Nucor Expects Lower Profit In Q3; Stock Down

(RTTNews) - Nucor Corp. (NUE) expects third quarter earnings to be in the range of $6.30 to $6.40 per share compared to $7.28 per share in the third quarter of 2021.

In Wednesday pre-market trade, NUE was trading at $129.49 down $6.61 or 4.86%.

The company expects the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes particularly at our sheet and plate mills.

The steel products segment is expected to have another strong quarter in the third quarter of 2022, with earnings roughly in-line with the second quarter of 2022. Raw materials segment earnings are expected to be similar to the second quarter of 2022.

The company continues to believe that 2022 will be the most profitable year in Nucor's history.