Nucor Corporation today announced guidance for its first quarter ending April 3, 2021. Nucor expects first quarter earnings to be in the range of $3.00 to $3.10 per diluted share. First quarter of 2021 earnings are expected to be the highest quarterly earnings in Nucor history, surpassing the previous record set in the third quarter of 2008.
Nucor's first quarter of 2021 guidance range compares to fourth quarter of 2020 earnings of $1.30 per diluted share and first quarter of 2020 earnings of $0.07 per diluted share.
In a press release, the company said March is expected to be the strongest month of the quarter. Margins have expanded since the beginning of the year, a trend Nucor expects to continue into the second quarter. Nucor said earnings in the second quarter of 2021 will likely set a new record for quarterly earnings.
All three Nucor segments are generating strong results, the company said. The steel mills and raw materials segments' first quarter of 2021 results are expected to be significantly higher than the previous quarter due to strong steel demand and higher prices. All the product groups in the steel mills segment are forecasting higher first quarter results compared to the fourth quarter of 2020, with the largest increases coming from sheet and plate mills, Nucor said. The company said it is experiencing strong demand across most of its end markets, including nonresidential construction, automotive, renewable energy, heavy equipment and agriculture.