This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Nucor Announces Guidance For Its Third Quarter Earnings

CHARLOTTE, N.C., Sept. 15, 2011 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today guidance for its third quarter ending October 1, 2011.  Nucor expects third quarter results to be in the range of $0.45 to $0.55 per diluted share.  This represents a decrease of approximately 40% - 50% from second quarter of 2011 earnings of $0.94 per diluted share, but an increase of 540% - 690% over third quarter of 2010 earnings of $0.07 per diluted share.  Projected third quarter results include an estimated LIFO charge of $29 million ( $0.06 per diluted share) compared to charges of $32 million in the second quarter of 2011 ( $0.06 per diluted share) and $50 million in the third quarter of 2010 ( $0.10 per diluted share).  

As we expected, our profitability has deteriorated in the third quarter compared to the second quarter of 2011 but continues well ahead of 2010 levels.  The recent deterioration reflects lower steel prices and metal margins, particularly for sheet mill products, due to new domestic supply, increased imports and continued high raw material costs.  While we have seen some pricing increases in sheet mill products just recently, the fundamentals here are still difficult at best.  On the positive side, scrap prices have remained relatively stable during the third quarter.  End markets such as automotive, heavy equipment, energy and general manufacturing have continued to experience some real demand improvement, benefiting special bar quality, sheet and plate products.  We do expect continued stability in order rates as raw material prices have been less volatile than in 2010, and our customers continue to operate with minimal inventories. As is our practice, we will provide qualitative guidance for fourth quarter 2011 earnings in our third quarter 2011 earnings release.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs