Sales Fall At Nucor Amid Increased Domestic Steel Supplies
18 July 2019 - 11:01PM
Dow Jones News
By Micah Maidenberg
Nucor Corp. (NUE) reported weaker shipments in its latest
quarter, a decline that hampered sales and profit.
Nucor said on Thursday second-quarter sales fell 9% from the
year earlier to $5.89 billion. Analysts expected $5.99 billion,
according to FactSet.
The company reported earnings fell to $386.5 million, or $1.26 a
share, down from $683.2 million, or $2.13 a share, last year.
Analysts had forecast $1.31 a share on that profit measurement in
the latest period.
The steel manufacturer reported that higher domestic steel
supplies and falling prices for scrap metal led customers to cut
inventories, which affected order rates.
Nucor shipped more than 6.7 million tons to customers in the
second quarter, down 7% from a year earlier. Average steel scrap
prices fell 12% from the year earlier to $330 a ton.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 18, 2019 08:46 ET (12:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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