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Non-Residential Construction Likely to Lift Nucor Q3 Profits
09/17/2020 - Nucor Corp. expects its third-quarter profits to notch up on continued resiliency in the non-residential construction market, the steelmaker said in its quarterly earnings forecast on Thursday.
Nucor said strength in the construction market is driving profitability in its downstream products segment and is supporting demand at its bar and structural mills.
However, market conditions for its sheet and plate mills remain challenged, Nucor said. Nevertheless, demand seems to be trending in right direction, it said.
“We have seen an uptick in demand and pricing for raw materials and sheet steel late in the third quarter. Additionally, utilization rates for our sheet mills have improved throughout the third quarter. We are cautiously optimistic about the impact these developments will have on the final quarter of the year,” the company said.
On the whole, Nucor expects to report third-quarter earnings of 50 cents to 55 cents per diluted share, up from 36 cents per diluted share in the second quarter.
