#United States #Nucor Corporation #Fourth Quarter #Steel Production #Charlotte, NC

Nucor Corporation Projects Fourth Quarter Earnings for 2024

Nucor Corporation, a leading player in the steel manufacturing sector, has announced its earnings guidance for the fourth quarter ending December 31, 2024. The company expects its earnings to fall within the range of $0.55 to $0.65 per diluted share. This outlook reflects a notable decrease compared to previous earnings reports, particularly $1.05 per diluted share recorded in Q3 of 2024 and a significantly higher $3.16 per diluted share in the fourth quarter of 2023.

Key Factors Influencing Earnings

The anticipated drop in earnings is primarily attributed to declining performance in the steel mills segment. Decreased sales volumes and lower average selling prices are influencing this downturn. Additionally, the company foresees a decrease in earnings within the steel products segment for Q4 2024, continuing the trend seen in Q3. Though the raw materials segment is anticipated to show improvement due to rising earnings, the overall decline in steel mill performance will weigh heavily on the overall results.

In Q3 2024, Nucor faced financial challenges, including non-cash impairment charges totaling $123 million, which included $83 million related to asset impairments within its raw materials sector. These charges raised concerns about the efficiency and profitability of its practices in the current market.

Share Repurchase and Stockholder Returns

Remarkably, during the fourth quarter, Nucor executed a share repurchase of around 2.1 million shares at an average price of $149.81 per share. This brings their total share repurchases for the year to approximately 13.1 million shares at an average price of $168.75. Nucor’s commitment to returning value to shareholders is evident—over the year, the company has dispensed more than $2.73 billion to stockholders through diverse methods, including dividends and stock buybacks.

Upcoming Earnings Release and Conference Call

Investors and stakeholders will be keenly awaiting Nucor's formal earnings release, scheduled for the market close on January 27, 2025. Nucor will also conduct a conference call on January 28, 2025, at 10:00 AM ET to discuss the results in detail. This event is expected to provide valuable insights into the company’s strategic direction and financial health going forward.

About Nucor Corporation

Nucor and its affiliates are renowned for manufacturing a plethora of steel and steel products, with operations situated across the United States, Canada, and Mexico. Key products span from carbon and alloy steel to fabricated metal structures. Nucor is also recognized as North America’s largest recycler, playing a vital role in sustainable practices in the steel industry.

Conclusion

The guidance provided by Nucor for the upcoming quarter underscores the challenges faced within the steel market characterized by fluctuating demand and pricing pressures. Stakeholders will be closely monitoring these trends, and the upcoming earnings report and conference call will be crucial in determining Nucor's path in a competitive landscape. As uncertainties loom in both domestic and international markets, Nucor's actions in the coming months will be pivotal in affirming its position within the industry and ensuring continued shareholder value.