(Bloomberg) -- Nucor Corp., buoyed by this year's unprecedented steel rally, said it expects a trend of record earnings to carry through the fourth quarter as demand for the metal continues to surge.
The Charlotte-based company forecast third-quarter earnings of between $7.30 to $7.40, higher than the $7.16 per share average estimate among analysts.
“Our internal business units' forecasts suggest that our fourth quarter of 2021 results are likely to continue the trend of exceptional performance we have seen so far this year,” the company said in a statement. “All three operating segments continue to generate robust profitability as overall demand remains strong.”
The string of hot earnings this year for Nucor and its U.S. peers comes as domestic steel prices are up more than 90%. While this has produced a windfall for Nucor and other domestic suppliers, it's driving up the cost of everything from automobiles to wind turbines to kitchen appliances as the world recovers from the pandemic. Competitor Steel Dynamics Inc. on Wednesday forecast fourth-quarter earnings to be stronger than its third-quarter guidance.
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