Steel Technologies sees Q3 below expectations
Steel Technologies' April projections will not July's reality as earnings are expected to far below that which it had projected for its third quarter. The company now says its third quarter shipments to be at least 8-10% below that which it projected in April. The company expects to report sales of around $260 million with total tons shipped of 300'000 tons. The company says softening steel prices are eating into its margins and will thus result in earnings of $0.42 per diluted share in the third quarter. The company had previously forecast earnings $267 million and $0.84 per diluted share. Steel Technologies processes flat-rolled steel for variety of industry sectors including automobiles, appliances, railcars, construction, and consumer goods.