Nucor Corp. Earnings Cheat Sheet: Net Income SURGES, Yet Short of Estimate
Lower costs helped S&P 500 (NYSE:SPY) component Nucor Corporation (NYSE:NUE) pull in a higher profit in the second quarter. Nucor and its affiliates manufacture steel and steel products for customers mainly located in North America.
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Nucor Corporation Earnings Cheat Sheet
Results: Net income for Nucor Corporation rose to $1.12 billion (35 cents per share) vs. $299.8 million (94 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year-earlier quarter.
Actual vs. Wall St. Expectations: Nucor Corporation fell short of the mean analyst estimate of 47 cents per share.
After beating analyst estimates for the two previous quarters, the company fell short of forecasts. In the first quarter, it topped the mark by 6 cents, and in the fourth quarter of the last fiscal year, it was ahead by 8 cents.
Looking Forward: Over the past ninety days, the average estimate for the third quarter has fallen from 77 cents per share to 46 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from $2.74 a share to $1.86 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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