Nucor (NUE) Misses Q3 EPS by 27c

Nucor (NYSE: NUE) reported Q3 EPS of $6.50, $0.27 worse than the analyst estimate of $6.77. Revenue for the quarter came in at $10.5 billion versus the consensus estimate of $10.03 billion.

Fourth Quarter of 2022 Outlook:

We continue to believe that 2022 will be the most profitable year for earnings in Nucor's history. As we approach the end of the year, we are seeing increasingly challenging market conditions amid economic uncertainty.

We expect fourth quarter of 2022 earnings to be decreased from the third quarter of 2022. In the steel mills segment, we expect considerably lower earnings in the fourth quarter of 2022 as compared to the third quarter of 2022 due to lower average selling prices and lower volumes, with the largest decrease in profitability expected at our sheet mills. The steel products segment is expected to have another strong quarter in the fourth quarter of 2022, but the segment's profitability is anticipated to decrease from the third quarter of 2022 primarily due to typical seasonality experienced in the fourth quarter. The raw materials segment is expected to have significantly decreased earnings in the fourth quarter of 2022 as compared to the third quarter of 2022 due to decreased selling prices for raw materials.

For earnings history and earnings-related data on Nucor (NUE) click here.

You May Also Be Interested In

• 'Ocean of opportunity': Wolfe initiates SpaceX at Buy ahead of historic IPO
• Stitch Fix (SFIX) Tops Q3 EPS by 4c, Offers Guidance
• Academy Sports and Outdoor (ASO) Misses Q1 EPS by 1c ; Offers Guidance