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Nucor Corporation (NYSE:NUE) announced its second-quarter outlook on Friday but it failed to uplift investor sentiment.
The steel maker cautioned that it expects earnings of $2.20 to $2.30 per diluted share, significantly lower than $5.81 in the year-ago period. The earnings expectations fell short of the $2.99 consensus.
Lower average selling prices and lackluster volumes at the steel mills segment are driving the expected decrease in earnings.
In addition, the steel products segment also bears the brunt of lower average selling prices.
Check This Out: Nucor Expands Beyond Steelmaking With Acquisition Of Rytec: Details
Earnings in the raw materials segment are expected to be higher than in the sequential quarter due to the increased profitability of our direct reduced iron facilities.
During the second quarter, Nucor said it had repurchased approximately 2.9 million shares at an average price of $170.70.
Nucor has returned more than $1.76 billion to stockholders in the form of share repurchases and dividend payments year-to-date.
At the end of the first quarter of 2024, Nucor had $5.54 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand.
The company's $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.
Price Action: NUE shares are trading higher by 0.22% to $154.46 at the last check on Friday.
Photo Courtesy of Nucor
Posted In: NUE
