CHARLOTTE, N.C., June 14,
2024 /PRNewswire/ -- Nucor Corporation (NYSE: NUE)
today announced guidance for its second quarter ending June 29, 2024. Nucor expects second quarter
earnings to be in the range of $2.20
to $2.30 per diluted share. Nucor
reported net earnings of $3.46 per
diluted share in the first quarter of 2024 and $5.81 per diluted share in the second quarter of
2023.
The largest driver for the expected decrease in earnings in the
second quarter of 2024 as compared to the first quarter of 2024 is
the decreased earnings of the steel mills segment, due primarily to
lower average selling prices, and, to a lesser extent, lower
volumes. The steel products segment is expected to have 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.
During the second quarter, Nucor has repurchased approximately
2.9 million shares at an average price of $170.70 per share (approximately 8.5 million
shares year-to-date at an average price of $177.30 per share). Nucor has returned more than
$1.76 billion to stockholders in the
form of share repurchases and dividend payments year-to-date.
Second Quarter of 2024 Earnings Release and Conference
Call
Nucor will release its earnings after the markets close
on Monday, July 22, 2024, and will
host a conference call the morning of Tuesday, July 23, 2024 at 10:00 a.m. Eastern Time to review the Company's
second quarter results. The event will be broadcast on the
internet, and instructions on how to access will be sent closer to
the call.
About Nucor
Nucor and its affiliates are manufacturers
of steel and steel products, with operating facilities in
the United States, Canada and Mexico. Products produced include: carbon and
alloy steel -- in bars, beams, sheet and plate; hollow structural
section tubing; electrical conduit; steel racking; steel piling;
steel joists and joist girders; steel deck; fabricated concrete
reinforcing steel; cold finished steel; precision castings; steel
fasteners; metal building systems; insulated metal panels; overhead
doors; steel grating; wire and wire mesh; and utility structures.
Nucor, through The David J. Joseph Company, also brokers ferrous
and nonferrous metals, pig iron and hot briquetted iron / direct
reduced iron; supplies ferro-alloys; and processes ferrous and
nonferrous scrap. Nucor is North
America's largest recycler.
Forward-Looking Statements
Certain statements
contained in this news release are "forward-looking statements"
that involve risks and uncertainties which we expect will or may
occur in the future and may impact our business, financial
condition and results of operations. The words "anticipate,"
"believe," "expect," "intend," "project," "may," "will," "should,"
"could" and similar expressions are intended to identify those
forward-looking statements. These forward-looking statements
reflect the Company's best judgment based on current information,
and, although we base these statements on circumstances that we
believe to be reasonable when made, there can be no assurance that
future events will not affect the accuracy of such forward-looking
information. As such, the forward-looking statements are not
guarantees of future performance, and actual results may vary
materially from the projected results and expectations discussed in
this news release. Factors that might cause the Company's actual
results to differ materially from those anticipated in
forward-looking statements include, but are not limited to: (1)
competitive pressure on sales and pricing, including pressure from
imports and substitute materials; (2) U.S. and foreign
trade policies affecting steel imports or exports; (3) the
sensitivity of the results of our operations to general market
conditions, and in particular, prevailing market steel prices and
changes in the supply and cost of raw materials, including pig
iron, iron ore and scrap steel; (4) the availability and cost of
electricity and natural gas, which could negatively affect our cost
of steel production or result in a delay or cancellation of
existing or future drilling within our natural gas drilling
programs; (5) critical equipment failures and business
interruptions; (6) market demand for steel products, which, in the
case of many of our products, is driven by the level of
nonresidential construction activity in the United
States; (7) impairment in the recorded value of inventory, equity
investments, fixed assets, goodwill or other long-lived assets; (8)
uncertainties and volatility surrounding the global economy,
including excess world capacity for steel production, inflation and
interest rate changes; (9) fluctuations in currency conversion
rates; (10) significant changes in laws or government regulations
affecting environmental compliance, including legislation and
regulations that result in greater regulation of greenhouse gas
emissions that could increase our energy costs, capital
expenditures and operating costs or cause one or more of our
permits to be revoked or make it more difficult to obtain permit
modifications; (11) the cyclical nature of the steel industry; (12)
capital investments and their impact on our performance; (13) our
safety performance; (14) our ability to integrate businesses we
acquire; and (15) any pandemic or public health situation. These
and other factors are discussed in Nucor's regulatory
filings with the United States Securities and Exchange
Commission, including those in "Item 1A. Risk Factors"
of Nucor's Annual Report on Form 10-K for the year
ended December 31, 2023. The forward-looking statements
contained in this news release speak only as of this date,
and Nucor does not assume any obligation to update them,
except as may be required by applicable law.
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SOURCE Nucor Corporation