Nucor Profit Exceeds Analysts’ Estimates as Scrap Prices Decline
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Nucor Corp., the largest U.S. steelmaker by market value, posted third-quarter profit that beat analysts’ estimates after a decline in the price of scrap metal used as a raw material.
Net income declined to $110.3 million, or 35 cents a share, from $181.5 million, or 57 cents, a year earlier, the Charlotte, North Carolina-based company said today in a statement. Earnings excluding a loss on an asset sale and a charge related to the purchase of inventory were 45 cents, exceeding the 43-cent average of 14 estimates compiled by Bloomberg.