Nucor beats Q3 revenue estimates, expects earnings to decrease in Q4

CHARLOTTE, N.C. - Nucor Corporation (NYSE: NYSE:NUE ) reported third-quarter earnings that narrowly missed analyst expectations, while revenue topped estimates. The steel producer's shares edged up 0.5% following the results.

The company posted adjusted earnings of $1.49 per share for the third quarter, slightly below the $1.52 per share analysts were expecting. Revenue came in at $7.44 billion, surpassing the consensus estimate of $7.29 billion.

Compared to the same period last year, Nucor's revenue declined 15% from $8.78 billion, while net earnings attributable to Nucor stockholders fell 78% from $1.14 billion or $4.57 per share.

"Thank you to our Nucor teammates for continuing to set new records for safety performance while generating over $1.30 billion of cash from operations for the quarter," said Leon Topalian, Nucor's Chair, President and Chief Executive Officer.

The company expects earnings to decrease in the fourth quarter compared to Q3, citing lower average selling prices and decreased volumes in its steel mills segment. Nucor also anticipates lower earnings in its steel products segment due to lower prices and volumes.

During Q3, Nucor repurchased approximately 2.5 million shares at an average price of $156.07 per share. The company has returned about $2.29 billion to stockholders through share repurchases and dividends in the first nine months of 2024.

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Source: Investing.com