Fort Wayne, Ind.-based steel company Steel Dynamics Inc. (STLD) rose Tuesday after it reported earnings that were ahead of Wall Street expectations but fourth-quarter revenue that fell just short.
The company reported net income of $1.31 per share, topping analysts' expectations of $1.25. Revenue for the period came in at $2.9 billion, short of analysts' predictions of $2.92 billion for the period.
"The performance of the entire Steel Dynamics team was exceptional this year. We performed at the top of our industry, both operationally and financially," said Mark D. Millett, president and chief executive officer. "In 2018, the domestic steel industry benefited from a steady improvement in underlying steel consumption, based on strength from the automotive, construction and energy sectors."
The company's shares have jumped 14% year to date, though the stock has declined 26% over the past 12 months.
Steel Dynamics shares rose 1.8% to $34.91 by the close of trading Tuesday.