Nucor reports q1 sales of $5.62 billion

Nucor reports results for first quarter of 2020 and provides update on covid-19 impacts.q1 sales $5.62 billion versus refinitiv ibes estimate of $5.38 billion.q1 earnings per share $0.07.qtrly earnings per share $0.07.qtrly net earnings of $0.07 per diluted share.included in q1 of 2020 results are losses on assets of $287.8 million, or $0.92 per diluted share.average sales price per ton in q1 of 2020 decreased 1% compared with q4 of 2019.a total of 7,187,000 tons were shipped to outside customers in q1 of 2020, an 11% increase from q4 of 2019.included in q4 of 2019 results were non-cash impairment charges of $66.9 million.nucor - included in q1 results are losses on assets of $287.8 million, related to equity method investment located in italy, duferdofin nucor s.r.l..average scrap and scrap substitute cost per gross ton used in q1 of 2020 was $293, a 17% decrease compared to $352 in q1 of 2019.it is likely that company will report a loss in q2 of 2020.nonresidential construction, which is our largest end market, has shown resiliency moving through covid-19 pandemic.currently believe that market conditions will bottom in q2 and nucor will return to profitability in second half of this year.have revised 2020 capital expenditures estimate down to less than $1.50 billion.where co has seen impact on nonresidential construction activity, sentiment is projects would be delayed rather than cancelled.
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