April 27 (Reuters) – Nucor beat Wall Street expectations for first-quarter revenue on Monday, helped by higher average selling prices and strong volumes in its steel mills segment, sending its shares up 5% in after-hours trading.
U.S. steelmakers are benefiting from firmer prices as supportive trade policies, geopolitical tensions and upcoming mill maintenance keep supply constrained.
CEO Leon Topalian said the steel mills segment achieved a new quarterly shipment record and highlighted “growing contributions from recent capital investments, and federal trade policies that continue to reduce the flood of unfairly traded imports into the United States.”
The company said it expects improved earnings across all three operating segments, citing higher realized selling prices and volumes.
The Charlotte, North Carolina-based company posted first-quarter revenue of $9.5 billion, compared with $7.83 billion a year earlier.
Analysts on average were expecting $8.88 billion for the quarter, according to data compiled by LSEG.
It posted a profit of $3.23 per share for the quarter ended April 4, compared with 67 cents per share a year earlier.
(Reporting by Megavarshini G. Somasundaram and Anshuman Tripathy in Bengaluru; Editing by Sriraj Kalluvila)
Comments