Steel Mills
Nucor Says Q2 Results Will Beat Prior Quarter's
Written by Laura Miller
June 15, 2023
Nucor Corp. said its second-quarter earnings should beat those of the prior quarter on strength in all its business segments.
The steelmaker expects its Q2 earnings to be in the range of $5.45 to $5.55 per diluted share. Although down from the $9.67 per share posted in Q2 last year, it’s an improvement upon Q1 earnings of $4.45 per share.
In April, when it released its Q1 earnings in which it posted net income of $1.137 billion on sales of $8.71 billion, the steelmaker expressed confidence that its Q2 results would be better.
Margin expansion at the company’s sheet mills should result in a sequential improvement in the steel mills segment, and improved profitability at its direct-reduced iron facilities will benefit the raw materials segment. The steel products segment’s results will be comparable to the strong performance seen in Q1, Nucor said in a statement on Thursday, June 15.
SMU will cover Nucor’s full Q2 earnings report when it is released on July 25.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
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