Nucor Sees Q2 EPS of $0.35-0.40 Including Items
Nucor Corporation (NYSE: NUE) announced today guidance for its second quarter ending June 30, 2012. Nucor expects second quarter results to be in the range of $0.35 to $0.40 per diluted share. These projected results include an expected impairment charge related to our Duferdofin Nucor S.r.l. joint venture of approximately $30 million ($0.09 per diluted share). This performance, excluding the expected impairment charge, is somewhat below the qualitative guidance presented in our first quarter earnings release and conference call which stated, "For the second quarter of 2012, we currently expect to see only a modest improvement in earnings."
Excluding the impact of the impairment charge, this range is lower than 2011 second quarter earnings of $0.94 per diluted share and is similar to the first quarter of 2012 earnings of $0.46 per diluted share. Projected second quarter results include an estimated LIFO credit of $14.5 million ($0.03 per diluted share) compared to charges of $14.5 million in the first quarter of 2012 ($0.03 per diluted share) and $32 million in the second quarter of 2011 ($0.06 per diluted share).
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