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By Michael Dabaie
Nucor Corp. (NUE) on Monday guided for second-quarter earnings per share of $1.20 to $1.25, down compared with the first quarter's $1.63 and a decrease relative to the second quarter of 2018's $2.13.
The performance of the steel mills segment in the second quarter is expected to decrease compared with the first quarter as service center destocking is hurting order rates, the company said. Analysts polled by FactSet are looking for second-quarter earnings of $1.44 a share.
Shares of the steel and steel products maker were down 0.9% to $51.25 Monday morning.
"Increased domestic supply and a declining scrap price environment have led to aggressive inventory management by our customers. We still see stability in most of the end use markets that we serve, with some softening in automotive," Nucor said Monday.
The performance of the raw materials segment is expected to decrease in the second quarter from the first quarter due to further margin compression in the company's direct reduced iron businesses. Its DRI facility in Trinidad began a planned 25-day outage in June, Nucor said.
The company said it expects steel products profitability to improve compared with the first quarter.
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(END) Dow Jones Newswires
June 17, 2019 10:56 ET (14:56 GMT)
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