Nucor Corporation 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.
In a press release, the company said 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, Nucor expects the decrease in realized pricing to be most pronounced at its sheet and plate mills. In the steel products segment, the company expects decreased earnings due to moderating average selling prices at most of the product groups within the segment and lower volumes.
Earnings for the raw materials segment are expected to decrease in the fourth quarter of 2023 as compared to the third quarter of 2023 due to lower pricing for raw materials and planned outages at Nucor’s DRI facilities, the company said.