Steelmaker Nucor beats estimates as volumes partially offset weak pricing
July 22 (Reuters) -Nucor Corp NUE.N beat estimates for quarterly earnings on Monday as increased volumes in the steel products segment partially offset the lower domestic steel prices.
The steel products segment makes steel joists, decks, tubes and fasteners used in construction.
However, the steelmaker expects lower prices to continue to weigh on earnings, forecasting a weaker third quarter compared to the second one.
On an adjusted basis, Nucor reported a profit of $2.68per share, beating average analysts' expectations of $2.35per share, according to LSEG data.
Average steel pricing fell due to an oversupply of steel from both domestic production and imports, prompting distributors to refrain from purchasing excess inventory.
Last month, the North Carolina-based company flagged a fall in quarterly profits on account of the deteriorating steel prices.
Despite a beat in profit and revenue, net sales in the quarter have fallen 15.1% compared to last year, while profit per share is down nearly 54%.
Total revenue for the quarter ended June 29 was $8.1bln, compared with estimates of $7.69billion.
Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Alan Barona
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