March 18 Steelmaker Nucor Corp said on
Tuesday it expects first-quarter earnings to be below its
previous forecast in part because of severe winter weather.
Nucor forecast first-quarter earnings between 30 cents and
35 cents a share, up from 26 cents in the first quarter of 2013,
but below fourth-quarter profit.
Bad weather has cut demand, reduced rail capacity and
exacerbated the usual seasonal weakness in Nucor's construction
products business, the company said. It added that steel imports
are still weighing on prices and reducing margins at its bar and
Nucor said in January that first-quarter earnings would
likely be similar to fourth-quarter results, excluding the
impact of a tax adjustment in the earlier quarter. Fourth
quarter earnings were 53 cents a share, including a 7 cent gain
to correct deferred tax balances.
Shares were little changed in early trading on the New York
Stock Exchange, down 0.3 percent at $49.33.