Nucor's Stock Drops After Downbeat Earnings Outlook

Shares of Nucor Corp. dropped 2.5% in premarket trade Thursday, after the steel maker provided a fourth-quarter earnings outlook that was below expectations. The company said it expects earnings per share for the quarter ending December of 30 cents to 35 cents, down from 84 cents in the sequential third quarter and down from 45 cents a year ago. Nucor said fourth-quarter results included an estimated last-in-first-out expense of 7 cents a share. The FactSet EPS consensus was 52 cents. The company said the expected sequential decline in earnings is primarily related to lower margins in its steel mills segment, with the most significant impact at its sheet mills segment. The stock has soared 56% year to date through Wednesday, while the S&P 500 has gained 10%.