Nucor (NUE) guides Q4 EPS below consensus

Nucor Corporation (NYSE: NUE) today announced guidance for its fourth quarter ending December 31, 2024. Nucor expects fourth quarter earnings to be in the range of $0.55 to $0.65 per diluted share. Nucor reported net earnings of $1.05 per diluted share in the third quarter of 2024 and $3.16 per diluted share in the fourth quarter of 2023.

(Consensus sees Q4 EPS of $0.87)

Reflected in the third quarter of 2024 losses and impairments of assets are non-cash charges of $83.0 million, or $0.27 per diluted share, and $40.0 million, or $0.17 per diluted share, related to the impairment of certain non-current assets in the raw materials and steel products segments, respectively.

Fourth Quarter of 2024 Commentary
The largest driver for the expected decrease in earnings in the fourth quarter of 2024 is the decreased earnings of the steel mills segment caused by decreased volumes and lower average selling prices. We expect earnings in the steel products segment to decrease in the fourth quarter of 2024 as compared to the third quarter of 2024 due to decreased volumes and lower average selling prices. The earnings of the raw materials segment are expected to increase in the fourth quarter of 2024 as compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024).

During the fourth quarter, Nucor has repurchased approximately 2.1 million shares at an average price of $149.81 per share (approximately 13.1 million shares year-to-date at an average price of $168.75 per share). Nucor has returned more than $2.73 billion to stockholders in the form of share repurchases and dividend payments year-to-date.

Fourth Quarter of 2024 Earnings Release and Conference Call
Nucor will release its earnings after the markets close on Monday, January 27, 2025, and will host a conference call the morning of Tuesday, January 28, 2025 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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