Nucor Gives Fourth Quarter Estimates; Below Wall Street Expectations (NUE)
On Tuesday steel company Nucor Corporation ( NUE ) announced its fourth quarter guidance, with estimates below Wall Street analysts' view.
The Charlotte, North Carolina-based company expects fourth quarter earnings to be in the range of 25 cents to 30 cents per share. Wall Street is expecting Nucor to earn 34 cents per share in the fourth quarter.
Nucor's fourth quarter estimates represents a drop from third quarter EPS of 35 cents and 2011 fourth quarter EPS of 43 cents.
The fourth quarter earnings estimates include an estimated LIFO credit of $29 million compare to a credit of $84 million in the third quarter and a charge of $52 million in the fourth quarter of 2011.
Nucor shares were down 46 cents, or -1.08%, in premarket trading on Tuesday.
The Bottom Line
Shares of Nucor ( NUE ) have a 3.44% dividend yield, based on last night's closing stock price of $42.76. The stock has technical support in the $38 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.