Nucor

Nucor Sees Lower 4Q Pricing, Volumes Across All Three Operating Segments Vs 3Q。

Nucor Corp. (NUE) said Thursday it expects to report fourth-quarter earnings ranging from $2.75 a share to $2.85 a share. Analysts are estimating earnings of $3.19 a share, according to FactSet data. Nucor said its earnings will be lower than the third quarter due to price drops and reduced volumes across all three of its operating segments. Nucor said its earnings projection also includes several one-time items. Nucor stock was down by 2.6% in premarket trading on Thursday.

Morgan Stanley analyst Carlos De Alba maintains Nucor (NYSE:NUE) with a Equal-Weight and lowers the price target from $162 to $154.

Nucor 3Q Sales $8.78B ，Steel Mills Total Shipments 5.75M Tons。

Nucor: Expect Earnings in 4Q23 to Decrease Compared to 3Q23 Due Primarily to Lower Pricing Across All Three Operating Segments。

Profit from Nucor’s steel products business fell 33% in 3Q from the same period a year earlier, reflecting lower demand for building materials by the construction industry and falling prices for steel. Robust demand for Nucor’s steel floor decking, joints, shelving and overhead doors for warehouses helped the company overcome volatile prices in recent years. The company says “lower realized prices and volumes” pulled down the products business in 3Q and it expects more of the same in 4Q. Nucor’s 3Q EPS of $4.57 exceeded its forecasted earnings range of $4.10 to $4.20. Analysts expected $4.29 a share.

JPMorgan analyst Michael Glick upgrades Nucor (NYSE:NUE) from Underweight to Neutral and announces $151 price target.

Nucor Expects Q3 EPS Of $4.10 -$4.20, Est $4.65; Posted $6.50 Prior Year; Expects Largest Impact On Earnings To Occur At Its Sheet Mills.

Nucor Expect Q3 Earnings For Steel Mills Segment To Decline Q/Q Primarily Due To Lower Pricing, And To A Lesser Extent, Volumes.