Goldman Sachs Not Surprised by Nucor (NUE) Guidance

Nucor (NYSE: NUE) today announced guidance for its first quarter ending March 30, 2013. The company expects adjusted EPS of $0.16-$0.21, excluding a $0.04 positive impact from state tax credits and tax adjustments. This is below the consensus estimates of $0.37.

Commenting on developments, "We do not view NUE's 1Q13 guidance as surprising, as steel prices and shipments have been weaker than expected so far in 2013. 1Q13 steel prices are up only 1% over 4Q12, compared to an 8% increase in 1Q12 and a 38% increase in 1Q11. Feedback we have received from industry contacts indicate that recent price increases are beginning to roll back while scrap for March is up $40 squeezing the metal margin at the minimills."

Goldman Sachs has a Neutral rating on Nucor with a price target of $38.00.

For an analyst ratings summary and ratings history on Nucor (NYSE: NUE) click here. For more ratings news on Nucor click here.

Shares of Nucor closed at $46.54 yesterday.

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