Nucor Announced Guidance for Third Quarter 2020 Earnings

SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation announced guidance for its third quarter ending on October 3, 2020.

The company expects the quarterly earnings to range between $0.50 and $0.55 per diluted share. This compares with the sequential second quarter 2020 earnings of $0.36 per diluted share and the earnings of $0.90 per diluted share during the corresponding third quarter earnings in 2019.

Nucor foresees yet another strong quarter for its downstream products segment, primarily on account of resilient non-residential construction markets. The segment earnings during the quarter are likely to report improvement from the prior quarter. Meantime, the steel mills segment results are expected to remain more or less unchanged when compared with Q2 2020. The robust non-residential construction markets are likely to benefit its bar and structural mills, whereas the pricing pressure on DRI is likely to decrease the earnings from the raw materials segment.

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There has been a considerable uptick in pricing and demand for raw materials and sheet steel towards the end of Q3 this year. In addition to the above, the increased utilization rates of its sheet mills during the quarter are likely to generate positive impacts on the company’s results for the final quarter of the year.