S&P 500 (NYSE:SPY) component Nucor Corporation (NYSE:NUE) reported net income above Wall Street’s expectations for the second quarter. Nucor Corporation and its affiliates manufacture steel and steel products for customers mainly located in North America.
Nucor Earnings Cheat Sheet for the Second Quarter
Results: Net income for the steel and iron company rose to $299.8 million (94 cents per share) vs. $91 million (29 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year earlier quarter.
Revenue: Rose 6% to $5.11 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: NUE beat the mean analyst estimate of 81 cents per share. Analysts were expecting revenue of $5.17 billion.
The company has now topped analyst estimates for the last three quarters. It beat the mark by 15 cents in the first quarter and by 8 cents in the fourth quarter of the last fiscal year.
Competitors to Watch: Steel Dynamics, Inc. (NASDAQ:STLD), AK Steel Holding Corp. (NYSE:AKS), United States Steel Corp. (NYSE:X), Universal Stainless & Alloy Products (NASDAQ:USAP), Grupo Simec S.A.B. de C.V. (AMEX:SIM), Gerdau SA (NYSE:GGB), Worthington Industries, Inc. (NYSE:WOR), Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) and Friedman Industries (AMEX:FRD).
(Source: Xignite Financials)