Nucor sees Q4 EPS 25c-30c, consensus 68c
The company said, "The performance of the steel mills segment in the fourth quarter of 2019 is expected to decrease compared to the third quarter of 2019 as lower steel prices at the end of the third quarter have impacted our fourth quarter results. During the fourth quarter domestic scrap metal prices have risen markedly and our sheet, plate, structural and bar mills have all implemented price increases. We believe this reflects healthy underlying demand for our steel mill products. We expect that the performance of our steel mills segment will improve as we head into 2020, reflecting the impact of the price increases and normal seasonality. The profitability of the steel products segment in the fourth quarter of 2019 is expected to decrease slightly as compared to the third quarter of 2019 due to normal year-end seasonality. However, we expect the profitability of the steel products segment in the fourth quarter of 2019 to be the best fourth quarter in that segment's history and significantly higher than the fourth quarter of 2018. Losses of the raw materials segment are expected to increase in the fourth quarter of 2019 as compared to the third quarter of 2019 due to the impact of our Louisiana DRI plant's planned outage which was completed in mid-November - as well as expected further margin compression throughout our raw materials businesses."