Nucor

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our 12-month target by $11 to $167, which assumes an EV/EBITDA of 7.5x our ’24 EBITDA estimate, a premium to NUE’s three-year avg. forward EV/EBITDA of 5.5x and above peers’ avg. forward EV/EBITDA of 6.6x. We raise our ’24 EPS estimate by $0.54 to $12.87 and initiate our ’25 EPS forecast at $12.10. NUE posts Q4 adj. EPS of $3.16 vs. $4.89, $0.33 above consensus, with in-line sales. Q4 avg. sales price fell 15% Y/Y but shipment volume rose 8% Y/Y. NUE is facing some very difficult comps in ’24 and we forecast a decline in adj. EPS of 28% in ’24 and 6% in ’25 (and adj. EBITDA declines of 23% in ’24 and 3% in ’25). NUE currently trades at a significant premium […]

Nucor acknowledges it was interested in acquiring some of United States Steel’s assets, but dropped out of the bidding near the end over concerns about the price. “Nucor took a hard look at some of the assets within the U.S. Steel portfolio,” CEO Leon Topalian says during a conference call. “But at the end of the day, we’re not going to overpay for any assets.” A deal proxy filed by U.S. Steel last week describes an unidentified company that analysts widely believe was Nucor as being interested in U.S. Steel’s Big River mill in Arkansas; its iron ore operation in Minnesota; and a steel rolling mill in California. Nucor up 5.2% at $185.77.

The following is a summary of the Nucor Corporation (NUE) Q4 2023 Earnings Call Transcript: Financial Performance: Nucor reported Q4 consolidated net earnings of $785 million and an operating cash flow of over $1.5 billion. The Steel Mills Group contributed $588 million of pre-tax earnings, down 33% from Q3. The Steel Products segment delivered pre-tax earnings of $656 million, contributing half of the total earnings for Q4, and generated annual earnings of $3.4 billion. The Raw Materials segment reported a pre-tax loss of about $14 million. Nucor allocated $2.2 billion to capital spending and returned $2.1 billion to shareholders in 2023. Nucor’s quarterly cash dividend was increased by 6% to $0.54 per share. Debt-to-capital ratio is at 25% and debt-to-EBITDA ratio is less than 1%. Shipment volumes and pricing are expected to improve in Q1 2024. The company is planning higher capital spending of about $3.5 billion in 2024. Nucor

Nucor 4Q Average Sales Price Per Ton Down 15%.

Nucor 4Q Steel Mills Total Shipments 5.51M Tons.

Nucor Reports Results for the Fourth Quarter and Full Year 2023 PR Newswire CHARLOTTE, N.C., Jan. 29, 2024 — Fourth quarter and full year 2023 diluted EPS of $3.16 and $18.00, respectively. — Fourth quarter and full year 2023 net earnings before noncontrolling interests of $872.8 million and $4.91 billion, respectively; EBITDA of $1.36 billion and $7.41 billion, respectively. — 2024 expected to be another strong year as Nucor executes its strategy to grow the core and expand its portfolio of solutions. — Capital deployment expected to increase in 2024 with planned capital expenditures of $3.5 billion, continued evaluation of acquisitions, and share repurchases set to outpace the prior year. CHARLOTTE, N.C., Jan. 29, 2024 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced consolidated net earnings of $785.4 million, or $3.16 per diluted share, for the fourth quarter of 2023. By comparison, Nucor reported consolidated net earnings of $1.14 billion,

Nucor: Steel Mills Segment’s Earnings Are Expected to Increase in the 1Q 2024 Due to Higher Avg Selling Prices and Volumes.

By Ben Glickman Nucor’s fourth-quarter results took a hit as volumes and selling prices fell across its business. The Charlotte, N.C.-based steelmaker posted a profit of $785.4 million, or $3.16 a share, in the quarter ended Dec. 31, compared with $1.26 billion, or $4.89 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.83. Revenue fell 12% to $7.7 billion, topping the $7.63 billion expected by analysts polled by FactSet. Nucor said its earnings fell due to lower pricing and volumes across all three of its operating segments. The company expects earnings to increase in the first quarter on a sequential basis due to recovering selling prices in the steel mills segment and greater profitability in its raw materials segment. Write to Ben Glickman at ben.glickman@wsj.com

Nucor (NYSE:NUE) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 23.93% UBS → $210 Initiates Coverage On → Buy 12/12/2023 -6.75% JP Morgan $151 → $158 Maintains Neutral 10/31/2023 -9.12% Morgan Stanley $162 → $154 Maintains Equal-Weight 10/16/2023 -10.89% JP Morgan → $151 Upgrades Underweight → Neutral 09/08/2023 -10.89% JP Morgan $150 → $151 Maintains Underweight 07/27/2023 6.23% Citigroup $160 → $180 Maintains Neutral 07/26/2023 -4.39% Morgan Stanley $148 → $162 Maintains Equal-Weight 07/11/2023 -1.44% Credit Suisse $156 → $167 Maintains Outperform 07/05/2023 12.72% Exane BNP Paribas → $191 Upgrades Neutral → Outperform 06/21/2023 -12.66% Morgan Stanley → $148 Reiterates → Equal-Weight 06/01/2023 — Wolfe Research Upgrades Underperform → Peer Perform 05/23/2023 -23.28% JP Morgan → $130 Initiates Coverage On → Underweight 05/22/2023 -12.66% Morgan Stanley $133 → $148 Maintains Equal-Weight 04/24/2023 -21.51% Morgan Stanley $131 → $133 Maintains Equal-Weight 03/20/2023

UBS analyst Curt Woodworth initiates coverage on Nucor (NYSE:NUE) with a Buy rating and announces Price Target of $210.

Nucor Announces Guidance for the Fourth Quarter of 2023 Earnings CHARLOTTE, N.C., Dec. 14, 2023 CHARLOTTE, N.C., Dec. 14, 2023 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced guidance for its fourth quarter ending December 31, 2023. Nucor expects fourth quarter earnings to be in the range of $2.75 to $2.85 per diluted share. Nucor reported net earnings of $4.57 per diluted share in the third quarter of 2023 and $4.89 per diluted share in the fourth quarter of 2022. Earnings in the fourth quarter of 2023 are expected to decrease compared to the third quarter of 2023 due to lower pricing and volumes across all three operating segments. In the steel mills segment, we expect the decrease in realized pricing to be most pronounced at our sheet and plate mills. In the steel products segment, we expect decreased earnings due to moderating average selling prices at most of the

Nucor Sees 4Q EPS $2.75-EPS $2.85。