Nucor Corp. Announced Dip in Earnings in Q1 2024

SEATTLE (Scrap Monster): Charlotte, North Carolina-based Nucor Corporation reported results for the first quarter of 2024. The company reported dip in earnings during the quarter, upon comparison with the previous quarter.

The company announced consolidated net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share in Q1 2024. This compares with consolidated net earnings attributable to Nucor stockholders of $785.4 million, or $3.16 per diluted share in the prior quarter and $1.14 billion, or $4.45 per diluted share in the corresponding quarter a year before.

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In the first quarter of 2024, Nucor reported consolidated net sales of $8.14 billion. This was up by 6% from $7.70 billion in Q4 2023 and down by 7% from $8.71 billion in Q1 2023. The shipment to third party customers totalled 6.224 million tons, recording rise by 5% from the prior quarter and dip by 3% from the year-ago quarter. The total steel mill shipments recorded quarter-on-quarter jump by 7%.

Nucor reported surge in steel mills segment earnings during the first quarter of the year. The earnings in the steel products segment decreased, whereas the earnings in the raw materials segment increased during the quarter.

The company foresees weaker earnings in Q2 this year, as compared with Q1 2024.