Home » NEWS » Nucor sees earnings plummet

Nucor sees earnings plummet

CHARLOTTE, N.C. — Nucor yesterday said its fourth-quarter earnings tumbled 44 percent, as the steelmaker dealt with soft demand for construction products and steel for automobiles.

Earnings for the three-month period ended Dec. 31 fell to $58.9 million, or 18 cents per share. The company earned $105.9 million, or 34 cents per share, during the same period last year.

Revenue tumbled 29 percent to $2.94 billion, from $4.15 billion in the prior-year period.

The results topped analysts’ forecasts for profit of 7 cents a share on revenue of $1.58 billion.

Nucor’s quarterly profit was the only one of 2009. It posted losses in the first three quarters as demand dried up for steel, which is used in construction, automobiles and many consumer products.

The company says it expects its most challenging markets will continue to be in residential and non-residential construction, which still show little if any strength. Nucor makes a variety of steel construction products; including bars, beams, steel joists and girders, concrete reinforcing steel and wire.

For the full year, the company posted a loss of $293.6 million, or 94 cents per share, compared with earnings of $1.83 billion, or $5.98 per share, in 2008. Revenue shed 53 percent to $11.19 billion, down from $23.66 billion in the prior year.

Shares of Nucor fell 48 cents to $43.65 in morning trading.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *

*