Nucor 2Q earnings rise 68%
Nucor Corp. reports a 68 percent increase in second-quarter earnings to $580.8 million, or $1.94 per diluted share, up from $344.9 million, or $1.14 per diluted share, a year ago.
Sales grew 70 percent to $7.09 billion from $4.17 billion in the second quarter of 2007.
The Charlotte-based steel maker says its average sales price per ton increased 24 percent for the year. Total tons shipped grew 38 percent to 7.73 million.
Nucor (NYSE:NUE) attributes the increase in sales and earnings to acquisitions during the last 18 months, including Harris Steel Group Inc. in March 2007 and The David J. Joseph Company in February.
Nucor incurred a $214 million charge to value inventories using the last-in, first-out method of accounting. In last year’s second quarter, the company incurred a LIFO charge of $66.5 million.
The company expects third-quarter earnings of $1.80 to $1.85 per diluted share. Nucor earned $1.29 per diluted share in the third quarter of 2007.