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Nucor expects drop in net earnings for Q1

Thursday, 16 March 2023 20:05:29 (GMT+3)   |   San Diego
       

Nucor Corporation today announced guidance for its first quarter ending April 1, 2023. Nucor expects first quarter earnings to be in the range of $3.70 to $3.80 per diluted share. Nucor reported net earnings of $4.89 per diluted share in the fourth quarter of 2022 and $7.67 per diluted share in the first quarter of 2022.

In a press release, the company said the profitability of the steel mills segment is expected to increase in the first quarter of 2023 as compared to the fourth quarter of 2022 due to higher margins and volumes, with the largest improvement expected to occur at Nucor’s sheet mills.

Within the steel products segment, Nucor said it expects continued strong profitability in the first quarter of 2023, with some decrease expected from the fourth quarter of 2022 due to slower construction activity and some reductions in realized pricing. Overall, Nucor expects first quarter 2023 steel products segment earnings to be higher than the first quarter of 2022.

In the raw materials segment, excluding the impact of the impairment charge recorded in the fourth quarter of 2022, the company expects increased profitability compared to the fourth quarter of 2022 due to higher volumes at Nucor’s DRI facilities and scrap recycling and brokerage operations.

On a combined basis, the operating income during the first quarter of 2023 from the three business segments is expected to exceed that of the fourth quarter of 2022, Nucor said. However, the company expects consolidated net earnings to decrease compared to the fourth quarter of 2022 due to less favorable intercompany eliminations in the first quarter of 2023 and the absence of state tax benefits that were recorded in the fourth quarter of 2022.


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