Nucor (NUE) Q3 EPS Guidance Tops Consensus

September 16, 2021 9:02 AM EDT

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Nucor Corporation (NYSE: NUE) today announced guidance for its third quarter ending October 2, 2021. Nucor expects third quarter earnings to be in the range of $7.30 to $7.40 per diluted share. Third quarter of 2021 earnings are expected to be the highest quarterly earnings in Nucor history, surpassing the previous record of $5.04 per diluted share set in the second quarter of 2021.

(Consensus sees Q3 EPS of $6.40)

All three operating segments continue to generate robust profitability as overall demand remains strong across most end-use markets. Earnings of the steel mills segment are expected to increase significantly in the third quarter of 2021 as compared to the second quarter of 2021, mainly driven by higher realized selling prices. We also expect the steel products segment to generate significantly increased earnings in the third quarter of 2021 due to margin expansion caused by higher average selling prices. The raw materials segment's earnings in the third quarter of 2021 are expected to be comparable to the second quarter of 2021, excluding an impairment charge recorded in the second quarter of 2021.

Our internal business units' forecasts suggest that our fourth quarter of 2021 results are likely to continue the trend of exceptional performance we have seen so far this year.

During the third quarter, Nucor has repurchased 6.7 million shares at an average price of $105.58 per share (18.8 million shares year-to-date at an average price of $86.15 per share). Nucor has returned nearly $2.00 billion to stockholders in the form of share repurchases and dividend payments year-to-date.

Included in the second quarter of 2021 earnings is a $42.0 million, or $0.11 per diluted share, non–cash impairment charge related to our leasehold interest in unproved oil and natural gas properties. This charge was included in the raw materials segment.



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