Charlotte steel maker Nucor reduces first-quarter guidance
03/18/2014 11:23 AM
03/19/2014 12:41 AM
Charlotte-based steel maker Nucor on Tuesday reduced guidance for first-quarter earnings, citing severe weather and imports that have hurt pricing.
The company said it expects earnings per share of 30 to 35 cents in the quarter ended April 5. That’s lower than previous guidance of earnings similar to the fourth quarter excluding a gain for a tax adjustment, or about 46 cents per share.
Nucor posted earnings of 26 cents per share in the first quarter of 2013.
The company said the biggest factor in the new guidance was severe weather, which disrupted customer demand, decreased railcar availability and has added to seasonally weaker conditions in its fabricated construction products businesses. Nucor makes steel bars, beams, sheets and other metal products.
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