CHARLOTTE, N.C., June 14, 2018 /PRNewswire/ -- Nucor Corporation
(NYSE: NUE) announced today guidance for its second quarter ending
June 30, 2018. Nucor expects second
quarter results to be in the range of $2.05 to $2.10 per
diluted share. This range is an increase compared to the first
quarter of 2018 consolidated net earnings of $1.10 per diluted share and second quarter of
2017 earnings of $1.00 per diluted
share.
Included in the first quarter of 2018 results was an expense of
$21.8 million, or $0.07 per diluted share, related to the write off
of deferred tax assets due to the change in the tax status of a
subsidiary.
Earnings in the second quarter of 2018 are expected to increase
significantly compared to the first quarter of 2018. The
performance of the steel mills segment is expected to be
significantly improved in the second quarter of 2018 as compared to
the first quarter of 2018 due to higher average selling prices and
increased profitability across all steel mill product groups, with
the strongest increase at our sheet mills. We also expect increased
profitability in our steel products segment and raw materials
segment in the second quarter of 2018 as compared to the first
quarter of 2018.
Our improved earnings are the result of much stronger market
conditions that we believe have been positively impacted by
deregulation, tax reform and higher, stable oil prices.
Based on the current steel market fundamentals and
communications with our customers, we are confident in our belief
that there is sustainable strength in steel end use markets. Our
steel mill and steel product backlogs are robust and have trended
upward since the beginning of the year. We therefore expect strong
performance and profitability to continue through the remainder of
the year.
Nucor and its affiliates are manufacturers of steel products,
with operating facilities primarily in the U.S. and Canada. Products produced include: carbon and
alloy steel -- in bars, beams, sheet and plate; hollow structural
section tubing; electrical conduit; steel piling; steel joists and
joist girders; steel deck; fabricated concrete reinforcing steel;
cold finished steel; steel fasteners; metal building systems; steel
grating; and wire and wire mesh. Nucor, through The David J. Joseph
Company, also brokers ferrous and nonferrous metals, pig iron and
HBI/DRI; supplies ferro-alloys; and processes ferrous and
nonferrous scrap. Nucor is North
America's largest recycler.
Certain statements contained in this news release are
"forward-looking statements" that involve risks and
uncertainties. The words "believe," "expect," "project,"
"will," "should," "could" and similar expressions are intended to
identify those forward-looking statements. Factors that might
cause the Company's actual results to differ materially from those
anticipated in forward-looking statements include, but are not
limited to: (1) competitive pressure on sales and pricing,
including competition from imports and substitute materials; (2)
U.S. and foreign trade policies affecting steel imports or exports;
(3) the sensitivity of the results of our operations to prevailing
steel prices and the changes in the supply and cost of raw
materials, including scrap steel; (4) market demand for steel
products; and (5) energy costs and availability. These and
other factors are discussed in Nucor's regulatory filings with
the Securities and Exchange Commission, including those
in Nucor's fiscal 2017 Annual Report on Form 10-K, Item
1A. Risk Factors. The forward-looking statements contained in
this news release speak only as of this date,
and Nucor does not assume any obligation to update
them.
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SOURCE Nucor Corporation