Nucor Corporation today announced guidance for its second quarter ending March 29, 2024. Nucor expects second quarter earnings to be in the range of $2.20 to $2.30 per diluted share. Nucor reported net earnings of $3.46 per diluted share in the first quarter and $5.81 per diluted share in the second quarter of 2023.
According to its statement, the company predicts that its total earnings will drop amid decreased earnings of the steel mills segment, while the steel mills segment’s earnings in the second quarter is forecast to decrease due to lower average selling prices, partially offset by increased volumes. However, earnings in the raw materials segment in the given quarter are expected to increase due to the increased profitability of its direct reduced iron facilities.