0001104659-26-087414
SEC filingQ2 营收与盈利大幅增长，钢价与金属价差扩张驱动，创纪录出货量。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $6,091,557K | $4,565,123K | +33% |
| Gross Profit | $958,974K | $618,468K | +55% |
| Gross Margin | 15.7% | 13.5% | +220 bps |
| Operating Income | $700,479K | $382,855K | +83% |
| Operating Margin | 11.5% | 8.4% | +310 bps |
| Net Income | $530,785K | $301,191K | +76% |
| Diluted EPS | $3.69 | $2.01 | +84% |
| Operating Cash Flow | $427,936K | $301,611K | +42% |
| Free Cash Flow | $304,094K | $13,280K | — |
Q2 营收与盈利大幅增长，主要受 Steel Operations 与 Metals Recycling Operations 价差扩张驱动。Steel Operations 营收 +22%，均价 +14% ($162/吨)，出货量 +7%，创纪录总出货量 3.7M 吨。Metals Recycling 非铁金属价差 +52%，营业利润 +125%。Steel Fabrication 因钢价上涨致价差收窄 11%，营业利润 -9%。Aluminum Operations 仍处投产爬坡期，出货环比 +135%，但含 $16M 减值，营业亏损扩大。
盈利质量方面，经营现金流 $427.9M 低于 Net Income $530.8M，主要因应收账款增加 $386.5M，反映销售增长与回款周期。剔除 $16M 一次性减值后，run-rate 盈利能力更强。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Steel Operations | $4,138,096K | +22% | $719,842K | 17.4% | 均价 +14%，出货 +7%，价差 +22% |
| Metals Recycling Operations | $1,265,014K | +9% | $47,816K | 3.8% | 非铁价差 +52%，铜价上涨 |
| Steel Fabrication Operations | $393,861K | +16% | $84,593K | 21.5% | 出货 +19%，但价差收窄 11% |
| Aluminum Operations | $518,917K | +455% | -$49,858K | -9.6% | 投产爬坡，含 $16M 减值 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and equivalents | $567,708K | -$202,170K |
| Total Debt | $4,182,142K | -$29,021K |
| Inventories | $3,955,621K | +$217,105K |
| Operating Cash Flow | $427,936K | +$126,325K |
| Capex | $123,842K | -$164,489K |
| Free Cash Flow | $304,094K | +$290,814K |
Net Debt = Total Debt - Cash = $3,614,434K。Net Debt/EBITDA 未披露，不计算。