» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 77 | Friday, April 19, 2013

Nucor Net Income Falls 39 Percent

AP

Print | Front Page | Email this story | Comments ()

CHARLOTTE, N.C. (AP) Nucor Corp. said Thursday that its first-quarter net income dropped 39 percent, hurt by lower steel prices and volumes.

The Charlotte, N.C.-based company earned $84.8 million, or 26 cents per share, down from $145.1 million, or 46 cents per share, in the same quarter of 2012.

Both the recent quarter and the year-ago period included accounting-related charges of 3 cents per share, while the first quarter of 2012 also included a non-cash tax-related gain of 4 cents per share. Excluding the accounting charge, the company posted an adjusted profit of 29 cents per share for the recent quarter.

Revenue fell 10 percent to $4.55 billion, as Nucor's average sale price dipped 7 percent and volumes shipped to outside customers fell 4 percent to 5.7 million tons.

The results beat Wall Street's estimates. Analysts, on average, expected 24 cents per share on $4.54 billion in revenue, according to FactSet.

The company's average scrap and scrap substitute cost per ton fell 15 percent to $379. Overall operating rates at the company's steel mills dropped to 72 percent from 79 percent in the first quarter of 2012

Nucor expects to see higher profits in the second quarter, helped by better performance at its fabricated construction products businesses, raw materials businesses and most steel mill product groups. It cautioned that import levels, along with ongoing economic and political uncertainty continue to hurt its business.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 32 344 10,222
MORTGAGES 52 452 13,327
FORECLOSURE NOTICES 30 106 2,644
BUILDING PERMITS 0 783 24,307
BANKRUPTCIES 60 359 9,892
BUSINESS LICENSES 23 133 3,736
UTILITY CONNECTIONS 76 595 14,558
MARRIAGE LICENSES 23 104 3,167

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.