Nucor Predicts Historic High Third Quarter 2021 Earnings

SEATTLE (Scrap Monster): Charlotte, North Carolina-headquartered Nucor Corporation announced guidance for the three-month period ended October 2, 2021. The earnings for the quarter are expected to be the highest in the company’s history.

The company expects the third quarter earnings to range between $7.30 and $7.40 per diluted share, thus surpassing the earlier record of $5.04 per diluted share reported during the prior quarter. Furthermore, Nucor expects the trend of exceptional performance to continue in Q4 this year as well.

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Nucor expects all of its three operating segments to continue to generate robust profitability, primarily on account of strong overall demand across most end-use markets. The steel mill segment earnings are likely to witness significant increase, mainly driven by higher realized selling prices. The steel products segment too may be benefited by robust margin expansion. However, the earnings from the raw materials segment are expected to remain flat over the prior quarter.

During the quarter, the company repurchased 6.7 million shares at an average price of $105.58 per share. Year-to-date, the company has returned around $2 billion to shareholders in the form of share repurchases and dividend payments.