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Nucor's (NUE) Q1 Earnings Miss Estimates, Revenues Beat

Nucor Corporation NUE is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the U.S.

Nucor is still exposed to weak steel market fundamentals. Excess capacity, high levels of imports and weak pricing are weighing on the company’s performance. However, Nucor continues to see strength in the automotive market.

Let’s have a quick look at this steel company’s first-quarter 2016 release.

Estimate Trend & Surprise History

Investors should note that the earnings estimate for Nucor for the first quarter has been essentially static over the past one month. The company has beaten the Zacks Consensus Estimate in all of the trailing 4 quarters with an average beat of 65%.

Earnings

Nucor posted earnings of 22 cents per share for the quarter. Earnings missed the Zacks Consensus Estimate of 27 cents.

Revenues

Nucor reported revenues of $3,715.6 million, down roughly 16% year over year. That, however, beat the Zacks Consensus Estimate of $3,648 million.

Key Stats/Developments to Note

Total steel mills shipments in the first quarter were 5,647,000 tons, up 16% year over year. Total tons shipped to outside customers rose 9% year over year to 6,148,000 tons. Average sales price in the quarter fell 23% year over year.

Zacks Rank

Currently, Nucor has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.

Market Reaction
 
Nucor’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.

Check back later for our full write up on Nucor’s earnings report!

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NUCOR CORP (NUE): Free Stock Analysis Report
 
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