duty to update or revise any such
statements. Some factors that could cause such forward-looking
statements to turn out differently than anticipated include:
(1) the effects of uncertain economic conditions;
(2) cyclical and changing industrial demand; (3) changes
in conditions in any of the steel or scrap-consuming sectors of the
economy which affect demand for our products, including the
strength of the non-residential and residential construction,
automotive, appliance, pipe and tube, and other steel-consuming
industries; (4) fluctuations in the cost of key raw materials
(including steel scrap, iron units, and energy costs) and our
ability to pass-on any cost increases; (5) the impact of
domestic and foreign import price competition;
(6) unanticipated difficulties in integrating or starting up
new or acquired businesses; (7) risks and uncertainties
involving product and/or technology development; and
(8) occurrences of unexpected plant outages or equipment
failures.
More specifically, we refer you to SDI's more detailed
explanation of these and other factors and risks that may cause
such predictive statements to turn out differently, as set forth in
our most recent Annual Report on Form 10-K, in our quarterly
reports on Form 10-Q or in other reports which we from time to
time file with the Securities and Exchange Commission. These are
available publicly on the SEC website, www.sec.gov, and on the
Steel Dynamics website, www.steeldynamics.com.
Steel Dynamics,
Inc.
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
|
(in thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Three Months
Ended
|
|
September
30,
|
|
September
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
1,950,923
|
$
|
2,339,016
|
$
|
6,003,365
|
$
|
6,238,859
|
$
|
2,005,007
|
Costs of goods
sold
|
|
1,722,197
|
|
2,050,504
|
|
5,415,854
|
|
5,564,272
|
|
1,833,264
|
Gross
profit
|
|
228,726
|
|
288,512
|
|
587,511
|
|
674,587
|
|
171,743
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
82,371
|
|
80,240
|
|
241,381
|
|
223,745
|
|
82,660
|
Profit
sharing
|
|
9,008
|
|
12,865
|
|
18,637
|
|
28,729
|
|
5,031
|
Amortization of
intangible assets
|
|
6,318
|
|
6,764
|
|
19,134
|
|
20,633
|
|
6,493
|
Operating
income
|
|
131,029
|
|
188,643
|
|
308,359
|
|
401,480
|
|
77,559
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
|
37,084
|
|
31,904
|
|
117,334
|
|
92,523
|
|
37,163
|
Other expense
(income), net
|
|
239
|
|
22,072
|
|
15,219
|
|
19,687
|
|
(1,212)
|
Income
before income taxes
|
|
93,706
|
|
134,667
|
|
175,806
|
|
289,270
|
|
41,608
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
34,839
|
|
47,010
|
|
64,660
|
|
101,574
|
|
16,283
|
Net
income
|
|
58,867
|
|
87,657
|
|
111,146
|
|
187,696
|
|
25,325
|
Net loss attributable
to noncontrolling interests
|
|
1,750
|
|
3,516
|
|
11,782
|
|
14,359
|
|
6,225
|
Net income
attributable to Steel
Dynamics,
Inc.
|
$
|
60,617
|
$
|
91,173
|
$
|
122,928
|
$
|
202,055
|
$
|
31,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to
Steel Dynamics, Inc. stockholders
|
$
|
0.25
|
$
|
0.38
|
$
|
0.51
|
$
|
0.88
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
242,074
|
|
240,087
|
|
241,836
|
|
229,772
|
|
241,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per share attributable to
Steel Dynamics, Inc.
stockholders,
including the effect of assumed
conversions when
dilutive
|
$
|
0.25
|
$
|
0.38
|
$
|
0.51
|
$
|
0.85
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares and
equivalents outstanding
|
|
243,822
|
|
242,244
|
|
243,393
|
|
241,895
|
|
243,491
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.1375
|
$
|
0.1150
|
$
|
0.4125
|
$
|
0.3450
|
$
|
0.1375
|
Steel Dynamics,
Inc.
