Nucor Steel Mills Segment Earnings to Post Decline in Q3

SEATTLE (Scrap Monster): Nucor Corporation announced earnings guidance for the third quarter of the current year.

The company expects earnings to range between $4.10 and $4.20 per diluted share during the quarter ending September 30, 2023. It must be noted that the company had reported net earnings of $5.81 per diluted share in the sequential quarter and $6.50 per diluted share in the corresponding quarter a year before.

The earnings from steel mills segment is expected to witness decline, compared with Q2 2023, due to lower pricing and volumes. The sheet mills earnings are likely to be hit most badly, primarily on account of lower realized prices and volumes. Also, the margin compression at DRI facilities and scrap processing facilities are likely to result in reduced earnings from raw materials segment.

During Q3, Nucor has repurchased approximately 3.0 million shares at an average price of $168.99 per share. Year-to-date, the company has returned more than $1.76 billion to shareholders in the form of share repurchases and dividend payments.

Nucor is due to release its Q3 2023 earnings before market opening on Tuesday, October 24, 2023. A conference call is scheduled at 10.00 Eastern time, which will be followed by a question-and-answer session.