Nucor Corporation announced guidance for its fourth quarter ending December 31, 2024, expecting earnings to be in the range of $0.55 to $0.65 per diluted share. This forecast is below the $1.05 per diluted share reported in the third quarter of 2024 and significantly lower than the $3.16 per diluted share reported in the fourth quarter of 2023.
The primary factor for the expected decrease in earnings is attributed to the steel mills segment, which anticipates lower earnings due to decreased volumes and lower average selling prices. The steel products segment is also projected to experience a decline in earnings, reflecting similar trends in volumes and pricing.
Conversely, the raw materials segment is expected to show an increase in earnings for the fourth quarter of 2024, excluding the impairment charge taken in the third quarter. During the fourth quarter, Nucor repurchased approximately 2.1 million shares at an average price of $149.81 per share, contributing to over $2.73 billion returned to stockholders year-to-date through repurchases and dividends.
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