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Nucor Increases Third Quarter Earnings Guidance
09/16/2008 - Nucor increases its third-quarter earnings guidance based on improved performance, strong contributions from acquisitions, and a lower-than-expected LIFO charge prompted by lower scrap prices.
Nucor Corp. has increased its earnings guidance for the third quarter ending September 27, 2008 into the range of a record $2.15 to $2.20 per diluted share.
The company said the increase was prompted by improved overall performance, strong contributions from its acquisitions of the last 18 months, and a lower-than-expected LIFO charge due to the significant decrease in scrap prices.
Nucor’s expected third quarter earnings are significantly better than the $1.80 to $1.85 per share that the company had previously forecast. By comparison, Nucor earned $1.29 per share in the third quarter of 2007 and a record $1.94 per share in the second quarter of 2008.
Nucor and affiliates manufacture steel products, with operating facilities primarily in the U.S. and Canada. Products produced include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and non ferrous scrap. Nucor is North America's largest recycler.
