Photo courtesy of Nucor Corp.
Charlotte, North Carolina-based Nucor Corp. reports earnings guidance for this year’s first quarter that indicates an increase in profits compared with the prior quarter but lower earnings compared with one year ago.
The recycled-content electric arc furnace (EAF) steel producer expects first-quarter earnings to be in the range of $3.55 to $3.65 per diluted share. That compares with 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,” Nucor states.
However, while Nucor mills profited, its David J. Joseph Co. scrap subsidiary suffered a narrowing of margins. “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 direct-reduced iron facilities is offset by lower margins at our scrap processing operations," the company says.
The company also says earnings in its steel products segment are expected to decrease in the period from Jan. 1 to March 31 because of lower average selling prices and decreased volumes.
Nucor plans to release its 2024 first-quarter earnings report April 22 and to host a conference call the following day.
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