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Nucor Revises First Quarter Earnings Outlook
03/19/2004 - Strong pricing across all product ines accompanied by increased demand and decreased pre-operating and start-up costs have led to increased the earnings expectations for Nucor’s first quarter ended April 3, 2004.
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"The raw material surcharge mechanism has been effective in keeping pace with the continued increase in scrap prices," said Dan DiMicco, Nucor's Vice Chairman, President and CEO. "Increased pricing and the strengthening of global and domestic demand for steel have contributed to a better-than-expected first quarter. "In addition, we are very pleased with the significant turnaround achieved at our two newest steel mills — the sheet mill in Decatur, Ala., and the plate mill in Hertford County, N.C." |
Strong pricing across all product ines accompanied by increased demand and decreased pre-operating and start-up costs have led to increased the earnings expectations for Nucor’s first quarter ended April 3, 2004.
Nucor expects first quarter net earnings to be in the range of $.80 to $1.00 per share, significantly better than the $.23 per share earned in the first quarter of 2003. Nucor had previously forecast first quarter net earnings to be between $.40 and $.60 per share, with profitability improving as 2004 progresses. The consensus for the first quarter net earnings according to First Call had recently increased from $.49 to $.52 per share.
Nucor and affiliates manufacture steel products, with operating facilities in fourteen states. Products include carbon and alloy steel bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing.
