Basic Materials

The following is a summary of the Nucor Corporation (NUE) Q1 2024 Earnings Call Transcript: Financial Performance: Nucor reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $1.5 billion and net earnings of $845 million or $3.46 per diluted share, for Q1 2024. The company returned $1.1 billion to shareholders via dividends and share repurchases and generated $460 million in operational cash flow. Shipments to outside clients rose by 5% quarter-on-quarter, reaching 6.2 million tons. Average mill pricing per ton increased almost 10% from the previous quarter, aligning with 2023 averages. The firm maintains a strong balance sheet, with debt to capital ratio at roughly 24% and total leverage at approximately one-time trailing 12-month EBITDA. Business Progress: Nucor intensified safety measures leading to a 30% decline in injury and illness rate from the previous year’s Q1. An agreement was established with Mercedes Benz to supply Econiq-RE steel formed

Nucor Reports Results for the First Quarter of 2024 PR Newswire CHARLOTTE, N.C., April 22, 2024 First Quarter of 2024 Highlights — Net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share. — Net sales of $8.14 billion. — Net earnings before noncontrolling interests of $959.0 million; EBITDA of $1.50 billion. CHARLOTTE, N.C., April 22, 2024 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share, for the first quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $785.4 million, or $3.16 per diluted share, for the fourth quarter of 2023 and $1.14 billion, or $4.45 per diluted share, for the first quarter of 2023. “Nucor’s performance continues to be strong even as steel market conditions have come off their post-pandemic record highs,” said Leon Topalian, Nucor’s

Nucor (NYSE:NUE) reported quarterly earnings of $3.46 per share which missed the analyst consensus estimate of $3.65 by 5.21 percent. This is a 22.25 percent decrease over earnings of $4.45 per share from the same period last year. The company reported quarterly sales of $8.14 billion which missed the analyst consensus estimate of $8.26 billion by 1.49 percent. This is a 6.58 percent decrease over sales of $8.71 billion the same period last year.

Nucor (NUE) reported fiscal Q1 earnings late Monday of $3.46 per diluted share, down from $4.45 a year earlier. Analysts polled by Capital IQ expected $3.66. Net sales for the quarter that ended March 30 was $8.14 billion, down from $8.71 billion a year earlier. Analysts surveyed by Capital IQ expected $8.3 billion. The company expects Q2 earnings to drop sequentially from Q1 due to falling steel mills segment earnings, led by lower average selling prices partially offset by modestly increased volumes. Analysts polled by Capital IQ expect $3.74. Shares of the company traded 6.3% lower in after-hours activity.

CHARLOTTE, N.C., March 14, 2024 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced guidance for its first quarter ending March 30, 2024. Nucor expects first quarter earnings to be in the range of $3.55 to $3.65 per diluted share. Nucor reported net earnings of $3.16 per diluted share in the fourth quarter of 2023 and $4.45 per diluted share in the first quarter of 2023. The steel mills segment’s earnings are expected to increase in the first quarter of 2024 due to higher average selling prices and volumes, particularly at our sheet mills. Earnings in the steel products segment are expected to decrease in the first quarter of 2024 due to lower average selling prices and decreased volumes. We expect earnings in the raw materials segment in the first quarter of 2024 to be comparable to the fourth quarter of 2023 as improved performance of our DRI facilities is offset by lower margins at our scrap processing operations. Quarter-to-date, Nucor has

Nucor Sees 1Q EPS $3.55-EPS $3.65.

Nucor Expects 1Q Earnings in Raw Materials Segment to Be Comparable to 4Q.

Nucor: Steel Mills Segment’s Earnings Expected to Increase 1Q Due to Higher Avg Selling Prices and Volumes.

Nucor stock is rising and shares of Cleveland-Cliffs are falling after an analyst argued the former steel maker deserves a better valuation than the latter. Citi analyst Alexander Hacking flipped his ratings on the stocks. He now rates Nucor shares at Buy instead of Hold, lifting his target for the stock price to $240 from $180. He kept his price target for Cliffs stock at $22 but lowered his rating to Hold from Buy. Cliffs’ “revenues have been as good as advertised (if not better) based on strong volumes, record [automotive] steel prices, and resilient hot rolled coil [pricing], but higher costs have led to underwhelming [earnings],” wrote Hacking. Hot-rolled coil, a benchmark steel product, is processed for use in car manufacturing. Cliffs is a significant provider of steel to auto makers. Cliffs is expected to earn about $1.50 a share in 2024, according to FactSet. That is better than

Citigroup analyst Alexander Hacking upgrades Nucor (NYSE:NUE) from Neutral to Buy and raises the price target from $180 to $240.

Nucor (NUE) said Wednesday its board approved $860 million for the construction of a new rebar factory in the Pacific Northwest region. The project will take two years to complete and will have a capacity of 650,000 tons per year. The company is also constructing a rebar factory in North Carolina.