Nucor Q3 Earnings Down, Misses View

(RTTNews) - Nucor Corp. (NUE) Thursday reported a sharp decline in third-quarter earnings compared to the prior year. Sales were slightly up, and the company attributed lower earnings of the steel mills segment to the reduction in earnings for the quarter.

Looking ahead to the fourth quarter, the company expects a reduction in earnings, compared to the third quarter due to lower average selling prices and lower volumes. The company projects the largest decline in profitability at its sheet mills.

The company reported third-quarter earnings of 1.799 billion, down from $2.223 billion a year ago. On a per-share basis, earnings were $6.50 compared to $7.28 per share last year.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $6.73 per share. Analysts estimates usually exclude special items.

Net sales were $10.50 billion, down 11 percent from $10.313 billion last year. Wall Street estimate was $9.9 billion.