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NUE

Nucor

$66.76

-0.33 (-0.49%)

09:02
06/14/18
06/14
09:02
06/14/18
09:02

Nucor sees Q2 EPS $2.05-$2.10, consensus $1.68

Nucor announced guidance for its second quarter ending June 30, 2018. Nucor expects second quarter results to be in the range of $2.05 to $2.10 per diluted share. This range is an increase compared to the first quarter of 2018 consolidated net earnings of $1.10 per diluted share and second quarter of 2017 earnings of $1.00 per diluted share. Included in the first quarter of 2018 results was an expense of $21.8 million, or $0.07 per diluted share, related to the write off of deferred tax assets due to the change in the tax status of a subsidiary. "Earnings in the second quarter of 2018 are expected to increase significantly compared to the first quarter of 2018. The performance of the steel mills segment is expected to be significantly improved in the second quarter of 2018 as compared to the first quarter of 2018 due to higher average selling prices and increased profitability across all steel mill product groups, with the strongest increase at our sheet mills. We also expect increased profitability in our steel products segment and raw materials segment in the second quarter of 2018 as compared to the first quarter of 2018. Our improved earnings are the result of much stronger market conditions that we believe have been positively impacted by deregulation, tax reform and higher, stable oil prices. Based on the current steel market fundamentals and communications with our customers, we are confident in our belief that there is sustainable strength in steel end use markets. Our steel mill and steel product backlogs are robust and have trended upward since the beginning of the year. We therefore expect strong performance and profitability to continue through the remainder of the year."

NUE Nucor
$66.76

-0.33 (-0.49%)

04/18/18
UBSW
04/18/18
INITIATION
Target $65
UBSW
Neutral
Nucor initiated with a Neutral at UBS
UBS analyst Andreas Bokkenheuser last night initiated Nucor with a Neutral rating and $65 price target. The analyst is cautious on the U.S. Steel sector as he believes demand is in structural decline, falling 1% per year over the past 20 years. The recent price rally was supply, not demand driven, Bokkenheuser tells investors in a research note. He believes that leading indicators now point to a mid-year price and volume reversal.
05/17/18
MACQ
05/17/18
UPGRADE
MACQ
Outperform
Nucor upgraded to Outperform from Neutral at Macquarie
Macquarie analyst David Lipschitz upgraded Nucor to Outperform and raised its price target to $75 from $70 saying valuation does not fully reflect widening metal spreads and earnings resilience through the cycle. The analyst expects steel prices to remain elevated and said upside risk to scrap costs is capped given his cautious view on iron ore and improving domestic scrap supply. Further, Lipschitz said cash generation remains strong and management is focused on investing in long-term growth and returning cash to shareholders.
05/18/18
SBSH
05/18/18
NO CHANGE
SBSH
Nucor and Steel Dynamics should ramp up capital returns, says Citi
Nucor (NUE) and Steel Dynamics (STLD) should consider re-visiting their aggressive capital return programs from the 2006-2008 peak, Citi analyst Alexander Hacking tells investors in a research note. The company's current cash flows are elevated and expected to remain so for the next three years, the analyst adds. Further, he believes their growth opportunities "are more limited given more inflated asset values." If each company committed to paying out 50% of discretionary operating cash flow over the next three years, Hacking estimates cash returns would total $3.1B or $9.88 per share for Nucor and $1.7B or $7.23 per share for Steel Dynamics without increasing leverage. This would still leave 45% of operating cash flow available for growth capex or acquisitions, more than sufficient to show that Section 232 profits are being reinvested, the analyst contends.
06/06/18
LBOW
06/06/18
NO CHANGE
Target $90
LBOW
Buy
Nucor expected to have a positive mid-quarter update, says Longbow
Longbow analyst Chris Olin is looking for a positive mid-quarter update from Nucor with positive commentary about nonresidential construction demand, wider mini-mill spreads, steady downstream margins, and investment contributions to push 2H 2018 expectations higher. Olin's expects Q2 earnings of $1.68, in-line with consensus, and sees increasing construction spending driving 2-3 years of additional long product volume growth. The analyst expects consensus estimates to move much higher, reflecting recent transaction volumes for bar, beam, and plate products and visible volume strength across all of the carbon steel mills. Olin rates Nucor a Buy with a $90 price target.

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CMT

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