Nucor Forecast Misses Estimates as Weather Disrupts Shipments

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.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net Stephen Cunningham, Robin Saponar

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.