July 27 (Reuters) – Nucor beat Wall Street estimates for second-quarter profit and revenue on Monday, helped by higher pricing and strong volumes in its steel mills segment.
U.S. steelmakers have been benefiting from firmer steel prices, supported by favorable trade policies, easing geopolitical tensions and planned mill outages that have kept supply constrained.
“Investment across key sectors of the U.S. economy, combined with supportive federal trade policies, drove a second consecutive quarterly record for Nucor steel mill shipments,” said CEO Leon Topalian.
Here are some details:
• The Charlotte, North Carolina-based company posted an adjusted per-share profit of $4.84 in the second quarter, compared to average analysts’ estimates of $4.38, according to data compiled by LSEG
• It reported a revenue of $10.4 billion, higher than Street expectations of $10.14 billion.
• Profit in the steel mills segment, before income taxes and noncontrolling interests, rose nearly 85% to $1.56 billion from $843 million last year
• It forecast a growth in revenue in the steel mills and steel products segment in the current quarter, both helped by higher pricing and strong volumes.
• Peer Steel Dynamics posted a jump in second-quarter profit last week, helped by record steel shipments and stronger pricing.
(Reporting by Megavarshini G. Somasundaram and Aishwarya Jain in Bengaluru; Editing by Shailesh Kuber)
Comments