Basic Materials

Albemarle Shares Drop After Baird Expects Weak Lithium Pricing to Impact 2Q

Albemarle shares touched a three-year low on Tuesday after Baird analyst Ben Kallo noted concerns about weak lithium pricing and the company’s second-quarter earnings. Shares of the lithium miner were recently down 6.5% to $92.64, after falling to $91.21. The stock has fallen about 36% this year. Kallo lowered the price target on the shares to $127 from $170. Kallo said in a research note that he believes the company will have a weak second quarter and revise its estimates downward to reflect a slower recovery in lithium pricing and demand for electric vehicles. The analyst sees second-quarter earnings of zero cents a share, compared with a consensus estimate of 60 cents a share. For 2024, he expects EPS of $1.96, versus a consensus of $3.14. Although the Baird analyst said data on EV deliveries, strong China sales data, and original equipment manufacturers maintaining EV transition targets might represent a […]

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Lithium Supplies Seen Rising, Weighing on Prices

Lithium supplies are expected to rise and potentially push down prices of the battery metal, Morgan Stanley analysts say. Australia’s spodumene shipments should start to improve in the coming months and African shipments should also recover following the end of the wet season, say the MS analysts. China is likely to record another year of strong production growth after easing environmental restrictions, and Chile’s exports are touching all-time highs, they add. “While the lithium price has held up well year-to-date, a loosening [supply-demand] balance from here brings downside risks,” say the analysts. “The China lithium carbonate price is currently trading close to our base case of $13,500/ton but we see room for it to fall below this, with the price already starting to roll over recently.”

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Albemarle (ALB) Q1 2024 Earnings Call Transcript

Albemarle (ALB)Q1 2024 Earnings CallMay 02, 2024, 9:00 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:   Operator Hello and welcome to Albemarle Corporation’s Q1 2024 earnings call. I will now hand it over to Meredith Bandy, vice president of investor relations and sustainability. Meredith Bandy — Vice President, Investor Relations and Sustainability Thank you. Welcome everyone to Albemarle’s first-quarter 2024 earnings conference call. Our earnings were released after the close of market yesterday, and you’ll find the press release and earnings presentation posted to our website under the Investor Section at albemarle.com. Joining me on the call today are Kent Masters, chief executive officer; and Neal Sheorey, chief financial officer. Netha Johnson, president of Specialties; and Eric Norris, president of Energy Storage are also available for Q&A. As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance, and timing of expansion

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Nucor(NUE) Q1 2024 Earnings Conference

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

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Nucor Reports Results for the First Quarter of 2024

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

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Nucor Q1 EPS $3.46 Misses $3.65 Estimate, Sales $8.14B Miss $8.26B Estimate

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.

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Nucor Fiscal Q1 Earnings, Sales Drop; Guides to Sequential Decline in Q2 EPS; Shares Slump After Hours

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.

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Nucor Announces Guidance for the First Quarter of 2024 Earnings

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

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Buy Nucor Stock. It Deserves a Higher Valuation Than Cleveland-Cliffs, Analyst Says. — Barrons.com

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

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