Nucor (NUE) Tops Q2 EPS by 23c

Nucor (NYSE: NUE) reported Q2 EPS of $0.36, $0.23 better than the analyst estimate of $0.13. Revenue for the quarter came in at $4.33 billion versus the consensus estimate of $4.41 billion.

Third Quarter of 2020 Outlook:

The ongoing COVID-19 pandemic continues to cause uncertainty in overall market conditions as we enter the third quarter of 2020. At this point, we believe earnings in the third quarter of 2020 will be similar to the second quarter of 2020. We expect another strong quarter for our downstream products segment due to the continued resiliency of nonresidential construction markets. The steel mills segment's performance in the third quarter of 2020 is expected to be similar to the second quarter of 2020. Nonresidential construction market conditions continue to benefit our bar and structural mills, but market conditions for our sheet and plate mills remain challenged and average selling prices remain depressed. The performance of our raw materials segment in the third quarter of 2020 is expected to decrease compared to the second quarter of 2020 due to depressed pricing for raw materials.

For earnings history and earnings-related data on Nucor (NUE) click here.

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