Steel Maker Nucor Warns on Earnings

Commodities & Metals

Published: December 18, 2012 9:47 am

Last Updated: April 28, 2020 5:31 am

Another earnings warning is out this morning, this time from one of the largest U.S. steel makers. Nucor Corp. (NYSE: NUE) this morning lowered its fourth-quarter diluted earnings per share (EPS) estimate to a range of $0.25 to $0.30. In the third quarter, the steel maker reported EPS of $0.35 and in the fourth quarter of 2011 EPS totaled $0.43.

The company expects a lower inventory credit, compared with the third quarter, which will cut EPS by an estimated $0.06. The other issue is margins:

Lower steel mill margins are primarily impacting our bar and plate steel mills reflecting the cumulative impact of high import levels and general economic uncertainty. Sheet mill margins are improved in the fourth quarter after bottoming in the third quarter of 2012.

The consensus estimate for Nucor’s fourth-quarter EPS is $0.34 on revenues of $4.55 billion. The company did not say this morning whether revenues would be in line with estimates.

Shortly after trading opened this morning, Nucor’s shares were trading up about 0.6% at $43.02, in a 52-week range of $34.23 to $45.75. The consensus price target for the shares is $46.05.

Paul Ausick

The Average American Has No Idea How Much Money You Can Make Today ^(Sponsor)

The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.

But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.

¹https://www.fdic.gov/national-rates-and-rate-caps