Nucor shares rise despite outlook
Nucor 4Q outlook below Wall Street's expectations, sees margins improving for sheet steel
CHARLOTTE, N.C. (AP) -- Steelmaker Nucor Corp. shares rose Tuesday after the steelmaker said earnings will be lower in the fourth quarter, but things are looking up at its sheet mills.
The company expects to earn between 25 and 30 cents per share in the fourth quarter. That includes an accounting credit of 6 cents per share. This quarter's outlook compares with a profit of 43 cents per share a year ago, when Nucor had an accounting charge of 11 cents per share.
Analysts, on average, expect a profit of 34 cents per share, according to FactSet.
Nucor said sheet steel mill margins improved in the fourth quarter, but margins were lower for bar and plate steel because of high import levels and economic uncertainty.
Nucor and other steelmakers have struggled with weak demand because of sluggish economic growth around the world. Supplies are bulging because of a sharp increase in imports and new production at domestic facilities.
Nucor shares rose $1.07, or 2.5 percent, to $43.83 in midday trading.
