Nucor Anticipates Dip in Net Earnings in Q2 2024

SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation announced guidance for second quarter of the year ending June 29, 2024.

The company predicts its second quarter earnings to range between $2.20 and $2.30 per diluted share. This is significantly lower when compared with the net earnings of $3.46 per diluted share during Q1 this year and $5.81 per diluted share in the corresponding quarter a year before.

The forecast quarter-on-quarter dip in earnings in Q2 this year is mainly on account of reduced earnings from steel mills segment, mainly due to lower average selling prices and lower volumes. The steel products segment earnings is expected to be lower, dragged by lower average selling prices. On the contrary, Nucor expects its Q2 earnings from raw materials segment to be higher, driven by increased profitability from its direct reduced iron (DRI) facilities.

During Q2 2024, the company has repurchased approximately 2.9 million shares at an average price of $170.70 per share. Also, it has returned more than $1.76 billion to stockholders in the form of share repurchases and dividend payments so far this year.

Nucor will announce its Q2 2024 earnings after the markets close on Monday, July 22, 2024.

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