Profits Soaring for Nucor - KAIT Jonesboro, AR - Region 8 News, weather, sports

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Profits Soaring for Nucor

PITTSBURGH (AP) - Nucor Corporation says its third-quarter profit nearly doubled as robust sales from recently acquired steel and scrap-metal companies bolstered results. The steel-maker has two plants in Arkansas, just east of Blytheville.

The Charlotte, N.C.-based company reported profit of $734.6 million, or $2.31 per share, for the three months ended Sept. 27. That compares with $381.2 million, or $1.29 per share, during the same period last year.

Quarterly sales jumped 75 percent to a record $7.45 billion from $4.26 billion a year ago.

The results handily beat the average estimates of analysts polled by Thomson Reuters, who expected profit of $2.19 per share on revenue of $7.39 billion. Those estimates typically exclude one-time items.

Shares of Nucor shot up $4.37, or 16 percent, to close at $31.79.

Nucor said its annual capacity for steel products has more than doubled since the start of 2007, to more than 4.5 million tons. Its average sales price per ton grew 51 percent compared with the third quarter of 2007, the company said.

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