Nucor expects surge in earnings for Q2

Wednesday, 16 June 2021 20:05:26 (GMT+3)   |   San Diego
       

Nucor Corporation today announced guidance for its second quarter ending July 3, 2021. Nucor expects second quarter earnings to be in the range of $4.60 to $4.70 per diluted share. Second quarter of 2021 earnings are expected to be the highest quarterly earnings in Nucor history, surpassing the previous record set in the first quarter of 2021 of $3.10 per diluted share.

In a press release, the company said all three operating segments are continuing to generate robust profitability as overall strong demand is supporting higher average selling prices. Earnings of the steel mills segment are expected to improve in the second quarter of 2021 as compared to the first quarter of 2021, primarily driven by the significant increase in profitability of Nucor’s sheet and plate mills. The steel products segment's earnings in the second quarter of 2021 are also expected to increase from the first quarter of 2021. After setting a new record for segment earnings in the first quarter of 2021, earnings from the raw materials segment are expected to decrease in the second quarter of 2021.

Nucor said it believes that these strong market conditions will continue in the third quarter. The profitability of the steel products segment is expected to significantly improve as compared to the second quarter, and Nucor said it expects increased earnings from the steel mills segment in the third quarter as well. 


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