Nucor Corporation (NUE) provides guidance for Q3 2024

Steel manufacturer Nucor Corporation (NYSE: NUE) has announced guidance for its third quarter ending September 28, 2024. The company is expected to release Q3 results on Monday, October 21, after markets close.

• The Nucor leadership said it expects third-quarter earnings to be in the range of $0.87 to $0.97 per share
• The EPS guidance includes estimated one-time non-cash pre-tax charges of about $123 million or $0.43 per share
• The management is looking for adjusted earnings in the range of $1.30 per share to $1.40 per share in Q3
• Earnings in the steel products segment are expected to decrease sequentially due to lower average selling prices and lower volumes
• Net income in the raw materials segment is also seen dropping in the third quarter compared to the second quarter of 2024
• During the third quarter, the company has repurchased around 2.5 million shares so far, at an average price of $156.07 per share
• It has returned about $2.29 billion to stockholders in the form of share repurchases and dividend payments year-to-date
• For the second quarter of 2024, Nucor reported net earnings of $2.68 per share; it posted net income of $4.57 per share for the third quarter of 2023