Nucor Corp on Wednesday forecast second-quarter adjusted profit above Wall Street estimates, buoyed by higher average selling prices and strong volumes in its steel mills segment.
Firmer steel prices, underpinned by supportive trade policies, geopolitical tensions and upcoming mill maintenance, have tightened supply and boosted returns for US steelmakers.
The company expects second-quarter adjusted profit per share between $4.50 and $4.60; Analysts on average were expecting $4.27 per share, according to data compiled by LSEG.
The company posted a profit of $3.23 per share in its first quarter, up from 67 cents per share a year earlier.
Nucor plans to release its earnings after the markets close on Monday.
(By Apratim Sarkar; Editing by Joyjeet Das)
