Nucor Announces Guidance For Its Second Quarter Earnings
CHARLOTTE, N.C., June 13, 2013
CHARLOTTE, N.C., June 13, 2013 /PRNewswire/ -- Nucor Corporation (NYSE: NUE)
announced today guidance for its second quarter ending June 29, 2013. Nucor
expects second quarter results to be in the range of $0.25 to $0.30 per
diluted share. This range is similar to first quarter 2013 earnings of $0.26
per diluted share and represents a decrease from the second quarter of 2012
earnings of $0.35 per diluted share.
Projected second quarter results include no LIFO charge as compared with a
charge of $18.0 million ($0.03 per diluted share) in the first quarter of 2013
and a credit of $14.5 million ($0.03 per diluted share) in the second quarter
of 2012. Also affecting earnings in the second quarter of 2012 was a non-cash
impairment charge of $30.0 million ($0.09 per diluted share) related to our
Duferdofin Nucor S.r.l. joint venture and a non-cash charge of $8.5 million
($0.02 per diluted share) related to purchase accounting adjustments and the
elimination of profit associated with our steel mills' sales to Skyline Steel
LLC following the acquisition of that business in June of 2012.
Overall operating performance in the steel mills segment is down compared to
the first quarter of 2013, with weaker performance in sheet and structural
steel somewhat offset by improvement in plate. As we expected, our fabricated
construction products businesses (rebar fabrication, joist and decking, and
pre-engineered metal buildings) are projected to return to profitability in
the second quarter after the typical seasonal slowdown in the first quarter
led to a modest loss. Our raw materials segment is also expected to report
stronger results in the second quarter, reflecting normalized operations at
our Trinidad Direct Reduced Iron facility following an unplanned 18 day outage
in the first quarter. Thus far in 2013 non-residential construction markets
continue to lack sustained momentum, but they are slowly improving from
historically low levels. The strongest end markets continue to be in
manufactured goods including energy and automotive.
Nucor and affiliates are manufacturers of steel products, with operating
facilities primarily in the U.S. and Canada. Products produced include: carbon
and alloy steel -- in bars, beams, sheet and plate; steel piling; steel joists
and joist girders; steel deck; fabricated concrete reinforcing steel; cold
finished steel; steel fasteners; metal building systems; steel grating and
expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph
Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI;
supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is
North America's largest recycler.
Certain statements contained in this news release are "forward-looking
statements" that involve risks and uncertainties. The words "believe,"
"expect," "project," "will," "should," "could" and similar expressions are
intended to identify those forward-looking statements. Factors that might
cause the Company's actual results to differ materially from those anticipated
in forward-looking statements include, but are not limited to: (1) the
sensitivity of the results of our operations to prevailing steel prices and
the changes in the supply and cost of raw materials, including scrap steel;
(2) market demand for steel products; (3) energy costs and availability; and
(4) competitive pressure on sales and pricing, including competition from
imports and substitute materials. These and other factors are outlined in
Nucor's regulatory filings with the Securities and Exchange Commission,
including those in Nucor's December 31, 2012 Annual Report on Form 10-K, Item
IA. Risk Factors. The forward-looking statements contained in this news
release speak only as of this date, and Nucor does not assume any obligation
to update them.
SOURCE Nucor Corporation
Contact: Nucor Executive Offices, +1-704-366-7000, or fax, +1-704-362-4208
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