Nucor Sees Q3 Adj. EPS Well Below Estimates

(RTTNews) - Nucor Corp. (NUE) announced on Tuesday that it expects earnings for the third quarter to be in a range of $0.87 to $0.97 per share.

Excluding certain one-time non-cash charges totaling approximately $0.43 per share, adjusted earnings for the quarter are expected to be in the range of $1.30 to $1.40 per share.

On average, ten analysts polled by Thomson Reuters expect the company to report earnings of $1.81 per share for the third quarter. Analysts' estimates typically exclude special items.

The company said the one-time non-cash charges are related to the impairment of certain non-current assets in the raw materials and steel products segments.

Sequentially, the decline in adjusted earnings is primarily due to decreased earnings of the steel mills segment amid lower average selling prices. The steel products segment is expected to have decreased earnings due to lower average selling prices and lower volumes. Earnings in the raw materials segment are also expected to decrease.