By Chris Wack

Nucor Corp. (NUE) said Monday it expected a profit of 75 cents to 80 cents a share in its third quarter, down from last year's $2.13 a share, and lower than the $1.08 analysts polled by FactSet were looking for.

The steel company said the performance of its steel mills segment in the third quarter is expected to be down compared to the second quarter, due primarily to lower prices for sheet and plate steel. The company said there has been some softening in automotive, agricultural products and power transmission markets.

Nucor said the profitability of its steel products segment in the third quarter is expected to improve compared to the second quarter, as nonresidential construction market conditions remain strong.

The performance of the company's raw materials segment is expected to decrease in the third quarter compared to the second quarter, due to further margin compression in the company's direct reduced iron businesses.

Nucor said last year's third quarter results included a non-cash impairment charge of $110 million, or 26 cents a share, related to its proved producing natural gas well assets, as well as a benefit of $24.8 million, or 6 cents a share, related to insurance recoveries.

Nucor shares were down 2% to $52.60 in premarket trading.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 16, 2019 09:40 ET (13:40 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Nucor (NYSE:NUE)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Nucor Charts.
Nucor (NYSE:NUE)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Nucor Charts.