Nucor Stock Falls After Q3 Results, Weak Q4 EPS Guidance: Details

Nucor Corp NUE shares are trading lower after the company reported its third-quarter financial results and announced it expects its fourth-quarter earnings to decline to $1.05.

Here's a look at the details from the report. 

The Details: Nucor reported quarterly earnings of $1.49 per share, which beat the analyst consensus estimate of $1.47. Quarterly revenue came in at $7.44 billion, which beat the analyst consensus estimate of $7.28 and is a decrease from sales of $8.78 billion from the same period last year.

• Average sales price per ton in the third quarter decreased 6% compared with the second quarter of 2024 and decreased by 15% compared with the third quarter of 2023. 
• A total of approximately 6.196 million tons were shipped to outside customers in the third quarter of 2024, a 1% decrease compared with both the second quarter of 2024 and the third quarter of 2023. 
• Total steel mill shipments in the third quarter of 2024 decreased 3% compared with the second quarter of 2024 and were comparable to the third quarter of 2023. 
• Steel mill shipments to internal customers represented 19% of total steel mill shipments in the third quarter of 2024, compared with 21% in the second quarter of 2024 and 20% in the third quarter of 2023. 
• Downstream steel product shipments to outside customers in the third quarter of 2024 decreased 6% compared with the second quarter of 2024 and decreased 11% compared with the third quarter of 2023.

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“Thank you to our Nucor teammates for continuing to set new records for safety performance while generating over $1.30 billion of cash from operations for the quarter,” said Leon Topalian, Nucor’s CEO. 

“Nucor’s market leadership, product diversity, and strong balance sheet enable us to provide meaningful returns to shareholders and execute our growth strategy even in the face of market uncertainty,” Topalian added. 

Outlook: Nucor said it expects its fourth-quarter earnings to decline to $1.05 per share amid decreased steel mill segment earnings caused by lower average selling prices and decreased volumes. 

The company will host a conference call on Tuesday at 10 a.m. ET to discuss the results. 

NUE Price Action: According to Benzinga Pro, Nucor shares are down 2.82% at $151.70 after hours, dipping 1.35% during Monday's regular trading session. 

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Photo: Courtesy of Nucor Corporation