We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Nucor (NUE) Acquires Elite Storage Solutions for $75 Million
Read MoreHide Full Article
Nucor Corporation (NUE - Free Report) recently purchased steel racking manufacturer Elite Storage Solutions for $75 million. The acquisition boosts Nucor's steel racking capabilities and adds to the company's buyout of Hannibal Industries in 2021. Elite employs 180 full-time teammates in Monroe, GA, and Chandler, AZ.
Steel racking has end-use in markets such as e-commerce warehouses, data centers and food and beverage storage, where it has experienced strong growth that is expected to continue. The acquisition provides Nucor access to new customers and will offer logistical advantages in serving existing customers. Nucor's current steel racking business, Hannibal Industries, has facilities in southern California and Texas.
The company stated that establishing a manufacturing presence in the southeast complements its existing steel racking business and allows it to cater to its racking customers nationwide more efficiently. Elite was founded and operated by the South family since the early 1980's and in collaboration with the Stein family—owners of Triple-S Steel— since 2017.
Shares of Nucor have surged 87.9% in the past year compared with an 18% rise of the industry.
Image Source: Zacks Investment Research
Last month, the company announced the outlook for first-quarter 2022. It anticipates new record first-quarter earnings in the range of $7.20-$7.30 per share. Earnings in the fourth quarter were $7.97 and the same in the prior-year quarter amounted to $3.10.
First-quarter earnings in the steel mill segment are likely to decline mainly due to the lower profitability of the sheet mills. The average realized selling prices in sheet have weakened even though end-market demand remains strong. The downside reflects higher import volumes and modest destocking.
Some other top-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 127.3% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 69.4% in a year. The company sports a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 25.2% over a year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Nucor (NUE) Acquires Elite Storage Solutions for $75 Million
Nucor Corporation (NUE - Free Report) recently purchased steel racking manufacturer Elite Storage Solutions for $75 million. The acquisition boosts Nucor's steel racking capabilities and adds to the company's buyout of Hannibal Industries in 2021. Elite employs 180 full-time teammates in Monroe, GA, and Chandler, AZ.
Steel racking has end-use in markets such as e-commerce warehouses, data centers and food and beverage storage, where it has experienced strong growth that is expected to continue. The acquisition provides Nucor access to new customers and will offer logistical advantages in serving existing customers. Nucor's current steel racking business, Hannibal Industries, has facilities in southern California and Texas.
The company stated that establishing a manufacturing presence in the southeast complements its existing steel racking business and allows it to cater to its racking customers nationwide more efficiently. Elite was founded and operated by the South family since the early 1980's and in collaboration with the Stein family—owners of Triple-S Steel— since 2017.
Shares of Nucor have surged 87.9% in the past year compared with an 18% rise of the industry.
Image Source: Zacks Investment Research
Last month, the company announced the outlook for first-quarter 2022. It anticipates new record first-quarter earnings in the range of $7.20-$7.30 per share. Earnings in the fourth quarter were $7.97 and the same in the prior-year quarter amounted to $3.10.
First-quarter earnings in the steel mill segment are likely to decline mainly due to the lower profitability of the sheet mills. The average realized selling prices in sheet have weakened even though end-market demand remains strong. The downside reflects higher import volumes and modest destocking.
Nucor Corporation Price and Consensus
Nucor Corporation price-consensus-chart | Nucor Corporation Quote
Zacks Rank & Other Key Picks
Nucor currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 127.3% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 69.4% in a year. The company sports a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 25.2% over a year.