Up after good earnings yesterday. ;
Net profit doubled. :o
$14.88 resistance coming up.
Gerdau 4Q Profit More Than Doubles
Wednesday February 13, 8:11 am ET
Higher Steel Prices, Acquisitions Boost Gerdau 4th-Qtr Profit; Co. Says Conditions 'Positive'
TAMPA, Fla. (AP) -- Gerdau Ameristeel Corp. said Wednesday fourth-quarter earnings more than doubled as acquisitions boosted output and steel prices rose.
Net income rose to $141.4 million, or 37 cents per share, from 66.7 million, or 22 cents per share, in the year-ago period.
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An increase in finished-steel shipments pushed sales 70 percent higher to $1.7 billion from $1 billion last year. Acquisitions accounted for much of the increase in output. A 17 percent increase in average selling prices for mill finished steel also boosted sales.
Gerdau said market conditions remain "positive" despite signs the U.S. economy is slowing.
"Import levels remain lower than recent years, global steel demand and prices are creating export opportunities, and inventory levels in North America remain at low levels throughout the system," the company said.
For the year, net income rose 44 percent to $537.9 million, or $1.65 per share, and sales climbed 29 percent to $5.8 billion.
chart update ;D New 52 W high
Earnings may 12 BMO