Nucor Corp. announced Tuesday that it has reduced guidance for first-quarter earnings, citing severe weather and imports.
The company expects earnings per share of 30 to 35 cents in the quarter that will end April 5, which is lower than previous guidance of earnings similar to Q4 excluding a gain for a tax adjustment, or about 46 cents per share. Nucor posted earnings of 26 cents per share in the first quarter of 2013.
According to the company’s statement, the larger factor impacting the first quarter was severe weather conditions, which has disrupted customer demand, decreased the amount of railcar availability and has exacerbated conditions in the seasonally weaker performance of the fabricated construction products businesses. Additionally, import levels have continued to negatively impact pricing and margins at Nucor’s bar and sheet mills.
Looking forward, Nucor said that it continues to see small but noticeable improvements in the nonresidential construction markets.