Reported about 1 month ago
Nucor reported a staggering 78% drop in its third-quarter profits, primarily due to impairment charges related to its steel and raw materials sectors, causing a 3% decline in its stock price. The company's profits reached nearly $250 million, or $1.05 per share, while revenue fell over 15% to $7.44 billion. Despite beating analysts' projections with adjusted earnings of $1.49 per share, Nucor anticipates further profit declines in the fourth quarter amid a challenging pricing environment and decreased demand.
Source: YAHOO