Early on Thursday, steel manufacturer Nucor Corporation (NUE) reported a 42% drop in earnings and 10% decline in revenue in the first quarter, as various charges and a decline in steel production negatively impacted overall results.
The Charlotte, North Carolina-based company saw its first quarter net income fall to $84.8 million, or 26 cents per share, from $145.1 million, or 46 cents per share, a year ago. According to analysts polled by Thomson Reuters, this just beat the consensus view that Nucor would earn 25 cents per share in the first quarter.
The company’s consolidated net sales for the quarter declined as well, falling 10% to $4.55 billion from $5.07 billion in the first quarter last year. This missed analysts’ expectation that the company would post revenues of $4.61 billion.
Looking towards the second quarter, the company noted that its expects to see improvement in earnings because of better performance at its fabricated construction products businesses and raw materials business. Analysts are expecting the company to earn 54 cents per share in the quarter.
Nucor shares were down 28 cents, or -0.66%, during morning trading on Thursday. The stock is down -1.62% year-to-date.
The Bottom Line
Shares of Nucor Corporation (NUE) have a dividend yield of 3.48% based on Thursday’s intraday trading price of $42.25 and the company’s annualized dividend payout of $1.47 per share.
Nucor Corporation (NUE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.