Nucor Corporation (NUE - Free Report) is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States. Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. The company is also seeing continued momentum in the automotive market.
Let’s have a quick look at this steel company’s third-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the third quarter has been stable over the past week. The company has beaten the Zacks Consensus Estimate in two of the trailing four quarters while missing in the other two, with an average positive surprise of 8.99%.
Nucor’s adjusted earnings for the third quarter were 79 cents per share. Earnings surpassed the Zacks Consensus Estimate of 78 cents.
Nucor reported revenues of $5,170.1 million, up roughly 20.5% year over year from $4,290.2 million. That, however, missed the Zacks Consensus Estimate of $5,276 million.
Key Stats/Developments to Note
Total steel mills shipments in the third quarter were 6,165,000 tons, up 18% year over year. Total tons shipped to outside customers were up 12% year over year to 6,618,000 tons. Average sales price in the quarter were up 7% year over year.
The company expects earnings in fourth-quarter 2017 to be to be similar to slightly lower from the third quarter, excluding tax benefits recognized during the third quarter of 2017.
Currently, Nucor has a Zacks Rank #5 (Strong Sell), but that could change following the company’s earnings report which was just released.
Nucor’s shares were inactive in pre-market trading. 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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