Nucor raises 2Q earnings forecast above views

AP ONLINE

Posted: 2008-06-05 10:17:00

CHARLOTTE, N.C. (AP) _ Steel producer Nucor Corp. on Thursday raised its earnings expectations for the second quarter, pointing to strong shipments and higher margins.

Shares jumped $3.44, or 4.6 percent, to $77.58 in morning trading.

Nucor expects second-quarter earnings between $1.75 per share and $1.80 per share, compared with a previous expectation of $1.55 per share to $1.60 per share. Nucor earned $1.14 per share in the second quarter of 2007.

Analysts predict a profit of $1.69 per share for the quarter, on average.

The company attributed the higher expectation to continued strength in its sheet, plate, beam and bar businesses.