Nucor shares slide 3.3% premarket after company's Q4 guidance lags consensus

Steel institution Nucor Corp.'s shares NUE, +2.48% slid 3.3% successful premarket trading Wednesday, aft the Charlotte, North Carolina-based institution offered guidance for the 4th fourth that lagged statement estimates. Nucor said it expects per-share net of $7.65 to $7.75 successful which would beryllium a grounds quarterly number, beating the erstwhile grounds of $7.28 acceptable successful the 3rd 4th of 2021. However, the FactSet statement is for EPS of $8.18. "Steel mills conception net successful the 4th fourth of 2021 stay robust and are expected to beryllium comparable to the 3rd 4th of 2021 contempt little volumes caused by year-end seasonality," the institution said successful a statement. It said alloy products are expected to amusement higher net arsenic request successful nonresidential operation markets is strong, portion earthy materials conception net are expected to diminution from the 3rd 4th owed to borderline compression successful nonstop reduced robust facilities. Shares person gained 123% successful the twelvemonth to date, portion the S&P 500 SPX, -0.75% has gained 23%.