Nucor (NUE) Guides Slightly Above for Q2 Earnings
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Nucor Corporation (NYSE: NUE) announced guidance for its second quarter ending July 4, 2009. Nucor expects second quarter results to be in the range of a loss of $0.55 to $0.65 per diluted share. By comparison, Nucor reported a loss of $0.60 per share in the first quarter of 2009 and earned $1.94 per share in the second quarter of 2008. (Q2 EPS consensus is $0.69 loss)
Our qualitative guidance for the second quarter, given in late April, was for a loss in the second quarter greater than the first quarter loss. As expected and discussed in our previous qualitative guidance, second quarter results carry a substantially greater burden than the first quarter from accelerated consumption of high cost pig iron inventories at our sheet mills. However, we are benefiting from the strong focus on overall cost reductions by all members of the Nucor team. [SM]
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