Shares of Nucor Corp. (NUE) took a 2.4% hit in premarket trading Tuesday, after the steel and steel products maker warned of a third-quarter profit shortfall, as lower selling prices weighed on its steel mills business. The company said it expects adjusted earnings per share, which excludes a one-time asset impairment charge, of $1.30 to $1.40. That's well below the current FactSet EPS consensus of $1.81. The company said it expects earnings in the steel products segment to decrease relative to the sequential second quarter, "due to lower average selling prices and lower volumes." When the company provided guidance in July, it said the segment's earnings would decline "due to lower average selling prices." The stock has tumbled 17.9% year to date through Monday, while the S&P 500 index has rallied 18.1%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.