Basic Materials

By Ben Glickman Nucor’s fourth-quarter results took a hit as volumes and selling prices fell across its business. The Charlotte, N.C.-based steelmaker posted a profit of $785.4 million, or $3.16 a share, in the quarter ended Dec. 31, compared with $1.26 billion, or $4.89 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.83. Revenue fell 12% to $7.7 billion, topping the $7.63 billion expected by analysts polled by FactSet. Nucor said its earnings fell due to lower pricing and volumes across all three of its operating segments. The company expects earnings to increase in the first quarter on a sequential basis due to recovering selling prices in the steel mills segment and greater profitability in its raw materials segment. Write to Ben Glickman at ben.glickman@wsj.com

Nucor (NYSE:NUE) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 23.93% UBS → $210 Initiates Coverage On → Buy 12/12/2023 -6.75% JP Morgan $151 → $158 Maintains Neutral 10/31/2023 -9.12% Morgan Stanley $162 → $154 Maintains Equal-Weight 10/16/2023 -10.89% JP Morgan → $151 Upgrades Underweight → Neutral 09/08/2023 -10.89% JP Morgan $150 → $151 Maintains Underweight 07/27/2023 6.23% Citigroup $160 → $180 Maintains Neutral 07/26/2023 -4.39% Morgan Stanley $148 → $162 Maintains Equal-Weight 07/11/2023 -1.44% Credit Suisse $156 → $167 Maintains Outperform 07/05/2023 12.72% Exane BNP Paribas → $191 Upgrades Neutral → Outperform 06/21/2023 -12.66% Morgan Stanley → $148 Reiterates → Equal-Weight 06/01/2023 — Wolfe Research Upgrades Underperform → Peer Perform 05/23/2023 -23.28% JP Morgan → $130 Initiates Coverage On → Underweight 05/22/2023 -12.66% Morgan Stanley $133 → $148 Maintains Equal-Weight 04/24/2023 -21.51% Morgan Stanley $131 → $133 Maintains Equal-Weight 03/20/2023

UBS analyst Curt Woodworth initiates coverage on Nucor (NYSE:NUE) with a Buy rating and announces Price Target of $210.

Nucor Announces Guidance for the Fourth Quarter of 2023 Earnings CHARLOTTE, N.C., Dec. 14, 2023 CHARLOTTE, N.C., Dec. 14, 2023 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced guidance for its fourth quarter ending December 31, 2023. Nucor expects fourth quarter earnings to be in the range of $2.75 to $2.85 per diluted share. Nucor reported net earnings of $4.57 per diluted share in the third quarter of 2023 and $4.89 per diluted share in the fourth quarter of 2022. Earnings in the fourth quarter of 2023 are expected to decrease compared to the third quarter of 2023 due to lower pricing and volumes across all three operating segments. In the steel mills segment, we expect the decrease in realized pricing to be most pronounced at our sheet and plate mills. In the steel products segment, we expect decreased earnings due to moderating average selling prices at most of the

Nucor Sees 4Q EPS $2.75-EPS $2.85。

Nucor Sees Lower 4Q Pricing, Volumes Across All Three Operating Segments Vs 3Q。

Nucor Corp. (NUE) said Thursday it expects to report fourth-quarter earnings ranging from $2.75 a share to $2.85 a share. Analysts are estimating earnings of $3.19 a share, according to FactSet data. Nucor said its earnings will be lower than the third quarter due to price drops and reduced volumes across all three of its operating segments. Nucor said its earnings projection also includes several one-time items. Nucor stock was down by 2.6% in premarket trading on Thursday.