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Nucor Sees Q3 EPS Above View

Nucor Corp. (NUE) said it expects third quarter results to be in the range of $2.35 to $2.40 per share. This range is an increase compared to the second quarter of 2018 consolidated net earnings of $2.13 per share and third quarter of 2017 earnings of $0.79 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $2.34 per share for the third-quarter. Analysts' estimates typically exclude special items.

Projected third quarter of 2018 results include an estimated benefit of about $25 million, or $0.06 per share, related to insurance recoveries. Included in the second quarter of 2018 results was a benefit of $23.3 million, or $0.06 per share, related to insurance recoveries.

Included in third quarter of 2017 results was a net benefit of $13.2 million, or $0.04 per share, related to tax return true-ups and state tax credits. Also included in the third quarter of 2017 earnings was an expense of $22.5 million, or $0.05 per share, related to certain legal matters.

Earnings in the third quarter of 2018 are expected to continue the trend of strong 2018 performance.

The company continues to believe there is sustainable strength in steel end use markets. It expects the performance of steel mills segment in the third quarter of 2018 to increase compared to the second quarter of 2018 due primarily to higher earnings at or sheet mills and plate mills, despite the impact of both planned and weather-related outages at certain mills. The earnings of the steel products segment are expected to decrease in the third quarter of 2018 as compared to the second quarter of 2018.

It expects its raw materials segment's earnings in the third quarter of 2018 to be lower as compared to the second quarter of 2018 due to the decreased performance of scrap brokerage and processing operations and the decreased performance of DRI facilities as Louisiana DRI facility experienced outages for much of the third quarter.

by RTTNews Staff Writer

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