Despite an expected dip in profit, analysts are generally optimistic about Nucor as it prepares to reports its second-quarter earnings on Thursday, July 23, 2015. The consensus earnings per share estimate is 25 cents per share.
The consensus estimate has increased over the past month, from 24 cents, but it's below the estimate of 48 cents from three months ago. For the fiscal year, analysts are projecting earnings of $1.64 per share. Analysts project revenue to fall 14% year-over-year to $4.54 billion for the quarter, after being $5.29 billion a year ago. For the year, revenue is expected to come in at $18.82 billion.
Revenue fell year-over-year in the first quarter, snapping the three-quarter streak of rising revenue.
The profit drop in the first quarter followed the net income increase in the quarter prior. The 54% profit decline in the most recent quarter brought the figure down to $67.8 million. In the quarter before that, net income was up 23% year-over-year.
The majority of analysts (67%) rate Nucor as a buy. This compares favorably to the analyst ratings of nine similar companies, which average 42% buys.
Earnings estimates provided by Zacks.
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