18 Apr

Analysts Weigh In on Nucor’s First-Quarter Earnings

WRITTEN BY Mohit Oberoi, CFA

Nucor’s first-quarter earnings

Nucor (NUE) is expected to release its first-quarter earnings results on April 23. The company posted record earnings last year, but its stock fell 18.5%.

In the steel and iron ore space, only Cleveland-Cliffs (CLF) managed to close with gains last year. AK Steel (AKS) fell more than 60% last year as China’s slowdown concerns offset the positive impact of the Section 232 tariffs.

Analysts Weigh In on Nucor’s First-Quarter Earnings

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Analysts’ estimates

Analysts expect Nucor to post revenue of $6.1 billion in the first quarter. It posted revenues of $6.3 billion in the fourth quarter and $5.6 billion in the first quarter of 2018. Though the first quarter is typically seasonally strong for steel companies in terms of shipments, a sharp fall in steel prices in the fourth quarter is expected to dent US steel companies’ first-quarter revenues.

Analysts expect Nucor to post EPS of $1.50 in the first quarter. The company posted EPS of $2.07 in the fourth quarter and $1.10 in the first quarter of 2018. Nucor has provided EPS guidance of $1.45–$1.50 for the first quarter of 2019. The company’s earnings guidance is lower than what analysts were expecting. Steel Dynamics (STLD) has also provided underwhelming guidance for the first quarter.

Ratings and recommendations

Nucor has received “strong buy” ratings from four analysts, while seven analysts have rated it as a “buy” or some equivalent. The remaining four analysts polled by Thomson Reuters have given the stock “hold” ratings. Nucor has received a mean consensus price target of $69.11, which represents a potential upside of 19.2% over its closing price on April 17.

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