Steel maker Nucor Corp.'s (NUE) first-quarter net earnings slid to $84.8 million, or $0.26 per share, from $145.1 million, or $0.46 per share, last year. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.
Nucor's consolidated net sales were down 10% to $4.55 billion in the first quarter of 2013 from $5.07 billion in the first quarter of 2012. Average sales price per ton slid 7% year-over-year. Analysts estimated revenues of $4.61 billion for the quarter.
The company said it incurred a charge to value inventories using the last-in, first-out or LIFO method of accounting of $18.0 million in the first quarter of 2013, compared with a charge of $14.5 million last year. Also affecting earnings in the first quarter 2012 was a non-cash gain of $12.6 million on the recognition of state tax credits and the adjustment of tax expense to previously filed returns.
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