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’s adjusted earnings for the first quarter came in at $1.17 per share, which surpassed the Zacks Consensus Estimate of $1.10.
Nucor reported revenues of $5,568.4 million for the quarter, up roughly 15.6% year over year from $4,815.2 million. The figure surpassed the Zacks Consensus Estimate of $5,541.6 million.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the first quarter have been going up over the past month. The company has beaten the Zacks Consensus Estimate in three of the trailing four quarters, while missing once, with an average positive surprise of 2.7%.
Key Stats/Developments to Note
Total steel mills shipments in the first quarter were 6,268,000 tons, up 7% year over year. Total tons shipped to outside customers were up 6% year over year to 6,967,000 tons. Average sales price in the quarter were up 9% year over year.
Currently, Nucor has a Zacks Rank #2 (Buy).
Nucor’s shares were down roughly 1.2% 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!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>