|
CONSOLIDATED
BALANCE SHEETS
|
(in
thousands)
|
|
|
September
30,
2015
|
|
December
31,
2014
|
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
$
|
473,790
|
|
$
|
361,363
|
|
Accounts
receivable, net
|
|
|
799,025
|
|
|
902,825
|
|
Inventories
|
|
|
1,321,397
|
|
|
1,618,419
|
|
Deferred
income taxes
|
|
|
28,839
|
|
|
35,503
|
|
Other
current assets
|
|
|
28,744
|
|
|
55,655
|
|
Total current
assets
|
|
|
2,651,795
|
|
|
2,973,765
|
|
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
|
3,013,659
|
|
|
3,123,906
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
19,621
|
|
|
19,312
|
|
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
|
353,561
|
|
|
370,669
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
740,243
|
|
|
745,158
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
63,662
|
|
|
78,217
|
|
Total assets
|
|
$
|
6,842,541
|
|
$
|
7,311,027
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
386,370
|
|
$
|
511,056
|
|
Income
taxes payable
|
|
|
14,246
|
|
|
6,086
|
|
Accrued
expenses
|
|
|
245,658
|
|
|
286,980
|
|
Current maturities of long-term debt
|
|
|
31,584
|
|
|
46,460
|
|
Total current liabilities
|
|
|
677,858
|
|
|
850,582
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
Senior
term loan
|
|
|
228,125
|
|
|
237,500
|
|
Senior
notes
|
|
|
2,350,000
|
|
|
2,700,000
|
|
Other
long-term debt
|
|
|
37,694
|
|
|
40,206
|
|
Total long-term debt
|
|
|
2,615,819
|
|
|
2,977,706
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
576,674
|
|
|
542,033
|
|
Other
liabilities
|
|
|
16,405
|
|
|
18,839
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
|
126,340
|
|
|
126,340
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Common
stock
|
|
|
636
|
|
|
635
|
|
Treasury
stock, at cost
|
|
|
(396,473)
|
|
|
(398,898)
|
|
Additional
paid-in
capital
|
|
|
1,104,832
|
|
|
1,083,435
|
|
Retained
earnings
|
|
|
2,250,901
|
|
|
2,227,843
|
|
Total Steel Dynamics, Inc. equity
|
|
|
2,959,896
|
|
|
2,913,015
|
|
Noncontrolling interests
|
|
|
(130,451)
|
|
|
(117,488)
|
|
Total equity
|
|
|
2,829,445
|
|
|
2,795,527
|
|
Total liabilities and
equity
|
|
$
|
6,842,541
|
|
$
|
7,311,027
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Dynamics,
Inc.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
|
(in
thousands)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
58,867
|
$
|
87,657
|
$
|
111,146
|
$
|
187,696
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
74,211
|
|
65,957
|
|
221,306
|
|
181,966
|
Equity-based compensation
|
|
5,332
|
|
5,104
|
|
20,232
|
|
15,572
|
Deferred income
taxes
|
|
13,130
|
|
(3,417)
|
|
46,214
|
|
(7,788)
|
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
36,361
|
|
30,955
|
|
122,296
|
|
(157,691)
|
Inventories
|
|
(8,763)
|
|
27,212
|
|
317,410
|
|
21,088
|
Accounts
payable
|
|
(62,757)
|
|
9,690
|
|
(127,075)
|
|
28,116
|
Income taxes receivable/payable
|
|
19,888
|
|
8,062
|
|
29,309
|
|
22,491
|
Other assets and
liabilities
|
|
28,109
|
|
18,004
|
|
(32,541)
|
|
6,541
|
Net cash provided by operating
activities
|
|
164,378
|
|
249,224
|
|
708,297
|
|
297,991
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Purchase
of property, plant and equipment
|
|
(30,286)
|
|
(24,531)
|
|
(86,458)
|
|
(82,906)
|
Acquisition of business, net of cash acquired
|
|
(45,000)
|
|
(1,647,463)
|
|
(45,000)
|
|
(1,647,463)
|
Other
investing activities
|
|
3,715
|
|
2,959
|
|
6,184
|
|
34,157
|
Net cash used in investing activities
|
|
(71,571)
|
|
(1,669,035)
|
|
(125,274)
|
|
(1,696,212)
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Issuance
of current and long-term
debt
|
|
67,999
|
|
1,394,497
|
|
179,033
|
|
1,501,895
|
Repayment
of current and long-term
debt
|
|
(73,420)
|
|
(138,533)
|
|
(561,428)
|
|
(271,191)
|
Debt
issuance costs
|
|
-
|
|
(18,020)
|
|
-
|
|
(18,020)
|
Exercise
of stock options proceeds, including
related tax effect
|
|
302
|
|
11,576
|
|
7,261
|
|
22,997
|
Contributions from noncontrolling investors, net
|
|
(17)
|
|
(52)
|
|
(1,181)
|
|
4,712
|
Dividends
paid
|
|
(33,282)
|
|
(27,556)
|
|
(94,281)
|
|
(77,737)
|
Net cash provided by (used in) financing activities
|
|
(38,418)
|
|
1,221,912
|
|
(470,596)
|
|
1,162,656
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and equivalents
|
|
54,389
|
|
(197,899)
|
|
112,427
|
|
(235,565)
|
Cash and
equivalents at beginning of period
|
|
419,401
|
|
357,490
|
|
361,363
|
|
395,156
|
|
|
|
|
|
|
|
|
|
Cash and
equivalents at end of period
|
$
|
473,790
|
$
|
159,591
|
$
|
473,790
|
$
|
159,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
|
|
|
Cash paid
for interest
|
$
|
26,701
|
$
|
40,022
|
$
|
115,345
|
$
|
100,523
|
Cash paid
(received) for federal and state income taxes, net
|
$
|
1,172
|
$
|
41,267
|
$
|
(10,321)
|
$
|
86,418
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/steel-dynamics-reports-third-quarter-2015-results-300162231.html
SOURCE Steel Dynamics, Inc.