Nucor Corporation (NYSE:NUE) is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the U.S. 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 second-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the second 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 11.63%.
Earnings
Nucor’s earnings for the second quarter were $1.00 per share. Earnings trailed the Zacks Consensus Estimate of $1.07.
Revenues
Nucor reported revenues of $5,174.8 million, up roughly 22% year over year. That, however, missed the Zacks Consensus Estimate of $5,307.8 million.
Key Stats/Developments to Note
Total steel mills shipments in the second quarter were 6,347,000 tons, up 7% year over year. Total tons shipped to outside customers were up 5% year over year to 6,748,000 tons. Average sales price in the quarter were up 17% year over year.
The company expects earnings in third-quarter 2017 to be in a band similar to the quarterly results of first-half 2017.
Zacks Rank
Currently, Nucor has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Market Reaction
Nucor’s shares were down 2.3% 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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Nucor Corporation (NUE): Free Stock Analysis Report
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