Nucor Earnings: Profit Jumped Fivefold
S&P 500 (NYSE:SPY) component Nucor Corporation (NYSE:NUE) reported net income above Wall Street’s expectations for the first quarter. Nucor Corporation and its affiliates manufacture steel and steel products for customers mainly located in North America.
Nucor Earnings Cheat Sheet for the First Quarter
Results: Net income for Nucor Corporation rose to $159.8 million (50 cents/share) vs. $31 million (10 cents/share) YoY. A substantial increase from the year earlier quarter.
Revenue: Rose 32.3% to $4.83 billion YoY.
Actual vs. Wall St. Expectations: NUE beat the mean analyst estimate of 35 cents/share. Estimates ranged from 25 cents per share to 38 cents per share.
The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 40.6%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 69.3% from the year earlier quarter.
Competitors to Watch: Steel Dynamics, Inc. (NASDAQ:STLD), AK Steel Holding Corp. (NYSE:AKS), United States Steel Corp. (NYSE:X), Grupo Simec S.A.B. de C.V. (ADR) (AMEX:SIM), Universal Stainless & Alloy Products (NASDAQ:USAP), Gerdau SA (ADR) (NYSE:GGB), Worthington Industries, Inc. (NYSE:WOR), Schnitzer Steel Industries, Inc. (NASDAQ:SCHN), Evraz Highveld Steel & Vandium Ltd (ADR) (HGVLY), and Friedman Industries (AMEX:FRD).
Today’s Performance: Shares of NUE are trading at $46.15 as of April 21, 2011 at 7:28 PM ET, down 0.7% from the previous closing price of $46.48.