(Nucor, 14.Mar.2024) — Nucor Corporation (NYSE: NUE) announced guidance for its first quarter ending March 30, 2024. Nucor expects first quarter earnings to be in the range of $3.55 to $3.65 per diluted share. Nucor reported net earnings of $3.16 per diluted share in the fourth quarter of 2023 and $4.45 per diluted share in the first quarter of 2023.
The steel mills segment’s earnings are expected to increase in the first quarter of 2024 due to higher average selling prices and volumes, particularly at our sheet mills. Earnings in the steel products segment are expected to decrease in the first quarter of 2024 due to lower average selling prices and decreased volumes. We expect earnings in the raw materials segment in the first quarter of 2024 to be comparable to the fourth quarter of 2023 as improved performance of our DRI facilities is offset by lower margins at our scrap processing operations.
Quarter-to-date, Nucor has repurchased approximately 5.5mn shares at an average price of $180.79, and has returned approximately $1.13bn to stockholders in the form of share repurchases and dividend payments.
First Quarter of 2024 Earnings Release and Conference Call
Nucor plans to release its earnings after the markets close on 22 Apr. 2024, and will host a conference call the morning of 23 Apr. 2024 at 10:00 a.m. Eastern Time to review the company’s first quarter results. The event will be broadcast on the internet, and instructions on how to access will be sent closer to the call.
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