By Tess Stynes
Nucor Corp. (NUE) projected mostly upbeat third-quarter
earnings, as the steelmaker reported the performance of its steel
mills improved from the previous quarter.
For the current quarter, the company forecast per-share earnings
of 35 cents-40 cents, while analysts polled by Thomson Reuters most
recently expected per-share profit of 38 cents. The company's
estimate includes inventory-accounting charges of three cents a
share.
Nucor cited improvements in its sheet- and structural-steel
segments. The company's fabricated-construction products business
also is expected to record stronger profits quarter-to-quarter.
The company noted that although residential construction markets
haven't maintained momentum this year, they continue to improve
from historically low levels.
Increased start-up costs at a new plant in Louisiana are
expected to contribute to declining third-quarter earnings in
Nucor's raw materials business.
Nucor in July reported its second-quarter profit fell 24% on
weaker sales, caused by a decline in production, shipments and
selling prices.
Shares rose 1.1% to $49.63 in early trading.
Write to Tess Stynes at tess.stynes@wsj.com
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