Nucor earnings lifted by accounting change
Nucor Corp. swung to a fourth-quarter profit, as results topped expectations amid increased shipments to outside customers.
The company said it expects increased volume and the continuation of improved steel prices it saw during the fourth quarter in 2017. The average price per ton increased 7% from the third quarter.
The company shipped 14% more tons to outside customers year-over-year.
In all for the quarter ended Dec. 31, Nucor reported a profit of $159.6 million, or 50 cents a share, compared with a year-earlier loss of $187.5 million, or 59 cents per share. The most-recent quarter included an inventory related benefit of $77.6 million, while the year-earlier quarter included a $153 million impairment charge.
The company modified its accounting practices which resulted in a retroactive loss in the third and fourth quarters of 2015.
Revenue jumped 14% to $3.96 billion.
Analysts polled by Thomson Reuters had forecast earnings of 34 cents on $3.78 billion in revenue.
Last month, the company reached a deal to buy steel tube manufacturer Southland Tube for $130 million and steel electrical conduit maker Republic Conduit for $335 million.
Shares closed at $60.10 after Monday trading and were inactive premarket. The stock has risen 53% over the past 12 months.
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