Nucor Corp. (NUE) Thursday provided its earnings guidance for the first quarter of 2012 that is below analysts' current estimates. The US steel maker said the forecast was at the low-end of its expectations, as it was impacted by lower pricing and weak margins.
Charlotte, North Carolina-based Nucor expects first-quarter earnings in a range of $0.30 to $0.35 per share.
On average, 17 analysts polled by Thomson Reuters currently expect earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude one-time items.
Nucor reported an earnings of $0.50 per share for first quarter last year and $0.43 per share in the fourth quarter last year.
The company's guidance provided during the fourth-quarter results, indicated first quarter 2012 earnings to be improved from fourth quarter 2011, on an adjusted basis.
First-quarter 2012 results included an estimated LIFO charge of $0.03 per share, compared to charges of $0.11 per share in the fourth quarter last year.
Nucor said that although its outlook is consistent with the guidance provided earlier, "they are at the low end of our expectations."
Resurgence in imports and increased competition from new domestic sheet mill supply has negatively impacted steel mill pricing and margin trends, the company said. Nucor also said that despite the negative impact of excess supply, market demand continues to improve in most end markets.
NUE is currently trading on the NYSE at $43.34, down 1.29%, on a volume of 4.7 million shares.
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