Nucor Anticipates Earnings Boost from Steel Mills Segment

SEATTLE (Scrap Monster): Charlotte, N.C.-headquartered Nucor Corporation announced guidance for the second quarter of 2023 earnings.

The company expects Q2 earnings to range between $5.45 and $5.55 per diluted share. It must be noted that the company had reported net earnings of $4.45 per diluted share in the first quarter of the current year and $9.67 per diluted share in the second quarter of the previous year.

Nucor anticipated better earnings from steel mills segment in the second quarter, as compared with the first quarter of the year, primarily on account of margin expansion at its sheet mills. The steel products segment results are likely to remain more or less unchanged from the prior quarter. Also, the improved profitability at its DRI facilities will likely lead to improved performance by its raw materials segment.

During the quarter, Nucor has repurchased approximately 3.1 million shares at an average price of $147.03 per share. Year-to-date, the company has returned more than $1.13 billion to stockholders in the form of share repurchases and dividends.

The company is due to release its second quarter earnings before market opening on Tuesday, July 25, 2023. A conference call is scheduled at 10:00 a.m. Eastern Time, which will be followed by a question-and-answer session.