Overall, Nucor reiterated its expectations that 2022 will turn out to be the most profitable year in the company’s history.
SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced guidance for Q3 2022 earnings.
For the third quarter ending 1st October, 2022, the company expects earnings to range between $6.30 and $6.40 per diluted share. This is significantly lower when compared with the year-ago as well as prior quarter earnings. Nucor had reported net earnings of $9.67 per diluted share in the second quarter of 2022 and $7.28 per diluted share in the third quarter of 2021.
Nucor expects the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022. This is mainly on account of contraction in metal margins and reduced shipping volumes, especially at its sheet and plate mills. The steel products segment is expected to be more or less in line with the second quarter of 2022. Also, the raw material segment earnings are expected to be similar to those during the prior quarter. Overall, Nucor reiterated its expectations that 2022 will turn out to be the most profitable year in the company’s history.
During Q3, the company has repurchased 5.3 million shares at an average price of $122.24 per share. Also, it has returned more than $2.7 billion to stockholders till date this year.
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