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Nucor's Earnings and Revenues Surpass Estimates in Q3, Decline Y/Y
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Nucor Corporation (NUE - Free Report) reported earnings of $1.05 per share for third-quarter 2024, down from $4.57 in the year-ago quarter.
Barring non-cash impairment charges related to the raw materials and steel products segments, adjusted earnings per share for the quarter were $1.49, topping the Zacks Consensus Estimate of $1.40.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company recorded net sales of $7,444.2 million, down around 15.2% year over year. The figure topped the Zacks Consensus Estimate of $7,204.5 million. The top and bottom lines declined due to lower average selling prices.
Nucor Corporation Price, Consensus and EPS Surprise
Total sales tons to outside customers for steel mills in the third quarter were 4,607,000 tons, a 0.6% increase year over year. It topped our estimate of 4,446,000 tons. Average sales price per ton fell 15%.
Overall operating rates at the company's steel mills fell to 75% in the third quarter of 2024 from 77% in the third quarter of 2023.
Nucor’s Segment Highlights
Earnings of the company’s steel mills unit fell 65% year over year on lower average selling pricing.
Earnings in the steel products division fell 61% year over year in the third quarter due to reduced prices and lower volumes.
The raw materials segment’s earnings were down 192% due to the non-cash impairment charge.
NUE’s Financial Position
Cash and cash equivalents were $4,262.8 million at the end of the quarter, down 27.3% year over year. Long-term debt was $5,684.9 million, down 14.1%.
The company repurchased around 2.5 million shares of its common stock at an average price of $156.07 per share during the quarter.
Nucor’s Outlook
The company anticipates that consolidated net earnings attributable to its stockholders in the fourth quarter of 2024 will be lower than the third quarter of 2024.
The prediction of a decline in earnings in the fourth quarter is due to reduced profitability in the steel mills segment due to lower average selling prices and lower volumes. Nucor expects earnings in the steel products division to fall in the fourth quarter from the third-quarter level, owing to lower average selling prices and fewer volumes.
The raw materials segment's earnings are predicted to improve sequentially, excluding the impairment charge taken during the third quarter of 2024.
NUE Stock’s Price Performance
Shares of Nucor have gained 11.2% in a year compared with the industry’s 4.8% rise.
Image Source: Zacks Investment Research
NUE’s Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth a look in the basic materials space include IAMGOLD Corporation (IAG - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Barrick Gold Gorporation (GOLD - Free Report) .
IAMGOLD is slated to report third-quarter results on Nov. 7. The Zacks Consensus Estimate for third-quarter earnings is pegged at 12 cents. IAG beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 200%. IAG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agnico Eagle is slated to report third-quarter results on Oct. 30, after market close. The Zacks Consensus Estimate for AEM’s third-quarter earnings is pegged at 96 cents. AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. AEM currently carries a Zacks Rank #1.
Barrick Gold is slated to report third-quarter results on Nov. 7, before the opening bell. The consensus estimate for Barrick Gold’s third-quarter earnings is pegged at 35 cents. GOLD, carrying a Zacks Rank #2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 21.2%.
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Nucor's Earnings and Revenues Surpass Estimates in Q3, Decline Y/Y
Nucor Corporation (NUE - Free Report) reported earnings of $1.05 per share for third-quarter 2024, down from $4.57 in the year-ago quarter.
Barring non-cash impairment charges related to the raw materials and steel products segments, adjusted earnings per share for the quarter were $1.49, topping the Zacks Consensus Estimate of $1.40.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company recorded net sales of $7,444.2 million, down around 15.2% year over year. The figure topped the Zacks Consensus Estimate of $7,204.5 million. The top and bottom lines declined due to lower average selling prices.
Nucor Corporation Price, Consensus and EPS Surprise
Nucor Corporation price-consensus-eps-surprise-chart | Nucor Corporation Quote
NUE’s Operating Figures
Total sales tons to outside customers for steel mills in the third quarter were 4,607,000 tons, a 0.6% increase year over year. It topped our estimate of 4,446,000 tons. Average sales price per ton fell 15%.
Overall operating rates at the company's steel mills fell to 75% in the third quarter of 2024 from 77% in the third quarter of 2023.
Nucor’s Segment Highlights
Earnings of the company’s steel mills unit fell 65% year over year on lower average selling pricing.
Earnings in the steel products division fell 61% year over year in the third quarter due to reduced prices and lower volumes.
The raw materials segment’s earnings were down 192% due to the non-cash impairment charge.
NUE’s Financial Position
Cash and cash equivalents were $4,262.8 million at the end of the quarter, down 27.3% year over year. Long-term debt was $5,684.9 million, down 14.1%.
The company repurchased around 2.5 million shares of its common stock at an average price of $156.07 per share during the quarter.
Nucor’s Outlook
The company anticipates that consolidated net earnings attributable to its stockholders in the fourth quarter of 2024 will be lower than the third quarter of 2024.
The prediction of a decline in earnings in the fourth quarter is due to reduced profitability in the steel mills segment due to lower average selling prices and lower volumes. Nucor expects earnings in the steel products division to fall in the fourth quarter from the third-quarter level, owing to lower average selling prices and fewer volumes.
The raw materials segment's earnings are predicted to improve sequentially, excluding the impairment charge taken during the third quarter of 2024.
NUE Stock’s Price Performance
Shares of Nucor have gained 11.2% in a year compared with the industry’s 4.8% rise.
Image Source: Zacks Investment Research
NUE’s Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks worth a look in the basic materials space include IAMGOLD Corporation (IAG - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Barrick Gold Gorporation (GOLD - Free Report) .
IAMGOLD is slated to report third-quarter results on Nov. 7. The Zacks Consensus Estimate for third-quarter earnings is pegged at 12 cents. IAG beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 200%. IAG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agnico Eagle is slated to report third-quarter results on Oct. 30, after market close. The Zacks Consensus Estimate for AEM’s third-quarter earnings is pegged at 96 cents. AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. AEM currently carries a Zacks Rank #1.
Barrick Gold is slated to report third-quarter results on Nov. 7, before the opening bell. The consensus estimate for Barrick Gold’s third-quarter earnings is pegged at 35 cents. GOLD, carrying a Zacks Rank #2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 21.2%.