Steel manufacturer Nucor Corporation (NYSE: NUE) reported lower sales and net profit for the second quarter of 2023. The company also provided guidance for the third quarter.
Second-quarter 2023 net profit declined sharply to $1.46 billion or $5.81 per share from $2.56 billion or $9.67 per share in the corresponding period of last year.
The bottom line was negatively impacted by a 19% fall in net sales to $9.52 billion. Total shipments decreased 7% year-over-year to 5.98 million tons, with shipments in both the core Sheet and Bars segments declining.
“The investments we’ve made in recent years to grow our core and expand into new markets are generating strong returns for stockholders and further position Nucor as a highly efficient industrial manufacturer,” said the company’s CEO Leon Topalian.