Nucor sees first quarter profit below estimates
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FILE PHOTO: A Nucor Corporation steel production facility is pictured in Convent, Louisiana, U.S., June 11, 2018. REUTERS/Jonathan Bachman
(Reuters) – No.1 U.S. steel producer Nucor Corp on Friday forecast first quarter 2019 profit below Wall Street expectations in the wake of lower average selling prices of domestic steel sheets, compared to the previous quarter.
The company said it expects profit in the range of $1.45 per share to $1.50 per share in the quarter ending March 30.
Analysts on average expected the company to earn $1.63 per share for the quarter, according to Refinitiv data.
Reporting by Sanjana Shivdas in Bengaluru; Editing by James Emmanuel