Nucor Sees 2Q Steel Mills Segment Performance Falling; Guides for 2Q EPS $1.20-$1.25
18 June 2019 - 1:11AM
Dow Jones News
By Michael Dabaie
Nucor Corp. (NUE) on Monday guided for second-quarter earnings
per share of $1.20 to $1.25, down compared with the first quarter's
$1.63 and a decrease relative to the second quarter of 2018's
$2.13.
The performance of the steel mills segment in the second quarter
is expected to decrease compared with the first quarter as service
center destocking is hurting order rates, the company said.
Analysts polled by FactSet are looking for second-quarter earnings
of $1.44 a share.
Shares of the steel and steel products maker were down 0.9% to
$51.25 Monday morning.
"Increased domestic supply and a declining scrap price
environment have led to aggressive inventory management by our
customers. We still see stability in most of the end use markets
that we serve, with some softening in automotive," Nucor said
Monday.
The performance of the raw materials segment is expected to
decrease in the second quarter from the first quarter due to
further margin compression in the company's direct reduced iron
businesses. Its DRI facility in Trinidad began a planned 25-day
outage in June, Nucor said.
The company said it expects steel products profitability to
improve compared with the first quarter.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 17, 2019 10:56 ET (14:56 GMT)
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