Nucor (NUE) Tops Q3 EPS by 9c

Nucor (NYSE: NUE) reported Q3 EPS of $0.90, $0.09 better than the analyst estimate of $0.81. Revenue for the quarter came in at $5.46 billion versus the consensus estimate of $5.54 billion.

"After a brief summer rally, plate and sheet market conditions softened in the third quarter. Excess inventory throughout the supply chain has resulted in continued destocking by our customers. However, spending in the nonresidential construction market remained at healthy levels during the third quarter, and we delivered continued strong performance from our metal buildings, piling, joist and deck divisions; as well as improved performance in our rebar fabrication divisions," said John Ferriola, Nucor's Chairman and Chief Executive Officer.

Mr. Ferriola added, "We continue to have great confidence in Nucor's business fundamentals and long-term strategy. Our strong cash flow generation through the cycle underscores the benefits of our low and highly variable cost structure, as well as of our highly diversified business model. Looking to 2020 and beyond, Nucor is uniquely well positioned to build on our competitive advantages and extend our long track record of shareholder value creation."

For earnings history and earnings-related data on Nucor (NUE) click here.

You May Also Be Interested In

• 'Ocean of opportunity': Wolfe initiates SpaceX at Buy ahead of historic IPO
• Aspire Biopharma to acquire automotive supplier for $30 million
• Nvidia pitches Vera CPU to Chinese clients with August delivery target