Nucor Corporation (NYSE:NUE) shares are trading higher by 4.41% at $176.72 after the company reported better-than-expected first-quarter EPS and sales results.
Nucor reported quarterly earnings of $7.67 per share which beat the analyst consensus estimate of $7.29. This is a marked increase over earnings of $3.10 per share from the same period last year.
Nucor also reported quarterly sales of $10.49 billion which beat the analyst consensus estimate of $10.48 billion. This sales figure represents a 49.49% percent increase over sales of $7.02 billion in the same period last year.
"I'm incredibly proud of the Nucor Team's exceptional focus on delivering world class performance in the first quarter of 2022, especially our record results in Safety and first quarter profitability. We are grateful for the trust our customers place in the Nucor Team with every order as we strive to offer exceptional value by delivering the cleanest and most sustainable steel solutions in the world. Our key forward looking indicators for 2022 remain favorable and we expect another strong year in both earnings and cash generation," said Leon Topalian, Nucor's President and Chief Executive Officer.
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Nucor manufactures steel and steel products. The company also produces direct reduced iron for use in its steel mills.
According to data from Benzinga Pro, Nucor has a 52-week high of $187.90 and a 52-week low of $75.60.
