Nucor Corporation today announced that it expects third quarter earnings to be in the range of $4.10 to $4.20 per diluted share. Comparatively, Nucor reported net earnings of $5.81 per diluted share in the second quarter of 2023 and $6.50 per diluted share in the third quarter of 2022.
In a press release, the company said it expects earnings for the steel mills segment to decline in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to lower pricing, and to a lesser extent, volumes.
Nucor said the largest impact on earnings is expected to occur at its sheet mills. The earnings of the steel products segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 also due to lower realized prices and volumes. Earnings for the raw materials segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 due to margin compression at our DRI facilities and scrap processing operations.