Charlotte-based Nucor reports better-than-expected Q4 earnings

Charlotte-based manufacturer Nucor reported fourth-quarter earnings Tuesday that topped Wall Street expectations.

For the three months that ended Dec. 31, the steelmaker reported a profit of $159.6 million, or 50 cents a share, topping the Zacks Consensus estimate of 34 cents a share. In the fourth quarter of 2015, the company reported a net loss of $187.48 million, according to a securities filing.

Sales for the quarter totaled $3.96 billion, a 14 percent jump from the same period a year ago and above the $3.78 billion Zacks estimate.

For 2017, the company said it expects to benefit from increased steel volume, as well as declining imports.

In the fourth quarter, Nucor said it changed its accounting practices for certain inventories from the “last-in, first-out” method to the “first-in, first-out” method, resulting in a retroactive loss in the third and fourth quarters of 2015.

In December, Nucor announced plans to acquire Southland Tube, an Alabama-based steel tubing manufacturer, for $130 million. That deal follows the company’s September announcement to buy Independence Tube Corp. for $435 million.

Marketwatch contributed.

This story was originally published January 31, 2017 at 2:50 PM with the headline "Charlotte-based Nucor reports better-than-expected Q4 earnings."