CHARLOTTE, N.C., March 14, 2024 /PRNewswire/ — Nucor Corporation (NYSE: NUE) 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.
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 our 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. We expect 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 our DRI facilities is offset by lower margins at our scrap processing operations.
Quarter-to-date, Nucor has repurchased approximately 5.5 million shares at an average price of $180.79, and has returned approximately $1.13 billion to stockholders in the form of share repurchases and dividend payments.
First Quarter of 2024 Earnings Release and Conference Call
Nucor plans to release its earnings after the markets close on Monday, April 22, 2024, and will host a conference call the morning of Tuesday, April 23, 2024 at 10:00 a.m. Eastern Time to review the Company’s first quarter results. The event will be broadcast on the internet, and instructions on how to access will be sent closer to the call.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.