Steel Mills

Nucor Expects Strong Earnings in Q2

Written by Sandy Williams

Nucor expects earnings for its second quarter to increase significantly compared to first-quarter 2018 due to higher average selling prices and increased profitability. Deregulation, tax reform and higher, stable oil prices have contributed to stronger market conditions, said Nucor in the company’s earnings guidance statement.

Profitability increased across all of Nucor’s steel mill product groups and its raw materials segment, with the strongest growth at the company’s sheet mills.

Nucor expects earnings per diluted share to be in the range of $2.05-$2.10, beating analyst estimates of $1.68 per share. EPS in the first quarter was $1.10 per diluted share and $1.00 per share in Q2 2017.

Said Nucor in a press release: “Based on the current steel market fundamentals and communications with our customers, we are confident in our belief that there is sustainable strength in steel end-use markets. Our steel mill and steel product backlogs are robust and have trended upward since the beginning of the year. We therefore expect strong performance and profitability to continue through the remainder of the year.”

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