Nucor reported earnings for 1QFY14 beating analyst estimates for adjusted earnings per share by four cents on higher shipments and better pricing Nucor Corporation (NUE) reported results for 1QFY4 with adjusted earnings of 41 cents per share, beating analysts’ estimates by four cents. Revenues for the steelmaker came in at $5.11 billion, $270 million higher than analysts’ expectations. Higher shipments and higher average price of sales helped the company post better than expected results. Nucor’s consolidated net sales were up 12% year-over-year (YoY) as the average sales price per ton increased by 3% year over year. Total shipments were up 8% YoY to 6.19 million tons. Total first quarter steel mill shipments and shipments of downstream steel products increased 7% and 13% respectively. Average scrap and scrap substitute cost per ton increased by 5% year the last one year to $398. Operating rates at Nucor’s steel mills increased by three percentage points year-over-year (YoY) to 75% in 1QFY14. According to The Steel Index, prices of hot-rolled steel coil in the US increased by 6% over the last one year to $655.83 per ton. Construction spending in the US increased by 9.1% in the first two months of 2014 compared to the same period a year earlier. Construction accounts for almost half of the total steel consumed in the US.
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