Nucor's (NUE) Q1 Earnings Miss Estimates, Sales Beat
Nucor Corporation NUE is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the U.S. Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. The company is also seeing continued momentum in the automotive market.
Let’s have a quick look at this steel company’s first-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the first quarter has been stable over the past week. The company has beaten the Zacks Consensus Estimate in two of the trailing four quarters while missing in the other two, with an average positive surprise of 7.65%.
Nucor Corporation Price and EPS Surprise
Nucor Corporation Price and EPS Surprise | Nucor Corporation Quote
Earnings
Nucor’s earnings for the first quarter were $1.11 per share. Earnings trailed the Zacks Consensus Estimate of $1.14.
Revenues
Nucor reported revenues of $4,815.2 million, up roughly 30% year over year. That beat the Zacks Consensus Estimate of $4,698 million.
Key Stats/Developments to Note
Total steel mills shipments in the first quarter were 6,147,000 tons, up 9% year over year. Total tons shipped to outside customers were up 7% year over year to 6,584,000 tons. Average sales price in the quarter were up 21% year over year.
The company expects earnings in second-quarter 2017 to increase compared with the first quarter.
Zacks Rank
Currently, Nucor has a Zacks Rank #1 (Strong Buy), but that could change following the company’s earnings report which was just released.
Market Reaction
Nucor’s shares were up 2.4% 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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