Why Nucor Stock Rose 11% in Early Trading Today
Shares of U.S. steel giant Nucor (NYSE: NUE) rose quickly out of the gate on April 21, gaining around 11% in the first 90 minutes or so of the trading day. The big news here was the company's first-quarter 2022 earnings update, which investors seemed to have liked. That said, as the day wore on, and with the broader market in the red, Nucor gave back a lot of that big gain.
Nucor posted revenues of $10.49 billion in the first quarter of 2022, up a huge 50% or so from the same quarter in 2021, when it brought in $7.02 billion in revenues. The company's sales slightly exceeded Wall Street estimates. On the bottom line, Nucor posted earnings per share of $7.67, up from $3.10 in the same quarter of 2021 and a new first-quarter record for the steel maker. Analysts had been expecting $7.35 per share. So Nucor beat on the top and bottom lines, something that is usually received very positively by investors.
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Source Fool.com
