Nucor’s Steel Product Segment Earnings to See Decline in Q1 2024
Steel News | 2024-03-15 12:50:41
The improved performance at its DRI facilities was offset by lower margins at its scrap processing operations, the company press release said.
By Paul Ploumis
SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced guidance for its first quarter ending March this year.
The company expects earnings in the first quarter 2024 to range between $3.55 and $3.65 per diluted share. It must be noted that the company had reported net earnings of $3.16 per diluted share in Q4 2023 and $4.45 per diluted share in the corresponding quarter a year before.
By segment, Nucor expects steel mills segment to report higher earnings in the first quarter of 2024, mainly on account of higher average selling prices and volumes, especially at its sheet mills. The earnings in the steel products segment are expected to witness decline, due to the lower average selling prices and reduced volumes. Meantime, the earnings in the raw materials segment remained more or less unchanged from the prior quarter. The improved performance at its DRI facilities was offset by lower margins at its scrap processing operations, the company press release said.
Nucor repurchased approximately 5.5 million shares at an average price of $180.79 to date this quarter. The company has returned approximately $1.13 billion to stockholders in the form of share repurchases and dividend payments.
