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Nucor’s Q1 Earnings Fall, but Narrowly Beat Estimates (NUE)

By Dividend.com,  April 19, 2012, 10:38:43 AM EDT

Steel producer Nucor Corporation ( NUE ) on Thursday posted a decline in first quarter earnings, although results were still enough to beat Wall Street's view.

The Charlotte-based company reported first quarter net income of $145.1 million, or 46 cents per share, compared with $159.8 million, or 50 cents per share, in the year-ago period. Excluding special items, adjusted profit was 42 cents per share.

Revenue rose 5% from last year to $5.07 billion.

On average, Wall Street analysts expected a smaller profit of 39 cents per share, on lower revenue of $5.04 billion.

Last month, NUE offered a much weaker-than-expected first quarter forecast, forcing analysts to adjust their expectations sharply lower.

Nucor shares fell $1.58, or -3.7%, in morning trading Thursday.

The Bottom Line
Shares of Nucor ( NUE ) have a 3.46% dividend yield, based on last night's closing stock price of $42.20. The stock has technical support in the $36-$39 price area. If the shares can firm up, we see overhead resistance around the $44-$46 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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