Connect with us

Hi, what are you looking for?

Stock

Steelmaker Nucor’s third-quarter profit dented by impairment charges

(Reuters) – Nucor (NYSE:NUE) reported a nearly 78% slump in third-quarter profit on Monday as the company recorded impairment charges related to its steel products and raw materials businesses, sending its shares down 3% after the bell.

U.S. steelmakers are facing a sluggish pricing environment as distributors hold back on purchases beyond immediate inventory needs because of an oversupply.

Nucor expects further sequential decline in fourth-quarter net earnings in its steel mills and products segments.

The company posted a quarterly profit of nearly $250 million, or $1.05 per share, for the third quarter, accounting for impairment charges of $123 million.

Excluding items, the steelmaker earned $1.49 per share, beating the average analyst estimate of $1.47, according to data compiled by LSEG.

Revenue fell more than 15% to $7.44 billion as the company struggled with weak prices and soft demand. That compared with estimates of $7.28 billion.

Average sales price per ton in the third quarter decreased 6% from the second quarter and 15% from a year earlier.

Last month, the North Carolina-based company forecast third-quarter profit to range between $1.30 and $1.40 per share.

This post appeared first on investing.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

    Economy

    LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

    Economy

    Thousands of dockworkers on the East Coast and Gulf Coast will return to work after reaching a tentative agreement on wages, ending one of...

    Latest News

    Tunisians voted Sunday in an election expected to grant President Kais Saied a second term, as his most prominent detractors, including one of the candidates challenging...

    Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 beneficialinvestmentnow.com