Nucor's Profit Forecast Falls Below Expectations

Nucor Corp. said on Tuesday that it expects fourth-quarter earnings per share in the range of 50 cents to 55 cents, which is in line with 53 cents in the same period a year ago, but down from 76 cents in the sequential third quarter. In October, the steel products maker projected a "moderate decrease" in fourth-quarter earnings from the third quarter. Analysts surveyed by FactSet were expecting earnings of 64 cents a share, on average. The company said some reasons for the sequential profit decline include typical seasonality and high levels of imports, which is pressuring the steel mills business. The stock fell 1.3% in premarket trade. It has slipped 4.2% this year through Monday, compared with a 7.6% rise in the S&P 500.