Nucor Corporation (NYSE:NUE) is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the United States.
Earnings
Nucor’s adjusted earnings for the first quarter came in at $1.17 per share, which surpassed the Zacks Consensus Estimate of $1.10.
Revenues
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.
Zacks Rank
Currently, Nucor has a Zacks Rank #2 (Buy).
Market Reaction
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!
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Nucor Corporation (NUE): Free Stock Analysis Report
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