By Ben Fox Rubin
Nucor Corp.'s (NUE) second-quarter profit fell 24% as the
steelmaker's production and selling prices declined.
Nucor, the second-largest U.S. steelmaker by production, said
last month that weaker performance in its sheet and structural
steel operations during the latest quarter was somewhat offset by
improvement in the plate steel space. Nucor also expected its
fabricated construction products businesses would return to a
profit after posting a modest loss during the first quarter.
So far this year, Nucor has said nonresidential construction
markets still lack sustained momentum, though they are slowly
improving from historically low levels.
Nucor posted a profit of $85.1 million, or 27 cents a share,
down from $112.3 million, or 35 cents a share, a year earlier. Last
month, Nucor predicted downbeat earnings of 25 cents to 30 cents a
share, saying its steel mills business weakened.
Sales were down 8.6% to $4.67 billion, beating expectations of
$4.6 billion from analysts polled by Thomson Reuters.
Input costs declined 7.5%.
The average sales price per ton fell about 7% from a year
earlier. Steel-mill shipments fell 3.4% and mill production was
down 3.3%.
Shares were down 24 cents to $45.05 in premarket trading. The
stock is up 4.9% so far this year.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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