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NUE

Nucor

$53.96

0.36 (0.67%)

09:04
09/15/17
09/15
09:04
09/15/17
09:04

Nucor cuts Q3 EPS view to 75c-80c, consensus $1.02

Nucor announced guidance for its third quarter ending September 30. Nucor expects third quarter results to be in the range of 75c-80c per diluted share. This range is a decrease compared to the second quarter of 2017 consolidated net earnings of $1.00 per diluted share and third quarter of 2016 earnings of 95c per diluted share. Third quarter expected earnings are lower than the qualitative guidance provided with the second quarter of 2017 earnings release, which stated "Earnings in the third quarter of 2017 should be in a range similar to the quarterly results of the first half of 2017." "Though the third quarter of 2017 expected range is less than what we had originally thought earlier in the quarter, this range combined with the diluted earnings per share from the first two quarters of the year would exceed the amount of reported full year diluted EPS of the previous eight years. Projected third quarter of 2017 results include a net benefit totaling $12.2 million, or $0.04 per diluted share, related to tax return true-ups and state tax credits. Included in the third quarter of 2016 results were charges related to legal settlements of $33.7 million ($0.06 per diluted share) and a net benefit of $11.1 million ($0.02 per diluted share) related to fair value adjustments to assets in the corporate/eliminations segment. We expect the steel mills segment's earnings in the third quarter of 2017 to decrease compared to the second quarter of 2017. Despite high utilization rates at our sheet mills, continued import pressure has not allowed pricing to keep pace with increasing raw material costs during the third quarter of 2017. The forecasted earnings of our plate mills are expected to be significantly less than what was expected when we provided our qualitative guidance in July. Following increased demand earlier in the year primarily due to inventory restocking in the supply chain, demand in plate end use markets has been tepid. In general, we expect stable conditions to continue for most end use markets we serve. Nucor Steel Louisiana has experienced unplanned outages for most of the third quarter of 2017 which has caused us to significantly lower our forecasted third quarter earnings estimate for the raw materials segment. The facility stopped production in late July to make repairs to its materials handling systems and to address other equipment issues. We expect to resume operations in early October. The profitability of the steel products segment in the third quarter of 2017 is expected to be improved from the second quarter of 2017, but less than the third quarter of 2016. Nonresidential construction indicators continue to show marginal improvement over 2016 activity levels. Imports continue to negatively impact the U.S. steel industry. Through the first eight months of 2017, finished steel imports accounted for an estimated 28% share of the U.S. market and have increased an estimated 16.5% compared to the same period last year. The industry continues to pursue trade cases to combat unfairly traded imports. Final determinations issued earlier this year against cut-to-length steel plate imports from twelve countries are having a positive impact as steel imports of these products have decreased in the first eight months of this year compared to the same period last year. The United States Department of Commerce has made several rulings imposing duties on additional steel products since the beginning of the year that are favorable to the domestic steel industry. We are pleased with the slow but steady progress we are achieving through the prosecution of product and country specific trade cases. We believe this success is due to the overwhelming evidence that our foreign competitors receive support from illegal subsidies."

NUE Nucor
$53.96

0.36 (0.67%)

09/12/17
MSCO
09/12/17
DOWNGRADE
MSCO
Equal Weight
Nucor downgraded to Equal Weight from Overweight at Morgan Stanley
09/12/17
09/12/17
DOWNGRADE

Equal Weight
Nucor, Steel Dynamics downgraded on margin concerns at Morgan Stanley
As previously reported, Morgan Stanley analyst Piyush Sood downgraded Nucor (NUE) and Steel Dynamics (STLD), each to Equal Weight from Overweight, contending that the crosscurrents of higher U.S. steel and scrap pricing and weaker non-residential and auto demand are a drag on these "mini mills" and peer Commercial Metals (CMC). However, the net impact of the pricing and demand factors is beneficial to U.S. Steel (X), added Sood, who keeps an Overweight rating on that stock.
09/12/17
09/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) downgraded to Neutral from Long-Term Buy at Hilliard Lyons with analyst Kurt Kemper citing share appreciation as shares have approached his previous $65 price target. 2. Bunge (BG) downgraded to Hold from Buy at Vertical Group citing the acquisition of 70% interest in IOI Loders Croklaan. 3. Advance Auto Parts (AAP) downgraded to Sell from Neutral at Citi with analyst Kate McShane saying the company's turnaround seems to be taking longer given the number of issues to fix, and its cost savings are unlikely to impact earnings given its needed investments. 4. Precision Drilling (PDS) downgraded to Neutral from Overweight at JPMorgan. 5. Nucor (NUE) and Steel Dynamics (STLD) were downgraded to Equal Weight from Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/14/17
SBSH
09/14/17
UPGRADE
Target $65
SBSH
Buy
Nucor upgraded to Buy from Neutral at Citi
Citi analyst Alexander Hacking upgraded Nucor to Buy saying the share performance, down 10% year-to-date, is disconnected from the company's underlying fundamentals. The valuation is now attractive while steel prices in key products appear well supported, Hacking tells investors in a research note. He keeps a $65 price target for the shares.

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