Nucor Reports Solid Earnings; Expects COVID-19 Effects to Hit Next Quarter
Quarterly earnings reported by Nucor Corp. (NYSE: NUE), America's most diversified steel and steel products company, shed some light on the pandemic's effects on the manufacturing sector. The company said it earned $0.07 per diluted share, which was slightly below the guidance it had previously given on March 19, 2020, excluding an asset charge it took related to its Duferdofin Nucor joint venture in Italy.
The company said it is seeing varied effects from the ongoing pandemic across its businesses. While it is seeing sharp declines in the automotive and energy sectors, Nucor said nonresidential construction, its largest end market, "has shown resiliency moving through this pandemic."
Image source: Nucor Corp.
Source Fool.com
