RTTNews | Dec 17, 2020 08:59AM EST

08:59 Thursday, December 17, 2020 (RTTNews.com) - Nucor Corp. (NUE) said it expects earnings for the fourth quarter of 2020 to be in the range of $1.15 to $1.20 per share. Third quarter of 2020 earnings were $0.63 per share and fourth quarter of 2019 earnings were $0.35 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $1.06 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Expected fourth quarter of 2020 earnings include a net benefit totaling $39.7 million or $0.13 per share, related to state tax credits.

Earnings in the fourth quarter of 2020 are improving compared to the third quarter of 2020 primarily due to higher pricing at sheet and plate mills.

The steel products segment's earnings in the fourth quarter of 2020 are expected to decrease modestly from the third quarter of 2020 consistent with typical seasonality.

The profitability of the raw materials segment is expected to increase in the fourth quarter of 2020 as compared to the third quarter of 2020 due to the improved financial performance of DRI facilities that are benefitting from higher prices for raw materials.

The company said that the ongoing COVID-19 pandemic continues to cause uncertainty, making it difficult to forecast future market conditions and demand trends. However, the beneficial impact of recent price increases on sheet mills' performance, as well as the strength of our backlogs and overall lead times, indicates that the current quarter's momentum will continue into the first quarter of 2021.

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