Nucor Expects Strong Financial Results For Second Quarter
Nucor Corporation gave guidance for its second quarter financial results, ending July 2, 2011. The second quarter is expected to see significant improvement from the first quarter with earnings per share of $0.75 to $0.80. Compared to last year’s earnings of $0.29 per diluted share, 2Q11 could represent an increase of 160% - 180% and an increase of 50% - 60% over 1Q11 earnings of $0.50 per diluted share.
The Company said that price increases have finally caught up with the higher material costs, which helped boost their strong results. Also, the automotive, heavy equipment, energy, and general manufacturing markets have seen growth in demand, even after the Japanese disaster and major problems with weather in the U.S.
Nucor expects smoother sailing in the third quarter with less weather-related issues and increased demand. Special bar quality, sheet and plate products sold to the manufacturing, industrial and energy sectors have seen strong demand growth while the residential and non-residential construction products are still experiencing sluggish demand. The Company will give third quarter guidance when they release the 2Q11 earnings, and Nucor said, “We do expect continued stability in order rates as raw material prices have been less volatile than in 2010.”
(Source: Nucor Corporation)