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Nucor Corp. Sees 3Q Profit Below Views

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-09-12

CHARLOTTE, N.C. (AP) -- Steel producer Nucor Corp. on Wednesday issued third-quarter guidance significantly lower than year-ago earnings and Wall Street estimates, blaming sheet metal market softness and higher costs of raw materials.

The news sent shares down $1.52, or 2.9 percent, to $52 in morning trading.

The company expects to earn $1.10 per share to $1.15 per share for the third quarter. Analysts are expecting the company to report a profit of $1.27 per share for the quarter, according to a poll by Thomson Financial.

In the year-ago quarter, Nucor earned $1.70 per share.

Nucor said the sheet metal market continues to be hampered by weakness in the automotive and residential construction markets.

Also, the company said "stubbornly high" imports during the first seven months of the year are currently reducing prices and increasing inventories.

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