Nucor Beats Earnings Estimates for Q4

Nucor beat analysts’ estimates for the fourth quarter, reporting net earnings of $107.8 million due to an unexpected surge in sales during December.

“Stronger than expected steel mill segment performance in December was the primary driver for higher actual fourth-quarter earnings than we indicated in our mid-December quantitative guidance,” said Leon Topalian, Nucor’s new president and CEO. “We believe that the inventory destocking that occurred throughout most of 2019 concluded in the fourth quarter, when customers resumed more normal buying patterns. Additionally, general business conditions improved in the fourth quarter due to a number of factors, including a rate cut by the Federal Reserve, the new labor agreement between the United Automobile Workers and GM, and definitive progress on the trade front.”