|Back to main|
Nucor Expects Lower 4Q Earnings - Analyst Blog
12/21/2012 9:00:00 AM
) announced its earnings outlook for the fourth quarter of 2012,
ending December 31, 2012. The company expects lower earnings in
the quarter both on a sequential and year-over-year basis.
In October 2012, Nucor released its third quarter 2012 results. The company reported adjusted (excluding special items) earnings of 45 cents per share in the quarter, ahead of the Zacks Consensus Estimate of 42 cents. The adjusted earnings exclude cost associated with Skyline Steel buyout and loss on divestiture of the assets of Nucor Wire Products Pennsylvania, Inc.
Profit (as reported) came in at $110.3 million or 35 cents a share, down 39% from $181.5 million or 57 cents per share reported a year ago. The bottom line was hurt by lower operating profits at the company's steel mills, especially in sheet and plate.
Revenues slid 8.6% year over year to $4,801 million, missing the Zacks Consensus Estimate of $4,856 million. An 8% fall in average sales price weighed on Nucor's revenues in the quarter. Total tons shipped to outside customers dipped 0.3% year over year to 5.8 million tons in the reported quarter and total mill shipments decreased 1.7% to 5.0 million tons.
Nucor, which competes with
Commercial Metals Co.
United States Steel Corp.
), maintains a Zacks #3 Rank, which translates into a short-term
(1 to 3 months) Hold rating. We currently have a long-term (more
than 6 months) Neutral recommendation on the shares of Nucor.
COMMERCIAL METL (CMC): Free Stock Analysis Report
NUCOR CORP (NUE): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research