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Nucor's (NUE) Q2 Earnings Beat Estimates, Revenues Miss
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Nucor Corporation (NUE - Free Report) is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the U.S.
Nucor continues to see strength in the automotive market. Demand from this key end-market remains healthy, reflected by contract awards by automotive OEM customers. Improved domestic steel market conditions (driven by recent favorable rulings on steel trade cases) should also favorably impact the company. Nucor also remains committed to expand its higher margin product portfolios and improve its cost structure.
Let’s have a quick look at this steel company’s second-quarter 2016 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the second quarter has been going up over the past one month. The company has beaten the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average beat of 47.87%.
Nucor posted earnings of 73 cents per share for the quarter. Earnings beat the Zacks Consensus Estimate of 70 cents.
Revenues
Nucor reported revenues of $4,245.8 million, down roughly 3% year over year. That missed the Zacks Consensus Estimate of $4,638 million.
Key Stats/Developments to Note
Total steel mills shipments in the second quarter were 5,930,000 tons, up 11% year over year. Total tons shipped to outside customers rose 7% year over year to 6,457,000 tons. Average sales price in the quarter fell 9% year over year.
The company sees strong improvement in earnings in the third quarter with most of the quarter over quarter improvement is expected to be witnessed in the steel mills segment.
Zacks Rank
Currently, Nucor has a Zacks Rank #2 (Buy), but that could change following the company’s earnings report which was just released.
Market Reaction
Nucor’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Nucor’s earnings report!
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Nucor's (NUE) Q2 Earnings Beat Estimates, Revenues Miss
Nucor Corporation (NUE - Free Report) is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the U.S.
Nucor continues to see strength in the automotive market. Demand from this key end-market remains healthy, reflected by contract awards by automotive OEM customers. Improved domestic steel market conditions (driven by recent favorable rulings on steel trade cases) should also favorably impact the company. Nucor also remains committed to expand its higher margin product portfolios and improve its cost structure.
Let’s have a quick look at this steel company’s second-quarter 2016 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the second quarter has been going up over the past one month. The company has beaten the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average beat of 47.87%.
NUCOR CORP Price and EPS Surprise
NUCOR CORP Price and EPS Surprise | NUCOR CORP Quote
Earnings
Nucor posted earnings of 73 cents per share for the quarter. Earnings beat the Zacks Consensus Estimate of 70 cents.
Revenues
Nucor reported revenues of $4,245.8 million, down roughly 3% year over year. That missed the Zacks Consensus Estimate of $4,638 million.
Key Stats/Developments to Note
Total steel mills shipments in the second quarter were 5,930,000 tons, up 11% year over year. Total tons shipped to outside customers rose 7% year over year to 6,457,000 tons. Average sales price in the quarter fell 9% year over year.
The company sees strong improvement in earnings in the third quarter with most of the quarter over quarter improvement is expected to be witnessed in the steel mills segment.
Zacks Rank
Currently, Nucor has a Zacks Rank #2 (Buy), but that could change following the company’s earnings report which was just released.
Market Reaction
Nucor’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Nucor’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>