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Nucor Forecast: Net Earnings to Take a Hit in Q1
Nucor Forecast: Net Earnings to Take a Hit in Q1

Nucor Forecast: Net Earnings to Take a Hit in Q1

  • 17-Mar-2023 10:45 AM
  • Journalist: Shiba Teramoto

North Carolina [US]: Nucor Corporation has provided guidance for their first quarter, ending April 1st, 2023. They anticipate earnings to be between $3.70 and $3.80 per diluted share; compared to the previous quarters of 2022 - where net earnings stood at $4.89 per diluted share in the fourth quarter and $7.67 per diluted share in the first quarter.

Nucor Corporation, one of the world's leading Steelmakers, has announced that it expects its Steel mills segment to show improved profitability in the first quarter of 2023 over the fourth quarter of 2022. This will be due to higher margins and increased volumes as compared to the previous quarter. The largest improvement is expected to occur at Nucor’s sheet mills.

Nucor has predicted strong profitability for the Steel products segment in the first quarter of 2023, with slight reductions in comparison to the fourth quarter of 2022. This is due to a slowdown in construction activity and certain pricing modifications. Despite that, Nucor believes its first quarter 2023 earnings will be higher than those from the same period of 2022.

Nucor Corporation is optimistic in the raw materials segment, expecting increased profitability compared to the fourth quarter of 2022. This anticipation is not impacted by an impairment charge that was recorded during the same period. The expected rise in profitability is due to higher volumes in their DRI facilities, scrap recycling and brokerage operations.

Nucor has reported that its operating income for the first quarter of 2023 is expected to exceed that of the fourth quarter of 2022. However, consolidated net earnings are projected to be lower due to less favorable intercompany eliminations in the first quarter of 2023 and the lack of state tax benefits recorded in the fourth quarter of 2022.

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