Steel Mills
July 23, 2020
Nucor Surprises With Higher Than Expected Earnings
Written by Sandy Williams
Nucor surprised analysts with earnings significantly higher than expected for the second quarter of 2020. Earnings for Q2 totaled $108.9 million or $0.36 per diluted share despite Nucor’s own guidance for $0.10-0.15 per share and analyst forecasts of $0.12 to $0.14. The company admits poor forecasting ability resulted in the welcome discrepancy, along with strategic cost savings and the resilience of the nonresidential construction market during the pandemic.
During the second quarter, pandemic challenges disrupting customer production and a weak oil and gas market resulted in a weaker performance for Nucor’s sheet and plate mills.
