Nucor Announces Guidance for the Second Quarter of 2024 Earnings

Source: www.gulfoilandgas.com 6/14/2024, Location: North America

Nucor Corporation announced guidance for its second quarter ending June 29, 2024. Nucor expects second quarter earnings to be in the range of $2.20 to $2.30 per diluted share. Nucor reported net earnings of $3.46 per diluted share in the first quarter of 2024 and $5.81 per diluted share in the second quarter of 2023.

The largest driver for the expected decrease in earnings in the second quarter of 2024 as compared to the first quarter of 2024 is the decreased earnings of the steel mills segment, due primarily to lower average selling prices, and, to a lesser extent, lower volumes. The steel products segment is expected to have decreased earnings in the second quarter of 2024 as compared to the first quarter of 2024 due to lower average selling prices, partially offset by increased volumes. Earnings in the raw materials segment are expected to be higher in the second quarter of 2024 as compared to the first quarter of 2024 due to the increased profitability of our direct reduced iron facilities.> During the second quarter, Nucor has repurchased approximately 2.9 million shares at an average price of $170.70 per share (approximately 8.5 million shares year-to-date at an average price of $177.30 per share). Nucor has returned more than $1.76 billion to stockholders in the form of share repurchases and dividend payments year-to-date.

Second Quarter of 2024 Earnings Release and Conference Call
Nucor will release its earnings after the markets close on Monday, July 22, 2024, and will host a conference call the morning of Tuesday, July 23, 2024 at 10:00 a.m. Eastern Time to review the Company's second quarter results. The event will be broadcast on the internet, and instructions on how to access will be sent closer to the call.


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