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Nucor (NUE) Foresees Upbeat Q3, Improvement in Steel Mills
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Nucor Corporation (NUE - Free Report) has issued guidance for third-quarter 2018. The steel giant expects earnings per share in the band of $2.35-$2.40. This reflects an increase from $2.13 in the previous quarter and 79 cents in the year-ago quarter. Currently, the Zacks Consensus Estimate for earnings for the third quarter is pegged at $2.36.
Notably, the projected figures include an expected benefit of roughly $25 million or 6 cents, associated with insurance-related recoveries. The company is still under the process of performing asset impairment analysis. As such, it expects to record an impairment charge in the third quarter due to the impact on impairment valuation model. However, the company was not able to project any specific amount of potential impairment charge and hence it was not included in the guidance.
The company expects earnings in the third quarter to maintain the strong performance trend this year as it believes that there is sustainable strength in steel end-use markets. It also expects performance of its steel mills division to increase sequentially in the third quarter, primarily owing to higher earnings in the sheet mills and plate mills, which offset the impact of weather-related and planned outages at some mills.
Nucor expects earnings of the steel products unit to sequentially decline in the third quarter while the earnings for the raw materials unit are likely to be lower sequentially. The expected decline in the raw materials division is because of the decreased performance of scrap brokerage and processing operations along with the reduced performance of DRI facilities as a result of outages at the Louisiana DRI facility during the third quarter.
Nucor’s shares have gained 15.3% in the past year compared with the industry’s 4.5% rise.
Ingevity has an expected long-term earnings growth rate of 12%. Its shares have moved up 73.8% in the past year.
Celanese has an expected long-term earnings growth rate of 10%. Its shares have gained 11.4% in the past year.
Trinseo has an expected long-term earnings growth rate of 12%. Its shares have returned 10.2% in a year.
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Much like petroleum 150 years ago, lithium battery power is set to shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, revenues that were already at $31 billion in 2016 are expected to blast to over $67 billion by the end of 2022.
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Nucor (NUE) Foresees Upbeat Q3, Improvement in Steel Mills
Nucor Corporation (NUE - Free Report) has issued guidance for third-quarter 2018. The steel giant expects earnings per share in the band of $2.35-$2.40. This reflects an increase from $2.13 in the previous quarter and 79 cents in the year-ago quarter. Currently, the Zacks Consensus Estimate for earnings for the third quarter is pegged at $2.36.
Notably, the projected figures include an expected benefit of roughly $25 million or 6 cents, associated with insurance-related recoveries. The company is still under the process of performing asset impairment analysis. As such, it expects to record an impairment charge in the third quarter due to the impact on impairment valuation model. However, the company was not able to project any specific amount of potential impairment charge and hence it was not included in the guidance.
The company expects earnings in the third quarter to maintain the strong performance trend this year as it believes that there is sustainable strength in steel end-use markets. It also expects performance of its steel mills division to increase sequentially in the third quarter, primarily owing to higher earnings in the sheet mills and plate mills, which offset the impact of weather-related and planned outages at some mills.
Nucor expects earnings of the steel products unit to sequentially decline in the third quarter while the earnings for the raw materials unit are likely to be lower sequentially. The expected decline in the raw materials division is because of the decreased performance of scrap brokerage and processing operations along with the reduced performance of DRI facilities as a result of outages at the Louisiana DRI facility during the third quarter.
Nucor’s shares have gained 15.3% in the past year compared with the industry’s 4.5% rise.
Zacks Rank & Other Stocks to Consider
Nucor currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the basic materials space are Ingevity Corp. (NGVT - Free Report) , Celanese Corp. (CE - Free Report) and Trinseo S.A. (TSE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ingevity has an expected long-term earnings growth rate of 12%. Its shares have moved up 73.8% in the past year.
Celanese has an expected long-term earnings growth rate of 10%. Its shares have gained 11.4% in the past year.
Trinseo has an expected long-term earnings growth rate of 12%. Its shares have returned 10.2% in a year.
Best Electric Car Stock? You'll Never Guess It.
Zacks Research has released a report that may shock many investors. One stock stands out as the best way to invest in the surge to electric cars. And it's not the one you may think!
Much like petroleum 150 years ago, lithium battery power is set to shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, revenues that were already at $31 billion in 2016 are expected to blast to over $67 billion by the end of 2022.
See Zacks Best EV Stock Free >>