CHARLOTTE, N.C., Sept. 17,
2024 /PRNewswire/ -- 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.
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.
Non-GAAP Financial Measures
The Company uses certain
non-GAAP (Generally Accepted Accounting Principles) financial
measures in this news release, adjusted earnings per diluted share.
Generally, a non-GAAP financial measure is a numerical measure of a
company's performance or financial position that either excludes or
includes amounts that are not normally excluded or included in the
most directly comparable financial measure calculated and presented
in accordance with GAAP.
We define adjusted earnings per diluted share as net earnings
attributable to Nucor stockholders, adding back the per diluted
share impact of one-time charges, including those related to the
impairment of certain non-current assets in the raw materials and
steel products segment, divided by our estimated diluted average
shares outstanding. Please note that other companies might define
their non-GAAP financial measures differently than we do.
Management presents the non-GAAP financial measure of adjusted
earnings per diluted share in this news release because it
considers it to be an important supplemental measure of
performance. Management believes that this non-GAAP financial
measure provides additional insight for analysts and investors
evaluating the Company's financial and operational performance by
providing a consistent basis of comparison across periods.
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.
View original
content:https://www.prnewswire.com/news-releases/nucor-announces-guidance-for-the-third-quarter-of-2024-earnings-302250036.html
SOURCE Nucor Corporation