=Nucor (NUE) reported earnings on Thur 21 Jul 2016 (b/o)

Nucor beats raises expectations $0.04, misses on revs; sees further strong improvement in Q3 earnings :

• Reports Q2 (Jun) earnings of $0.73 per share, $0.04 better than the Capital IQ Consensus of $0.69; revenues fell 2.6% year/year to $4.25 bln vs the $4.51 bln Capital IQ Consensus.
• Preannouced on June 15: EPS $0.65-0.70 vs. $0.56 consensus
  • Average sales price per ton in the second quarter of 2016 increased 9% from the first quarter of 2016 and decreased 9% from the second quarter of 2015.
  • Total tons shipped to outside customers were 6,457,000 tons in the second quarter of 2016, a 5% increase from the first quarter of 2016 and a 7% increase from the second quarter of 2015.
  • Total second quarter steel mill shipments increased 5% from the first quarter of 2016 and increased 11% from the second quarter of 2015.
  • Second quarter downstream steel products shipments to outside customers increased 11% from the first quarter of 2016 and decreased 2% from the second quarter of 2015.
• "We expect further strong improvement in earnings in the third quarter of 2016 (consensus $0.83). Most of the quarter over quarter improvement will be in the steel mills segment, primarily in our sheet mills. The performance of the raw materials segment is expected to improve significantly in the third quarter of 2016 as compared to the second quarter of 2016 due primarily to improved performance at our DRI facilities. We expect increased profitability for our downstream products segment in the third quarter of 2016 as compared to the second quarter of 2016 due to the gradual improvement in nonresidential construction markets."