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."