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Nucor Cuts Guidance for Third Quarter of 2019 Earnings

Steel News - Published on Tue, 17 Sep 2019

Image Source: talkbusiness.net
Nucor Corporation has announced guidance for its third quarter ending September 28, 2019. Nucor expects third quarter earnings to be in the range of USD 0.75 to USD 0.80 per diluted share. This range is a decrease compared to second quarter of 2019 earnings of USD 1.26 per diluted share and a decrease relative to third quarter of 2018 earnings of USD 2.13 per diluted share. Included in the third quarter of 2018 results was a non-cash impairment charge of USD 110.0 million, or USD 0.26 per diluted share, related to our proved producing natural gas well assets. Also included in the third quarter of 2018 earnings was a benefit of USD 24.8 million, or USD 0.06 per diluted share, related to insurance recoveries. The performance of the steel mills segment in the third quarter of 2019 is expected to decrease compared to the second quarter of 2019 due primarily to lower prices for sheet and plate steel. Although we still see stability in most of the end use markets that we serve, there has been some softening in automotive, agricultural products and power transmission markets.

The profitability of the steel products segment in the third quarter of 2019 is expected to improve as compared to the second quarter of 2019, as nonresidential construction market conditions remain strong. In addition, recently implemented efficiency initiatives in rebar fabrication and metal buildings are enhancing performance from those businesses.

The performance of the raw materials segment is expected to decrease in the third quarter of 2019 as compared to the second quarter of 2019 due to further margin compression in the Company's direct reduced iron (DRI) businesses. Last week our DRI facility in Louisiana began a planned outage that is expected to last until mid-November.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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