Nucor Corp. anticipates EPS in the range of US$1.45 to US$1.50 for the first quarter of 2019, decreasing quarter over quarter from US$2.07 but increasing year over year from US$1.10.
The U.S. steelmaker said March 15 that the first quarter of 2018 included an expense of US$21.8 million related to deferred tax assets after a change in a subsidiary's tax status.
Nucor expects its steel mills segment to have decreased earnings quarter over quarter, primarily due to lower sales prices and margins in the sheet mill group.
It also said shipments from the steel mills and steel products segments were delayed due to a wetter-than-expected winter season while noting an apparent rebound in sheet pricing.
The company's raw materials segment is also expected to have a decreased performance on a quarterly basis, due to lower average selling prices, while results from its steel products segment are expected to hold steady.
Nucor booked US$646.8 million in net profit for the fourth quarter of 2018, a 68.5% year-over-year increase.