Nucor (NUE) Misses Q1 EPS by 21c

Nucor (NYSE: NUE) reported Q1 EPS of $3.46, $0.21 worse than the analyst estimate of $3.67. Revenue for the quarter came in at $8.14 billion versus the consensus estimate of $8.26 billion.

Second Quarter of 2024 Outlook:
We expect earnings in the second quarter of 2024 to decrease compared to the first quarter of 2024. The largest driver for the expected decrease in earnings in the second quarter of 2024 is the decreased earnings of the steel mills segment, primarily due to lower average selling prices partially offset by modestly increased volumes. The steel products segment is expected to have moderately decreased earnings in the second quarter of 2024 as compared to the first quarter of 2024 due to lower average selling prices, partially offset by increased volumes. Earnings in the raw materials segment are expected to be higher in the second quarter of 2024 as compared to the first quarter of 2024 due to the increased profitability of our direct reduced iron facilities and scrap processing operations.

For earnings history and earnings-related data on Nucor (NUE) click here.

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