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Nucor Misses Analysts Expectations in Q3 Earnings (NUE)

By Dividend.com,  October 18, 2012, 11:26:00 AM EDT

Steel manufacturing company, Nucor Corporation( NUE ) has missed analysts estimates in their third quarter earnings.

The Charlotte, NC based company reported third quarter EPS of 35 cents, falling short of analysts' prediction of 41 cents. The company's revenue was $4.8 billion, slightly below the estimate of $4.87 billion.

These results include a non-cash inventory purchase of $28.2 million, which was directly related to the second quarter acquisition of Skyline Steel. Results were also hurt by the $17.6 million lost sale of the Nucor Wire Products Pennsylvania assets.

Nucor Corporation shares were mostly flat on Thursday morning.

The Bottom Line
Shares of Nucor Corporation ( NUE ) have a 3.61% dividend yield, based on last night's closing stock price of $40.41. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $42-$44 price levels.

Nucor Corporation( NUE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: NUE



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