Nucor Corporation today announced guidance for its first quarter ending April 2, 2022. Nucor expects to achieve a new record for first quarter earnings in the range of $7.20 to $7.30 per diluted share. Fourth quarter of 2021 earnings were $7.97 per diluted share and first quarter of 2021 earnings were $3.10 per diluted share.
In a press release, the company said steel mill segment earnings in the first quarter of 2022 are expected to decrease from the fourth quarter of 2021, primarily due to the decreased profitability of the sheet mills. Nucor said that while end market demand remains strong, average realized selling prices in sheet have softened during the first quarter reflecting “increased import volumes coupled with modest destocking.”
The company said the steel products segment is expected to generate increased earnings in the first quarter of 2022 relative to the fourth quarter of 2021 due to continued strong nonresidential construction related demand and expanding profit margins. For the first quarter of 2022, earnings for the raw materials segment are expected to be in line with fourth quarter of 2021 performance.