Nucor Corporation (NUE) reported a stupendous increase in profit to $190.8 million or 56 cents per share (excluding special items) in the first quarter of 2011 from $55 million or 15 cents per share (excluding special items) in the same quarter of 2010. With this, the company has beaten the Zacks Consensus Estimate by 21 cents per share and its own guidance of 30 cents?35 cents per share.
Consolidated sales surged 32% to $4.83 billion due to a 22% increase in average price per ton and a 9% rise in shipments (to 6.0 million tons) to outside customers . It was higher than the Zacks Consensus Estimate of $4.43 billion.
Steel mill shipments grew 10% to 5.2 million tons during the quarter. The average scrap and scrap substitute cost per ton gained 33% to $424.
Overall operating rates at steel mills increased to approximately 80% in the quarter compared with
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