Nucor Corporation today announced guidance for its third quarter ending October 1, 2022. Nucor expects third quarter earnings to be in the range of $6.30 to $6.40 per diluted share. Nucor reported net earnings of $9.67 per diluted share in the second quarter of 2022 and $7.28 per diluted share in the third quarter of 2021.
In a press release, the company said it expects the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes particularly at its sheet and plate mills. The steel products segment is expected to have another strong quarter in the third quarter of 2022, with earnings roughly in-line with the second quarter of 2022, the company said. Raw materials segment earnings are expected to be similar to the second quarter of 2022. The company said it continues to believe that 2022 will be the most profitable year in Nucor's history.