Nucor's Strong Momentum Continues in 3Q, but We Expect 2017 Will Be a Cyclical Peak
Nucor issued solid third-quarter results, as impressive performance from the steel mills and steel products segment more than offset weaker results from the raw materials segment. Earnings were roughly in line with our prior estimates, and our profit outlook is largely unchanged. We forecast that Nucor will generate 2017 earnings of $3.64 per share and EBITDA of $2.7 billion on revenue of $20.1 billion. Having updated our valuation model, we are leaving our $40 fair value estimate and no-moat ra...
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