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Title: NEWS Nucor Earnings Double As Trump Tariffs Lift Steel Prices
Source: investors.com
URL Source: https://www.investors.com/news/nuco ... gs-double-steel-trump-tariffs/
Published: Jul 19, 2018
Author: Jed Graham
Post Date: 2018-07-20 19:27:40 by Gatlin
Keywords: None
Views: 23

Nucor (NUE) kicked off the steel earnings season by reporting a surge in second- quarter profit, thanks to a boost from Trump tariffs on steel imports. But after Nucor raised its earnings guidance in mid-June, the steelmaker fell just short of Wall Street's raised profit expectations on Thursday morning.

X Nucor earnings vaulted 107% to $2.07 a share, as revenue grew 25% to $6.461 billion. Wall Street had expected earnings of $2.10 a share on revenue of $6.493 billion, according to Zacks Investment Research.

Nucor said it sees sustainable strength in steel markets and expects Q3 earnings to "further improve" on record earnings in Q2. Before the report, the consensus estimate was for $2.15 per share for the third quarter.

Nucor stock sank 1.4% to 64.68 on the stock market today. Shares rose 1.5% on Wednesday to 65.61, 7% below the 10-year high hit in early January. Since that time, Nucor stock has been consolidating. Its relative strength line, which tracks a stock's performance vs. the S&P 500 index, has been in a downtrend since late 2016.

Steel stocks have been stock market laggards. The Steel-Producers group is ranked 166 out of 197 industry groups based on price performance. Nucor stock is ranked No. 2 in the group by IBD Stock Checkup based on earnings, sales, margin and stock price trends. Steel Dynamics (STLD) is ranked No. 1.

On Thursday, Steel Dynamics stock, U.S. Steel (X) and AK Steel (AKS) fell 2.6%, 2.2% and 1.6%, respectively.

The relative underperformance of steel stocks this year may reflect uncertainty over whether the 25% Trump tariff on steel imports is sustainable. The Trump tariffs are being challenged by trading partners at the World Trade Organization. The Trump administration initially granted exemptions from the steel tariffs to Canada, Mexico and the European Union, before reversing course on June 1. But those exemptions might be renewed if President Trump can win concessions on trade in autos and NAFTA rules.

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