Nucor beats by $0.04, reports revs in-line; guides Q4 EPS to be at or slightly below Q3 levels
- Reports Q3 (Sep) earnings of $0.83 per share, $0.04 better than the Capital IQ Consensus of $0.79 and above prior guidance of $0.75-0.80; revenues rose 20.5% year/year to $5.17 bln vs the $5.19 bln Capital IQ Consensus.
- Co issues guidance for Q4, sees EPS being similar to slightly decreased from Q3 levels of $0.83, which is slightly below the $0.85 Capital IQ Consensus Estimate.
- "Approaching the end of 2017, we are encouraged by a number of positive factors impacting our markets going into 2018. We see generally stable or improving market conditions for nonresidential construction, automotive, energy, heavy equipment and agriculture. Although illegally traded imports remain at unacceptable levels, we are encouraged by the cumulative benefits of the domestic steel industry's successful trade cases."
- Co expects much improved performance by the raw materials segment in Q4, driven by more consistent DRI production. The downstream steel products segment is also likely to benefit from margin improvement. Co expects the steel mills segment to see some decline mainly due to weakness in plate steel and typical seasonality.