Nucor Announced Earnings Outlook for Third Quarter 2024

SEATTLE (Scrap Monster): Charlotte, North Carolina-headquartered Nucor Corporation announced guidance for its third quarter 2024 earnings.

The company expects the earnings to range between $0.87 and $0.97 per diluted share. The Q3 2024 adjusted earnings are expected to range between $1.30 and $1.40 per diluted share. The company had reported net earnings of $2.68 per diluted share in Q2 2024 and $4.57 per diluted share in the corresponding quarter a year before.

RELATED NEWS:

Nucor Corporation Announced Significant Dip in Q2 2024 Earnings

Nucor Officially Opened New Metl-Span Manufacturing Facility

In relation to the impairment of certain non-current assets in the raw materials and steel products businesses, the firm expects one-time non-cash pre-tax charges of around $123 million, or $0.43 per diluted share.

Apart from the one-time costs, Nucor believes that a significant contributor to the anticipated decline in earnings for the quarter would be the steel mills segment's declining earnings. Earnings in the steel products business are probably going to drop sequentially, mostly due to lower volumes and average selling prices. Additionally, a decrease in profitability is anticipated for the raw materials section in the current year's third quarter.

Nucor will release its Q3 2024 earnings after the markets close on Monday, October 21, 2024. A conference call is scheduled for Tuesday, October 22, 2024 at 10:00 AM ET to discuss the outcomes.