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Nucor Sees Lower Q1 EPS

Nucor Corp. (NUE) said that it expects first quarter results to be in the range of $1.00 to $1.05 per share. This range was a decrease compared to the fourth quarter of 2017 consolidated net earnings of $1.20 per share and first quarter of 2017 earnings of $1.11 per share. Excluding the non-operating items, expected first quarter of 2018 performance is better than the fourth quarter of 2017 and comparable to the first quarter of 2017. Analysts polled by Thomson Reuters expect the company to report earnings of $1.01 per share for the first-quarter. Analysts' estimates typically exclude special items.

Projected first quarter of 2018 results include an expense of $21.8 million, or $0.07 per diluted share, related to the write off of deferred tax assets due to the change in the tax status of a subsidiary.

Included in the fourth quarter of 2017 results was a net benefit of $175.2 million, or $0.55 per diluted share, related to the impacts of U.S. federal tax legislation enacted in the fourth quarter of 2017. Included in the first quarter of 2017 results were inventory related purchase accounting charges of $9.8 million, or $0.02 per diluted share, associated with the acquisitions of Southland Tube and Republic Conduit.

The company expects earnings in the steel mills segment to be improved compared to the fourth quarter of 2017. Average selling prices have increased each month for all steel mill product groups thus far in 2018, and we expect that positive pricing momentum to continue into the second quarter.

The company expects decreased earnings in the steel products segment in the first quarter of 2018 compared to the fourth quarter of 2017 due to typical seasonality. We expect earnings in our raw materials segment in the first quarter of 2018 to improve compared to the fourth quarter of 2017.

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