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Nucor (NUE) Sets Utility Structures Production Plant's Location
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Nucor Corporation (NUE - Free Report) has announced that its Towers & Structures business will construct its second cutting-edge utility structures manufacturing facility in Crawfordsville, IN. The company stated earlier this year that it would develop its first structure production site in Decatur, AL. The new plant, which will be close to the Nucor Steel Crawfordsville steel facility, is expected to produce 200 full-time jobs.
The company is expanding its Towers & Structures business and positioning itself to fulfill the increased demand for utility infrastructure from renewable energy projects with this second utility structure production facility.
When Nucor acquired Summit Utility Structures LLC last year, it created the Nucor Towers & Structures business unit. At the time, the company announced plans to expand nationwide by investing $270 million in two new utility structure production plants. Both the Indiana and Alabama plants will be fully automated, with efficient straight-line production and advanced hot-dip galvanizing capabilities.
Shares of Nucor have gained 33.8% over the past year against a 29.5% rise of its industry.
Image Source: Zacks Investment Research
The company, on its first-quarter call, said that it envisions earnings to rise sequentially in the second quarter of 2023. Nucor expects earnings in the steel mills segment to be higher sequentially in the second quarter, mainly due to higher margins at its sheet mills.
The steel products segment’s profitability is projected to be lower sequentially in the second quarter as a fall in average selling prices is expected to offset increased volumes. The company expects raw materials segment earnings to rise in the second quarter from the first quarter due to increased profitability at DRI facilities.
The Zacks Consensus Estimate for Koppers’ current-year earnings is currently pegged at $4.40, implying year-over-year growth of 6.3%. It has a trailing four-quarter earnings surprise of 13.64%, on average. KOP has gained 33.6% in a year.
The Zacks Consensus Estimate for Gold Fields’ current-year earnings has been revised 23.5% upward in the past 60 days. The consensus estimate for current-year earnings for GFI is currently pegged at $1.05, indicating year-over-year growth of 8.3%. The company’s shares have gained 60.3% in the past year.
The Zacks Consensus Estimate for Linde’s current-year earnings has been revised 3.8% upward in the past 60 days. LIN beat the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6.9%, on average. The company’s shares have gained 24.8% in the past year.
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Nucor (NUE) Sets Utility Structures Production Plant's Location
Nucor Corporation (NUE - Free Report) has announced that its Towers & Structures business will construct its second cutting-edge utility structures manufacturing facility in Crawfordsville, IN. The company stated earlier this year that it would develop its first structure production site in Decatur, AL. The new plant, which will be close to the Nucor Steel Crawfordsville steel facility, is expected to produce 200 full-time jobs.
The company is expanding its Towers & Structures business and positioning itself to fulfill the increased demand for utility infrastructure from renewable energy projects with this second utility structure production facility.
When Nucor acquired Summit Utility Structures LLC last year, it created the Nucor Towers & Structures business unit. At the time, the company announced plans to expand nationwide by investing $270 million in two new utility structure production plants. Both the Indiana and Alabama plants will be fully automated, with efficient straight-line production and advanced hot-dip galvanizing capabilities.
Shares of Nucor have gained 33.8% over the past year against a 29.5% rise of its industry.
Image Source: Zacks Investment Research
The company, on its first-quarter call, said that it envisions earnings to rise sequentially in the second quarter of 2023. Nucor expects earnings in the steel mills segment to be higher sequentially in the second quarter, mainly due to higher margins at its sheet mills.
The steel products segment’s profitability is projected to be lower sequentially in the second quarter as a fall in average selling prices is expected to offset increased volumes. The company expects raw materials segment earnings to rise in the second quarter from the first quarter due to increased profitability at DRI facilities.
Nucor Corporation Price and Consensus
Nucor Corporation price-consensus-chart | Nucor Corporation Quote
Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks to consider in the basic materials space include Koppers Holdings Inc. (KOP - Free Report) , Gold Fields Limited (GFI - Free Report) and Linde plc (LIN - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Koppers’ current-year earnings is currently pegged at $4.40, implying year-over-year growth of 6.3%. It has a trailing four-quarter earnings surprise of 13.64%, on average. KOP has gained 33.6% in a year.
The Zacks Consensus Estimate for Gold Fields’ current-year earnings has been revised 23.5% upward in the past 60 days. The consensus estimate for current-year earnings for GFI is currently pegged at $1.05, indicating year-over-year growth of 8.3%. The company’s shares have gained 60.3% in the past year.
The Zacks Consensus Estimate for Linde’s current-year earnings has been revised 3.8% upward in the past 60 days. LIN beat the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6.9%, on average. The company’s shares have gained 24.8% in the past year.