Nucor Corp. posted lower sales and profit in the first quarter, but the market for nonresidential construction is holding up, lifting demand for steel.
The Charlotte, N.C., steelmaker said first-quarter profit fell to $1.14 billion, or $4.45 a share, from $2.10 billion, or $7.67 a share, in the same period a year earlier. Analysts polled by FactSet were expecting adjusted earnings of $3.87 a share.
Revenue fell about 17%, to $8.71 billion. Analysts were looking for $9.04 billion, according to FactSet.
Chief Executive Leon Topalian said demand for nonresidential construction is robust thanks to investments in infrastructure and manufacturing.
Average sales price per ton in the quarter fell 11% from the prior quarter. The company said higher margins and volumes boosted steel mill earnings on a quarter-over-quarter basis. Earnings in the steel products unit fell from the fourth quarter due to lower realized pricing.
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