Nucor forecasts lower-than-expected fourth-quarter profit

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December 16, 2024 5:35 PM EST

FILE PHOTO: A Nucor Corporation steel production facility is pictured in Convent, Louisiana, U.S., June 11, 2018. REUTERS/Jonathan Bachman/File Photo

(Reuters) - U.S. steelmaker Nucor forecast fourth-quarter profit below Wall Street estimates on Monday, citing a slump in earnings in their steel mills segment caused by decreased volumes and lower average selling prices.

The company expects fourth-quarter earnings to be in a range of $0.55 to $0.65 per diluted share, lower than analysts' estimates of $0.90 per share, according to data compiled by LSEG.

However, it expects earnings in its raw materials segment to increase year-over-year in the fourth quarter.

Peer Steel Dynamics also forecast its fourth-quarter earnings below Wall Street estimates on Monday as the Indiana-based company sees lower realized steel prices and fall in shipments.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Alan Barona)


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