Nucor Shares Rise On Better-than-expected Outlook

PITTSBURGH (AP) — Shares of Nucor Corp. rose Tuesday after the steel producer issued guidance for a smaller-than-expected second-quarter loss, saying its orders had risen recently.

The Charlotte, N.C.-based company said it anticipates a loss of 55 cents to 65 cents per share for the three months ending July 4. That would compare with a profit of $1.94 per share during the second quarter of 2008.

Analysts surveyed by Thomson Reuters, on average, had been forecasting a loss of 69 cents per share on revenue of $2.32 billion. Those estimates typically exclude one-time items.

In April, Nucor reported a quarterly loss of 60 cents per share — its first loss ever — and forecast an even bigger loss in the second quarter, though it did not provide specific guidance. It said steel market conditions were the worst it had ever seen.

In a note to investors Tuesday, Credit Suisse analyst David Gagliano wrote that his firm raised its second-quarter earnings estimate for Nucor to a loss of 60 cents from a loss of 87 cents and its full-year estimate to a loss of 78 cents from a loss of $1.05.