9/14/2010 11:33:00 AM
NEWS BRIEFS
Nucor Reflects ‘Slowdown’ in Third-Quarter Forecast
Nucor Corp. dampened third-quarter expectations, forecasting results in the range of $0.05 to $0.10 per diluted share, compared to earnings of $0.29 per diluted share in the second quarter of 2010, $0.10 per diluted share in the first quarter of 2010 and a loss of $0.10 per diluted share in the third quarter of 2009.
“Third quarter performance is an improvement over the first quarter but down significantly from the second quarter due to lower margins caused by higher scrap costs and the inability to pass along these price increases,” the company stated.
“A general slowdown has indeed occurred from second quarter, particularly in our flat rolled business.”
The steelmaker said the most challenging markets for its products continue to be those associated with residential and non-residential construction, which continue to show little, if any, strength.
Nucor Cold Finished Steel sales, including Nucor Fastener, jumped 54% to 117,000 tons during the second quarter of 2010. That result included a 5.4% improvement from the 111,000 tons achieved in the previous quarter.
First-half Cold Finished Steel sales, including fasteners, grew 48% to 228,000 tons, boosted by strong second quarter results. Web: Nucor ©2010 GlobalFastenerNews.com
Related Stories:
• Nucor Fastener Appeals Moving Forward
• B/E Aerospace Raising Funds for Fastener Acquisitions
Related Links:
Share: