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June 13, 2013 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today guidance for its second quarter ending
June 29, 2013. Nucor expects second quarter results to be in the range of
$0.25 to $0.30 per diluted share. This range is similar to first quarter 2013 earnings of
$0.26 per diluted share and represents a decrease from the second quarter of 2012 earnings of
$0.35 per diluted share.
Projected second quarter results include no LIFO charge as compared with a charge of
$18.0 million (
$0.03 per diluted share) in the first quarter of 2013 and a credit of
$14.5 million (
$0.03 per diluted share) in the second quarter of 2012. Also affecting earnings in the second quarter of 2012 was a non-cash impairment charge of
$30.0 million (
$0.09 per diluted share) related to our Duferdofin Nucor S.r.l. joint venture and a non-cash charge of
$8.5 million (
$0.02 per diluted share) related to purchase accounting adjustments and the elimination of profit associated with our steel mills' sales to Skyline Steel LLC following the acquisition of that business in June of 2012.
Overall operating performance in the steel mills segment is down compared to the first quarter of 2013, with weaker performance in sheet and structural steel somewhat offset by improvement in plate. As we expected, our fabricated construction products businesses (rebar fabrication, joist and decking, and pre-engineered metal buildings) are projected to return to profitability in the second quarter after the typical seasonal slowdown in the first quarter led to a modest loss. Our raw materials segment is also expected to report stronger results in the second quarter, reflecting normalized operations at our Trinidad Direct Reduced Iron facility following an unplanned 18 day outage in the first quarter. Thus far in 2013 non-residential construction markets continue to lack sustained momentum, but they are slowly improving from historically low levels. The strongest end markets continue to be in manufactured goods including energy and automotive.