Steel Mills
Nucor: Best Quarterly Results Expected in Q2
Written by David Schollaert
June 15, 2022
Nucor Corp. expects to post the most profitable quarter in its history, the company said, for its second-quarter ending July 2 earnings guidance.
The Charlotte, N.C.-based steelmaker expects earnings of $8.75 to $8.85 per diluted share in the second quarter, according to figures released on Wednesday, June 15.
That’s up from the previous record of $7.97 per diluted share in the fourth quarter and roughly 75% higher than the $5.04 per diluted share in the second quarter of 2021, Nucor said.
The anticipated results for Q2 are in-line with the statements Nucor president and CEO Leon Topalian said during the steelmaker’s first-quarter earnings results in April.
The company’s top results come as second-quarter earnings will be “driven by increased profitability in the steel products segment,” which Nucor says continues to benefit from robust demand in nonresidential construction markets and boosted profitability at its bar, sheet, and plate mills.
“End-use market demand remains strong for steel and steel products, and we remain confident that 2022 will be another year of very strong earnings and cash flow,” Nucor said.
To boot, the steelmaker said its raw materials segment is expected to generate increased profits in Q2 due to higher selling prices for raw materials.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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