Nucor Sees Q3 EPS Below View; Stock Down In After-hours Trading

(RTTNews) - Nucor Corp. (NUE) expects third quarter earnings to be in the range of $4.10 to $4.20 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $4.65 per share for the third quarter. Analysts' estimates typically exclude special items. Nucor reported net earnings of $6.50 per share in the third quarter of 2022.

NUE closed Thursday regular trading at $165.53 up $4.40 or 2.73%. But in the after-hours trading, the stock dropped $5.53 or 3.34%.

The company expect earnings for the steel mills segment to decline in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to lower pricing, and to a lesser extent, volumes. The largest impact on earnings is expected to occur at sheet mills. The earnings of the steel products segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 also due to lower realized prices and volumes.

Earnings for the raw materials segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 due to margin compression at DRI facilities and scrap processing operations.

Nucor said it will release its earnings before the markets open on Tuesday, October 24, 2023.

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