Nucor Expects Record 2Q:22 Quarterly Earnings

(Nucor, 15.Jun.2022) — Nucor Corporation (NYSE: NUE) announced guidance for its second quarter ending 2 July 2022. Nucor expects second quarter earnings to be in the range of $8.75 to $8.85 per diluted share, which would surpass the previous quarterly earnings record of $7.97 per diluted share set in the fourth quarter of 2021. Nucor reported net earnings of $7.67 per diluted share in the first quarter of 2022 and $5.04 per diluted share in the second quarter of 2021.

Included in the second quarter of 2021 was a $42mn (approximately $0.11 per diluted share) non-cash impairment charge related to our leasehold interest in unproved oil and natural gas properties.

End use market demand remains strong for steel and steel products, and we remain confident that 2022 will be another year of very strong earnings and cash flow for Nucor. Second quarter earnings will be driven by increased profitability in the steel products segment, which continues to benefit from robust demand in nonresidential construction markets. In addition, the steel mills segment earnings are expected to strengthen due primarily to increased profitability at our bar, sheet and plate mills. Similarly, Nucor’s raw materials segment is expected to generate increased profits in the second quarter due to relatively higher selling prices for raw materials.

During the second quarter, Nucor has repurchased 5.1mn shares at an average price of $157.37 per share (12.1mn shares year-to-date at an average price of $140.59 per share). Nucor has returned more than $1.90bn to stockholders in the form of share repurchases and dividend payments year-to-date.