Nucor Corporation(NUE: Quote), a manufacturer of steel products, Tuesday said it expects its third-quarter earnings to be in range of $0.35 to $0.40 per share, an increase from $0.35 per share reported during the corresponding quarter last year. This year's projected results include an $18 million LIFO credit, compared with $84 million a year ago. Last year results also included a non-cash charge of $28.2 million, the company said. Analysts expect the company to report earnings of $0.38 per share. Analysts' estimates typically exclude one-time items.
The company said the overall operating performance in the steel mills segment has improved, and sheet steel profitability improved as a result of competitor supply disruptions, customer inventory restocking and some market demand improvement. Structural steel results improved due to Nucor Yamato Steel's higher production, the company added. The company's raw materials segment is expected to report weaker results in the third quarter, mainly due to increased start-up costs at its plant in Louisiana, whose production is expected to begin soon.
by RTT Staff Writer
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