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Nucor Announces Guidance For Q2 Of 2019 Earnings

Steel News - Published on Wed, 19 Jun 2019

Image Source: First Affirmative Financial Network
Nucor Corporation announced guidance for its second quarter ending June 29, 2019. Nucor expects second quarter earnings to be in the range of USD 1.20 to USD 1.25 per diluted share. This range is a decrease compared to first quarter of 2019 earnings of USD 1.63 per diluted share and a decrease relative to second quarter of 2018 earnings of USD 2.13 per diluted share. Included in the first quarter of 2019 results was a benefit of USD 33.7 million, or USD 0.08 per diluted share, related to the gain on the sale of an equity method investment in the raw materials segment. Included in the second quarter of 2018 results was a benefit of USD 23.3 million, or USD 0.06 per diluted share, related to insurance recoveries.

It said “Most end-use markets remain strong or stable; market dynamics are keeping many customers on sidelines. The performance of the steel mills segment in the second quarter of 2019 is expected to decrease compared to the first quarter of 2019 as service center destocking is impacting order rates. Increased domestic supply and a declining scrap price environment have led to aggressive inventory management by our customers. We still see stability in most of the end use markets that we serve, with some softening in automotive. The profitability of the steel products segment in the second quarter of 2019 is expected to improve as compared to the first quarter of 2019, as typical seasonal patterns and improved weather conditions have benefited nonresidential construction markets.”

It added “The performance of the raw materials segment is expected to decrease in the second quarter of 2019 as compared to the first quarter of 2019 due to further margin compression in the Company's DRI businesses. Our DRI facility in Trinidad began a planned 25 day outage in June.”

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Posted By : Ratan Singh on Wed, 19 Jun 2019
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