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Nucor's 3Q profit up nearly 34 percent

The Associated Press

NEWS: Nucor Corp. said Thursday that its third-quarter net income jumped nearly 34 percent on higher prices and improved sales volume.

DETAILS: The steel manufacturer said that its earnings were hurt by a partial write-down of $14 million, or 3 cents per share, associated with the collapse of a storage dome in Louisiana.

The company also recorded an inventory accounting-related credit of $18 million, or 3 cents per share. It had a similar credit of $84 million, or 16 cents per share, in the same quarter last year. The prior year's earnings also were reduced by $28.2 million, 6 cents per share, because of an acquisition and a loss of $17.6 million, or 4 cents per share, on the sale of certain assets.

NUMBERS: The company's net income rose to $147.6 million, or 46 cents per share, for the period ended Sept. 28. That's up from $110.3 million, or 35 cents per share, last year. Revenue rose to $4.94 billion from $4.8 billion.

Analysts polled by FactSet were anticipating earnings of 39 cents per share on revenue of $4.8 billion.

FUTURE: Nucor said that its shipping volumes typically fall in the fourth quarter due to seasonal factors. It also expects extended planned outages during the quarter at three mills as it prepares for expansion projects there. As a result, it anticipates moderately lower earnings for the period.

Analysts expect earnings per share of 43 cents, on average.

STOCK: Shares of the Charlotte, N.C. company increased 51 cents to $50.33 by midday. Its shares are up 23 percent from this time last year.