Nucor (NUE) Q4 EPS Guidance Misses Consensus

Nucor Corporation (NYSE: NUE) today announced guidance for its fourth quarter ending December 31, 2023. Nucor expects fourth quarter earnings to be in the range of $2.75 to $2.85 per diluted share. Nucor reported net earnings of $4.57 per diluted share in the third quarter of 2023 and $4.89 per diluted share in the fourth quarter of 2022.

(Consensus sees Q4 EPS of $3.20)

Earnings in the fourth quarter of 2023 are expected to decrease compared to the third quarter of 2023 due to lower pricing and volumes across all three operating segments. In the steel mills segment, we expect the decrease in realized pricing to be most pronounced at our sheet and plate mills. In the steel products segment, we expect decreased earnings due to moderating average selling prices at most of the product groups within the segment and lower volumes. Earnings for the raw materials segment are expected to decrease in the fourth quarter of 2023 as compared to the third quarter of 2023 due to lower pricing for raw materials and planned outages at our DRI facilities.

Included in the results for the fourth quarter of 2022 was an after-tax net benefit of $60.4 million, or $0.24 per diluted share, related to state tax credits and an after-tax net benefit of $88.0 million, or $0.34 per diluted share, related to a change in the valuation allowance of a state deferred tax asset. Also included in the fourth quarter of 2022 results was a pre-tax $96.0 million, or $0.29 per diluted share, write-off of the remaining carrying value of the Company's leasehold interest in unproved oil and gas properties that is included in the raw materials segment.

Fourth Quarter of 2023 Earnings Release and Conference Call
Nucor plans to release its earnings after the markets close on Monday, January 29, 2024, and will host a conference call the morning of Tuesday, January 30, 2024 at 10:00 a.m. Eastern Time to review the Company's fourth quarter results. The event will be broadcast on the internet, and instructions on how to access will be sent closer to the call.

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