Nucor Earnings Rise After Accounting Change
January 31 2017 - 10:28AM
Dow Jones News
By Imani Moise
Nucor Corp. swung to a fourth-quarter profit, as results topped
expectations amid increased shipments to outside customers.
The company said it expects increased volume and the
continuation of improved steel prices it saw during the fourth
quarter in 2017. The average price per ton increased 7% from the
third quarter.
The company shipped 14% more tons to outside customers
year-over-year.
In all for the quarter ended Dec. 31, Nucor reported a profit of
$159.6 million, or 50 cents a share, compared with a year-earlier
loss of $187.5 million, or 59 cents per share. The most-recent
quarter included an inventory related benefit of $77.6 million,
while the year-earlier quarter included a $153 million impairment
charge.
The company modified its accounting practices which resulted in
a retroactive loss in the third and fourth quarters of 2015.
Revenue jumped 14% to $3.96 billion.
Analysts polled by Thomson Reuters had forecast earnings of 34
cents on $3.78 billion in revenue.
Last month, the company reached a deal to buy steel tube
manufacturer Southland Tube for $130 million and steel electrical
conduit maker Republic Conduit for $335 million.
Shares closed at $60.10 after Monday trading and were inactive
premarket. The stock has risen 53% over the past 12 months.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 31, 2017 10:13 ET (15:13 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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