Nucor Corporation announced guidance for its third quarter ending September 28, 2024. The company expects third quarter earning to be in the range of $0.87 to $0.97 per diluted share. Nucor reported net earnings of $2.68 per diluted share in the second quarter and $4.57 per diluted share in the third quarter of 2023.
According to its statement, the main reason for the expected decrease in earnings in the given quarter is the decreased earnings of the steel mills segment, due primarily to lower average selling prices. In addition, the steel products segment is expected to have decreased earnings due to lower average selling prices and lower volumes. The raw materials segment is also anticipated to have lower earnings in the third quarter compared to the second quarter of 2024.