Nucor (NUE) Provides Q1 Guidance, Upbeat On Steel Mills
Zacks Investment Research | Mar 15, 2018 09:58PM ET
Nucor Corporation (NYSE:NUE) has provided guidance for first-quarter 2018. The steel giant expects earnings for the quarter in the band of $1.00-$1.05 per share. This reflects a decrease from $1.20 recorded in the previous quarter and $1.11 earned a year ago. Analysts polled by Zacks currently expect earnings of $1.07 per share for the first quarter.
Notably, first-quarter projected figures include an expense of 7 cents per share related to a deferred tax assets write off as a result of changes in the tax status of a subsidiary. Barring non-operating items, the company expects first-quarter performance to be better than the previous quarter but flat with first-quarter 2017.
Nucor expects earnings in the steel mills unit to improve sequentially in the first quarter. Nucor noted that average selling prices for steel mill product groups have witnessed an increase since the start of this year and the company expects this positive pricing momentum to continue in the second quarter.
There is considerable optimism in steel end use markets and Nucor is also encouraged by recent actions taken by the Trump administration to address the issue of illegally subsidized imports into the United States.
The company expects earnings in the steel products unit to sequentially decline in the first quarter due to seasonality, while earnings in its raw materials unit are expected to improve.
Shares of Nucor have gained 6.8% in the past three months, underperforming the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.