Nucor Rises 6% On Higher Q2 Earnings Forecast

Shares of steel producer Nucor Corp. (NUE) are up 6 percent in Wednesday's trading continuing their rally from pre-market trading. The stock was reacting positively to news of the company expecting second-quarter earnings to rise to record levels amid strong end-use market demand.

The company currently expects earnings for the second quarter of $8.75 to $8.85 per share, up from the earlier earnings of $5.04 per share last year. On average, 8 analysts polled by Thomson Reuters expect the company to post earnings of $8.1 per share in the second quarter.

Nucor Corp said in a statement, "Second quarter earnings will be driven by increased profitability in the steel products segment, which continues to benefit from robust demand in non-residential construction markets."

Currently at $118.91, the stock has traded between $87.71 and $187.90 during the past 52 weeks.

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