Nucor Corp. (NUE) has reported a decrease in profit for the first quarter compared to last year, and the figures failed to meet Wall Street predictions.
The corporation's net income for the period was $844.84 million, amounting to $3.46 per share. This is a reduction from the $1.14 billion, equivalent to $4.45 per share, recorded in the same period of the previous year.
Analysts had predicted an average earnings per share of $3.65, according to data gathered by Thomson Reuters. These forecasts usually exclude extraordinary items.
Nucor's revenue for the quarter dropped by 6.5% to $8.14 billion, down from $8.71 billion during the first quarter of the previous year.
To put Nucor Corp.'s earnings into perspective, here are the figures at a glance. In the first quarter, profits were $844.84 million, compared to $1.14 billion last year. Earnings per share in Q1 stood at $3.46, down from $4.45 in the same period last year. As for revenue, it was $8.14 billion in the first quarter, a drop from last year’s $8.71 billion.
