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Nucor Corporation (NYSE:NUE) shares are climbing after the company reported its second-quarter financial results Monday. Here's a look at the key figures from the report.
The Details: Nucor reported quarterly earnings of $2.68 per share which beat the analyst consensus estimate of $2.35 by 14.04%. Quarterly sales came in at $8.08 billion, which beat the analyst consensus estimate of $7.69 billion by 5.13%.
A total of approximately 6.289 million tons were shipped to outside customers in the second quarter of 2024, a 1% increase compared with the first quarter of 2024 and a 5% decrease compared with the second quarter of 2023.
Total steel mill shipments in the second quarter of 2024 were comparable to the first quarter of 2024 and decreased 2% as compared to the second quarter of 2023. Downstream steel product shipments to outside customers in the second quarter of 2024 increased 11% compared with the first quarter of 2024.
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“While market conditions have softened compared to recent record-setting years, Nucor remains focused on its long-term growth strategy and has returned more than $1.7 billion to investors through June,” said Leon Topalian, Nucor’s CEO.
“Nucor’s strategy to grow our core steelmaking operations and expand into steel-adjacent downstream markets positions the company to create attractive shareholder value and improve the company’s through-cycle earnings profile. I am incredibly proud of the 32,000 men and women of Nucor who are executing this growth plan while achieving the safest start to any year in Nucor’s history.”
Nucor will host a conference call Tuesday at 10 a.m. ET to discuss the results.
Outlook: Nucor said it expects earnings in the third quarter of 2024 to decrease compared to the second quarter of 2024. The largest driver for the expected decrease in earnings in the third quarter of 2024 is the expected decrease in earnings of the steel mills segment, primarily due to lower average selling prices.
NUE Price Action: According to Benzinga Pro, Nucor shares are up 1.02% after-hours at $165.01 at the time of publication Monday.
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Image: Courtesy of Nucor Corporation
Posted In: NUE
