Nucor (NUE) Reports Q3 Guidance

Nucor Corporation (NYSE: NUE) today announced guidance for its third quarter ending September 28, 2024. Nucor expects third quarter earnings to be in the range of $0.87 to $0.97 per diluted share. After adding back certain one-time non-cash charges totaling approximately $0.43 per diluted share, described below, we expect third quarter adjusted earnings per diluted share to be in the range of $1.30 to $1.40. Nucor reported net earnings of $2.68 per diluted share in the second quarter of 2024 and $4.57 per diluted share in the third quarter of 2023.

One-Time Non-Cash Charges

Reflected in the third quarter of 2024 non-adjusted earnings guidance range are estimated one-time non-cash pre-tax charges of approximately $123 million, or $0.43 per diluted share, related to the impairment of certain non-current assets in the raw materials and steel products segments.

Third Quarter of 2024 Commentary

Excluding the previously mentioned one-time charges, the largest driver for the expected decrease in earnings in the third quarter of 2024 as compared to the second quarter of 2024 is the decreased earnings of the steel mills segment, due primarily to lower average selling prices. The steel products segment is expected to have decreased earnings in the third quarter of 2024 as compared to the second quarter of 2024 due to lower average selling prices and lower volumes. Earnings in the raw materials segment are expected to decrease in the third quarter of 2024 as compared to the second quarter of 2024.

During the third quarter, Nucor has repurchased approximately 2.5 million shares at an average price of $156.07 per share (approximately 11.0 million shares year-to-date at an average price of $172.36 per share). Nucor has returned approximately $2.29 billion to stockholders in the form of share repurchases and dividend payments year-to-date.

Third Quarter of 2024 Earnings Release and Conference Call
Nucor will release its earnings after the markets close on Monday, October 21, 2024, and will host a conference call the morning of Tuesday, October 22, 2024 at 10:00 a.m. Eastern Time to review the Company's third 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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