Steel manufacturer Nucor Corporation (NYSE: NUE) reported lower sales and net profit for the first quarter of 2023. The company also provided guidance for the second quarter.
First-quarter 2023 net profit declined sharply to $1.14 billion or $4.45 per share from $2.10 billion or $7.67 per share in the corresponding period of last year.
The bottom line was negatively impacted by a 17% fall in net sales to $8.71 billion. Total shipments increased 4% year-over-year to 6.03 million tons, as an 18% growth in the core Sheet segment more than offset a decline in the Bars division.
“Average steel mill utilization rates and profit margins were both up in the first quarter compared to the fourth quarter, with sheet and plate mills seeing some of the largest gains. This, coupled with year-over-year gains in automotive and stability in energy, gives us confidence that 2023 will be another very profitable year for Nucor,” said the company’s CEO Leon Topalian.