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Nucor's (NUE) Earnings and Revenues Beat Estimates in Q2
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Nucor Corporation (NUE - Free Report) reported earnings of $2.68 per share in the second quarter of 2024, down from earnings of $5.81 in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of $2.31.
The company recorded net sales of $8,077.2 million, down around 15% year over year. The figure beat the Zacks Consensus Estimate of $7,607.7 million.
Nucor Corporation Price, Consensus and EPS Surprise
Total sales tons to outside customers for steel mills in the second quarter were 4,617,000 tons, down 3% year over year. The figure lagged our estimate of 4,641,000 tons.
The average sales price for steel mills was $1,051 per ton in the quarter. The metric was above our estimate of $958 per ton.
Overall operating rates at the company’s steel mills fell to 75% in second-quarter 2024 from 84% in the year-ago quarter.
Segment Highlights
In the said quarter, the steel mill segment experienced a decline in earnings compared with the first quarter’s tally. The downside was primarily due to lower average selling prices and, to a lesser extent, decreased volumes.
The steel products segment saw a reduction in earnings in the second quarter compared with the first quarter’s levels. Lower average selling prices caused the downtick. However, increased volumes somewhat mitigated this.
The raw materials segment saw a rise in earnings in the second quarter compared with the first quarter’s figure, driven by the improved profitability of NUE’s direct reduced iron facilities.
Financial Position
Cash and cash equivalents were $4,639 million at the end of the quarter, down around 14% year over year. Long-term debt was $5,648.6 million, down 14.7% year over year.
The company repurchased around 2.9 million shares of its common stock at an average price of $170.70 per share during the reported quarter.
Outlook
Nucor anticipates a decline in earnings for the third quarter of 2024 compared to the second quarter. The primary factor behind this expected decline is the projected drop in earnings from the steel mills segment, mainly due to lower average selling prices. The company projects a reduction in earnings in the steel products segment in third-quarter 2024, also due to lower average selling prices. Earnings in the raw materials segment are likewise expected to decline in the third quarter compared with the second quarter’s figure.
Price Performance
Shares of Nucor are down 2% in a year compared with the industry’s 14.2% fall.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #5 (Strong Sell).
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 113.2% in the past year. It is slated to report fiscal fourth-quarter results on Jul 25.
The Zacks Consensus Estimate for EGO’s current-year earnings is pegged at $1.09, indicating a year-over-year rise of 91.2%. EGO’s earnings estimates have increased 10% in the past 60 days. EGO beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.7%. The stock has rallied 49.9% in the past year.It is scheduled to release second-quarter results on Jul 25.
The Zacks Consensus Estimate for Kinross's current-year earnings is pegged at 52 cents, indicating a rise of 18.2% from the year-ago levels. KGC beat the consensus in the last four quarters, with the average earnings surprise being 46%. The stock has surged nearly 79.3% in the past year. It will report results for the second quarter on Jul 31.
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Nucor's (NUE) Earnings and Revenues Beat Estimates in Q2
Nucor Corporation (NUE - Free Report) reported earnings of $2.68 per share in the second quarter of 2024, down from earnings of $5.81 in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of $2.31.
The company recorded net sales of $8,077.2 million, down around 15% year over year. The figure beat the Zacks Consensus Estimate of $7,607.7 million.
Nucor Corporation Price, Consensus and EPS Surprise
Nucor Corporation price-consensus-eps-surprise-chart | Nucor Corporation Quote
Operating Figures
Total sales tons to outside customers for steel mills in the second quarter were 4,617,000 tons, down 3% year over year. The figure lagged our estimate of 4,641,000 tons.
The average sales price for steel mills was $1,051 per ton in the quarter. The metric was above our estimate of $958 per ton.
Overall operating rates at the company’s steel mills fell to 75% in second-quarter 2024 from 84% in the year-ago quarter.
Segment Highlights
In the said quarter, the steel mill segment experienced a decline in earnings compared with the first quarter’s tally. The downside was primarily due to lower average selling prices and, to a lesser extent, decreased volumes.
The steel products segment saw a reduction in earnings in the second quarter compared with the first quarter’s levels. Lower average selling prices caused the downtick. However, increased volumes somewhat mitigated this.
The raw materials segment saw a rise in earnings in the second quarter compared with the first quarter’s figure, driven by the improved profitability of NUE’s direct reduced iron facilities.
Financial Position
Cash and cash equivalents were $4,639 million at the end of the quarter, down around 14% year over year. Long-term debt was $5,648.6 million, down 14.7% year over year.
The company repurchased around 2.9 million shares of its common stock at an average price of $170.70 per share during the reported quarter.
Outlook
Nucor anticipates a decline in earnings for the third quarter of 2024 compared to the second quarter. The primary factor behind this expected decline is the projected drop in earnings from the steel mills segment, mainly due to lower average selling prices. The company projects a reduction in earnings in the steel products segment in third-quarter 2024, also due to lower average selling prices. Earnings in the raw materials segment are likewise expected to decline in the third quarter compared with the second quarter’s figure.
Price Performance
Shares of Nucor are down 2% in a year compared with the industry’s 14.2% fall.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Kinross Gold Corporation (KGC - Free Report) . Carpenter Technology, Eldorado Gold and Kinross sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CRS’s current-year earnings is pegged at $4.35, indicating a year-over-year rise of 282%. CRS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 113.2% in the past year. It is slated to report fiscal fourth-quarter results on Jul 25.
The Zacks Consensus Estimate for EGO’s current-year earnings is pegged at $1.09, indicating a year-over-year rise of 91.2%. EGO’s earnings estimates have increased 10% in the past 60 days. EGO beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.7%. The stock has rallied 49.9% in the past year.It is scheduled to release second-quarter results on Jul 25.
The Zacks Consensus Estimate for Kinross's current-year earnings is pegged at 52 cents, indicating a rise of 18.2% from the year-ago levels. KGC beat the consensus in the last four quarters, with the average earnings surprise being 46%. The stock has surged nearly 79.3% in the past year. It will report results for the second quarter on Jul 31.