Nucor, ATI Post Drops in First Quarter Profit, Cheap Imports to Blame

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Source: Jeff Yoders/MetalMier

It’s first quarter earnings day here at MetalCrawler, with major producers mostly taking a hit due to foreign steel exports and low prices.

Nucor’s Big Hit

Nucor Corp., the No. 1 US steelmaker by market value, reported a 39% drop in quarterly profit, hurt by lower selling prices. Net income attributable to Nucor fell to $67.8 million, or 21 cents per share, in the first quarter ended April 4, from $111.0 million, or 35 cents per share, a year earlier.

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Net sales fell nearly 14% to $4.40 billion.

ATI, Too

Allegheny Technologies, Inc., issued its quarterly earnings data on Tuesday. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.10 by $0.01, AnalystRatings.Net reported. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The company’s revenue for the quarter was up 14% on a year-over-year basis even though first quarter profit was down.

Freeport Makes It a Trio

Copper miner and oil producer Freeport-McMoRan Inc. reported a first-quarter loss today, as well, recording one-time charges of $2.4 billion, mainly for the reduction of the carrying value of its oil and gas properties.

The net loss attributable to common shareholders was $2.5 billion, or $2.38 per share, compared with net income of $510 million, or 49 cents a share, in the same period last year.

Excluding one-time items, which totaled $2.32 a share, Freeport reported an adjusted loss of $60 million, or 6 cents a share, for the quarter ended March 31.

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