Nucor Provides Update on First Quarter Performance
February 09, 2021 at 08:30 AM EST
CHARLOTTE, N.C., Feb. 9, 2021 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced that it expects to generate record earnings for its first quarter ending April 3, 2021. Nucor believes its first quarter net earnings could exceed $900 million.
"We are encouraged by positive economic trends and the robust demand we are seeing across our markets," said Leon Topalian, Nucor's President and Chief Executive Officer. "We currently expect our first quarter 2021 results to significantly exceed Nucor's previous record for quarterly net earnings, set in 2008. As we move through 2021, we remain focused on building on our momentum, meeting and exceeding our customers' needs, and delivering sustainable value creation for Nucor stockholders."
As noted in the Company's most recent earnings news release and conference call, business conditions are strong across most of the end-use markets Nucor serves.
While it is difficult to provide precise guidance this early in the quarter, Nucor has elected to provide this update due to what it sees as an unusually large gap between its internal forecast and the current mean estimate for its first quarter earnings. Strong January operating results, as well as recent revisions to internal forecasts, reinforce Nucor's confidence in its expected results. The Company will continue its regular practice of providing more specific quantitative earnings guidance on or about the 11th week of each quarter going forward.
SOURCE Nucor Corporation