Even though the steel industry is facing some headwinds, steel manufacturer Nucor reported a better than expected quarter Thursday, and CEO Dan DiMicco expects next year to be even better.
“We did a good job this quarter in a weakening environment,” he said.
The company delivered 57 cents of earnings per share, a 4 cent beat, on stronger-than-expected revenues that rose 26.9 percent year-over-year.
“2011 will be a much better year than 2010,” DiMicco said. “Next year 2012 should be better. It won’t be a barn burner, but it should be better than this year.”
Nucor is one of the pay-to-wait names that Cramer has gotten behindin this volatile market. The stock yields 4 percent at these levels, and the “Mad Money” host thinks it looks “pretty darn attractive.”
DiMicco also told Cramer that without China, the steel industry and Nucor would be in a “much, much more profitable position.”
And if the non-residential construction was anywhere near 80 percent of where it was in 2006 to 2008, Nucor would be setting new records for earnings.
“We’d be firing at all cylinders,” he said, “and the earnings would be significantly greater than what our last peak was, and that’s what we’re aiming and building for.”
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