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

2 min read | December 16, 2024 05:53 PM PST | By Team Kalkine Media

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Nucor Corporation Issues Q4 FY24 Earnings Guidance, Expects Decrease in Profits — Image source: Shutterstock

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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.

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