Nucor inventory falls as This autumn earnings steering misses expectations

NEW YORK – Nucor Company (NYSE:NUE) shares dropped 2% after the metal producer issued fourth-quarter earnings steering that fell wanting analyst expectations, signaling challenges in its core metal enterprise.

Nucor expects fourth-quarter earnings to be between $0.55 and $0.65 per diluted share, considerably under the Bloomberg consensus estimate of $0.93 and Seen Alpha consensus of $0.89.

This steering additionally represents a pointy decline from the $1.05 per diluted share reported within the third quarter of 2024 and $3.16 per diluted share within the fourth quarter of 2023.

The corporate attributed the projected earnings lower primarily to decrease efficiency in its metal mills section, citing lowered volumes and decrease common promoting costs.

Nucor additionally anticipates a decline in earnings for its metal merchandise section attributable to decreased volumes and decrease common promoting costs within the fourth quarter in comparison with the third quarter.

“The biggest driver for the anticipated lower in earnings within the fourth quarter of 2024 is the decreased earnings of the metal mills section brought on by decreased volumes and decrease common promoting costs,” Nucor said in its press launch.

Regardless of the difficult outlook, Nucor reported that its uncooked supplies section is anticipated to point out improved earnings within the fourth quarter in comparison with the third quarter, excluding a non-cash impairment cost taken in the course of the third quarter.

The corporate has been energetic in returning worth to shareholders, repurchasing roughly 2.1 million shares at a mean value of $149.81 per share in the course of the fourth quarter.

Yr-to-date, Nucor has repurchased about 13.1 million shares at a mean value of $168.75 per share and has returned greater than $2.73 billion to stockholders by share repurchases and dividend funds.

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