Nucor Reports 38 Pct Profit Plunge
CHARLOTTE, N.C. (AP) _ Nucor Corp., the country’s second-biggest steel maker, on Thursday reported first-quarter profits of $20.3 million, or 26 cents a share, down 38 percent from the same quarter the previous year.
The results still managed to exceed Wall Street’s expectations. Analysts surveyed by Thomson Financial/First Call had expected earnings of 20 cents a share.
Shares of Nucor were down $1.45 to close at $63.25 in trading Thursday on the New York Stock Exchange.
Consolidated sales for the first quarter of 2002 remained unchanged at just over $1 billion, compared with the first quarter of 2001. Composite sales price per ton decreased 8 percent while total sales increased 9 percent from the first quarter of 2001.
The Charlotte-based company posted earnings of $32.7 million, or 42 cents per share, in the first quarter of 2001.
The first quarter established new records for steel production, total steel shipments and steel sales to outside customers.
Steel production was 3.2 million tons in the first quarter, compared with 3 million tons produced in the first quarter of 2001.
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