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 is seeing strength across end markets such as heavy equipment, automotive, general manufacturing and energy. However, is still exposed to weak steel market fundamentals. Excess capacity, surging imports and weak pricing are weighing on the company’s performance.
Let’s have a quick look at this steel company’s third-quarter 2015 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Nucor for the third quarter has seen an upward trend over the past one month. Nucor has witnessed 1 upward estimate revision during this period, pushing the Zacks Consensus Estimate up by 2.1% to 49 cents at present. Moreover, the company has beaten the Zacks Consensus Estimate in all of the trailing 4 quarters with an average beat of 31.38%.
Earnings
Nucor delivered earnings of 71 cents per share. Earnings topped the Zacks Consensus Estimate of 49 cents by a wide margin.
Revenues
Nucor reported revenues of $4,225.5 million, down 26% year over year. This missed the Zacks Consensus Estimate of $4,586 million.
Key Stats/Developments to Note
Total tons shipped to outside customers in the third quarter of 2015 were 5,883,000, down 13% from 6,874,000 in the third quarter of 2014. Average sales price in third quarter were flat sequentially but declined 15% year over year.
Zacks Rank
Currently, Nucor has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.
Market Reaction
Nucor’s shares were inactive during the pre-market trading hours. 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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