Nucor Corporation Expects Record Earnings in Q2 This Year
The second quarter 2022 earnings include $42 million non-cash impairment charge related to its leasehold interest in unproved oil and natural gas properties.
SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation announced guidance for second quarter of 2022 ending July 2nd.
The company expects its second quarter earnings to range between $8.75 and $8.85 per diluted share. This would surpass the previous quarterly earnings record of $7.97 per diluted share reported in Q4 2021. It must be noted that the company had reported net earnings of $7.67 per diluted share in Q1 2022 and $5.04 per diluted share in Q2 2021.
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The second quarter 2022 earnings include $42 million non-cash impairment charge related to its leasehold interest in unproved oil and natural gas properties.
The company press release noted that end use market demand for steel and steel products continues to remain strong and that the company is confident that 2022 will turn out to be another year of very strong earnings and cash flow. The quarterly earnings will be mainly driven by increased profitability in the steel products segment. The company also expects strong earnings from steel mills segment. Also, the relatively high selling prices will lead to increased profits from raw materials segment as well.
During the quarter, Nucor has repurchased 5.1 million shares at an average price of $157.37 per share. The company has returned more than $1.90 billion to its shareholders in the form of share repurchases and dividend payments so far this year.
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