SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced guidance for its second quarter ending July 3, 2021.
The company expects quarterly earnings to range between $4.60 and $4.70 per diluted share. The quarterly earnings are expected to be the best in the company’s history, surpassing the current record of $3.10 per diluted share recorded in the initial quarter of the current year. The above estimates are after consideration of nearly $42 million in non-cash impairment charges associated with its oil and natural gas properties.
All three operating segments are expected to post robust profitability. The steel mills segment earnings are projected to see notable improvement in the second quarter, in comparison with the prior quarter, mainly driven by the substantial rise in profitability of its sheet and plate mills. The earnings of steel products segment are expected to improve from Q1 2021. On the other hand, Nucor anticipated decline in raw material segment earnings.
Commenting on its future outlook, the company said that it expects a continuation of the prevailing strong market conditions in third quarter as well. The profitability of steel products segment is likely to witness significant improvement. The company expects boosted earnings from steel mills segment in Q3 2021.