Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Nucor Earnings Miss Estimates After Drop in Steel Prices

Don't Miss Out —
Follow us on:

July 19 (Bloomberg) -- Nucor Corp., the largest U.S. steelmaker by market value, posted second-quarter profit that missed analysts’ estimates after prices for the metal fell.

Net income dropped to $112.3 million, or 35 cents a share, from $299.8 million, or 94 cents, a year earlier, the Charlotte, North Carolina-based company said today in a statement. Earnings excluding an impairment charge on an Italian joint venture and other items were 46 cents, trailing the 48-cent average of 20 estimates compiled by Bloomberg. Sales were little changed at $5.1 billion compared, exceeding the $5.06 billion average of 14 estimates.

Nucor said it expects a “modest reduction” in third-quarter earnings excluding one-time charges.

“Continued slow domestic growth, coupled with continued or worsening global economic uncertainty may both become increasing negative factors,” the company said in the statement. “The construction market continues to be very challenging.”

The price of hot-rolled steel coil, a benchmark product used in autos and construction, averaged $658 a ton in the quarter, 20 percent less than a year earlier, according to Steel Business Briefing data. Nucor said June 13 that second-quarter profit would miss earlier guidance because a “surge” in imports undermined prices and political and economic uncertainty affected buyers’ confidence.

Nucor dropped 1.2 percent to $38.23 at the close in New York.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net