Charlotte, N.C.-based Nucor Corp. on Oct. 18 reported a surge in third-quarter earnings to US$676.7 million from US$254.9 million the year before, with EPS jumping to US$2.13 from 79 cents.
Results fell short of a September forecast from the company that had indicated an EPS range of US$2.35 to US$2.40 as the guidance did not include a US$110 million charge related to Nucor's natural gas well assets, which the company booked in its latest financial update.
Nucor President, CEO and Chairman John Ferriola said the company is on track for 2018 to be a record year for earnings. Revenue for the quarter jumped to US$6.74 billion from US$5.17 billion year on year as the average sales price per short ton jumped 23%.
Total steel product shipments rose 7% year on year to 6.3 million tons, while sales rose 6% to 7.0 Mt.
Cash and equivalents at the end of September totaled US$1.93 billion, up by almost US$1 billion from the start of the year.
Fourth-quarter earnings are expected to be lower than the third quarter as sales trail off amid lower demand during the winter, although the company expects results to be stronger than the fourth quarter of 2017.
The fourth quarter of 2017 saw the company post earnings of US$383.9 million on revenue of US$5.09 billion.