Nucor Announces Guidance for the Third Quarter of 2023 Earnings
- None.
- Lower earnings compared to previous quarters
- Negative impact on steel mills, steel products, and raw materials segments
- Margin compression in raw materials segment
CHARLOTTE, N.C., Sept. 14, 2023 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced guidance for its third quarter ending September 30, 2023. Nucor expects third quarter earnings to be in the range of
We expect earnings for the steel mills segment to decline in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to lower pricing, and to a lesser extent, volumes. The largest impact on earnings is expected to occur at our sheet mills. The earnings of the steel products segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 also due to lower realized prices and volumes. Earnings for the raw materials segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 due to margin compression at our DRI facilities and scrap processing operations.
During the third quarter, Nucor has repurchased approximately 3.0 million shares at an average price of
Third Quarter of 2023 Earnings Release and Conference Call
Nucor will release its earnings before the markets open on Tuesday, October 24, 2023, and will hold a conference call that morning at 10:00 a.m. Eastern Time to review the Company's third quarter results followed by a question-and-answer session. 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
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)
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SOURCE Nucor Corporation