Nucor Corp. (NUE), the largest U.S. steelmaker by market value, forecast first-quarter earnings that missed analysts’ estimates after severe weather disrupted demand and transportation for shipments.
Nucor will earn 30 cents to 35 cents a share in the first quarter, the Charlotte, North Carolina-based company said in a statement today. The forecast lagged the 49-cent average of 16 analysts’ estimates compiled by Bloomberg. The results include an estimated inventory charge of $14.5 million, or 3 cents a share, and a $9 million charge for asset disposals.
Imports of steel bars and sheets also contributed to lower prices at Nucor’s mills, the company said. First-quarter earnings will rise compared with 26 cents per share a year earlier.
A major winter storm brought heavy snow and ice to the east coast from Feb. 11- Feb. 14, according to the National Oceanic and Atmospheric Administration. The Great Lakes saw the second-largest ice cover on record with 91 percent frozen in early March and Detroit had its snowiest winter on record, the administration said.
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