NEW YORK (TheStreet) -- Shares of Nucor Corp. (NUE) are higher by 3.38% to $57.50 in late morning trading on Wednesday, after the company issued guidance for the 2014 third quarter that was above analysts' expectations.
The steel and steel products manufacturer said it's expecting earnings per share for the quarter ending Oct. 4 to be between 70 cents and 75 cents per diluted share.
Analysts polled by Thomson Reuters are expecting Nucor to report earnings of 61 cents per share for the 2014 third quarter.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Additionally, on Monday, Nucor announced its plan to purchase the privately held Gallatin Steel Co. for approximately $770 million, in order to expand its presence in the energy market, the purchase will make Nucor America's largest steelmaker by capacity, MarketWatch reports.
Separately, TheStreet Ratings team rates NUCOR CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NUCOR CORP (NUE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, impressive record of earnings per share growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."