Nucor Corporation today announced guidance for its first quarter ending March 30, 2024. Nucor expects first quarter earnings to be in the range of $3.55 to $3.65 per diluted share. Nucor reported net earnings of $3.16 per diluted share in the fourth quarter of 2023 and $4.45 per diluted share in the first quarter of 2023.
In a press release, the company said the steel mills segment's earnings are expected to increase in the first quarter of 2024 due to higher average selling prices and volumes, particularly at Nucor’s sheet mills.
Earnings in the steel products segment are expected to decrease in the first quarter of 2024 due to lower average selling prices and decreased volumes.
The company said it expects earnings in the raw materials segment in the first quarter of 2024 to be comparable to the fourth quarter of 2023 as improved performance of its DRI facilities is offset by lower margins at its scrap processing operations.