Nucor Corporation Issues Q4 FY24 Earnings Guidance, Expects Decrease in Profits

December 17, 2024 01:53 AM GMT | By Team Kalkine Media
 Nucor Corporation Issues Q4 FY24 Earnings Guidance, Expects Decrease in Profits
Image source: Shutterstock

Highlights

  • Q4 2024 earnings guidance set at $0.55 to $0.65 per diluted share.
  • Expected decline in earnings driven by decreased volumes and lower average selling prices in steel mills and steel products segments.
  • Year-to-date, Nucor has returned over $2.73 billion to stockholders through share repurchases and dividends.

Nucor Corporation (NYSE:NUE), a leading steel manufacturer, has provided its earnings guidance for the fourth quarter of fiscal year 2024, forecasting earnings in the range of $0.55 to $0.65 per diluted share. This marks a significant decrease compared to the $1.05 per diluted share reported in the third quarter of 2024, and a substantial decline from the $3.16 per diluted share earned in the same period last year.

Lower Earnings Expected Across Key Segments

The anticipated decline in earnings for Q4 2024 is primarily attributed to a reduction in earnings from Nucor’s steel mills segment, driven by decreased volumes and lower average selling prices. The steel products segment is also expected to see a decrease in earnings compared to Q3 2024, as both volumes and average selling prices continue to trend lower.

In contrast, Nucor’s raw materials segment is expected to see an increase in earnings for Q4, excluding the non-cash impairment charges taken during Q3 2024. These impairments, totaling $123.0 million ($0.44 per diluted share), had a significant impact on the company’s financial results in the previous quarter, affecting both the raw materials and steel products segments.

Share Repurchases and Stockholder Returns

Nucor has continued its commitment to returning value to shareholders. During the fourth quarter, the company repurchased approximately 2.1 million shares at an average price of $149.81 per share, bringing its total year-to-date share repurchases to approximately 13.1 million shares, with an average purchase price of $168.75 per share. In addition to share repurchases, Nucor has returned more than $2.73 billion to stockholders through dividends and repurchases combined.

 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Sponsored Articles


Investing Ideas

Previous Next