Nucor Provides Above-Consensus Q2 Guidance, Expects Q/Q Improvement Across Segments

Nucor Corp NUE disclosed guidance for Q2 2023 ending July 1, 2023.

The company expects Q2 2023 EPS of $5.45-$5.55 (vs. $9.67 in Q2 2022) compared to the consensus of $5.43.

NUE projects earnings for the steel mills segment to improve Q/Q in Q2 2023 (on margin expansion at its sheet mills) and projects strong Q/Q results in the steel products segment. 

Also, the company anticipates the raw materials segment to improve Q/Q in Q2 on higher profitability at its DRI facilities.

Repurchase: In Q2, Nucor repurchased around 3.1 million shares at an average price of $147.03 per share. 

Year-to-date, the company has returned over $1.13 billion to shareholders through dividends and share repurchases.

Last month, NUE approved share repurchase authorization of up to $4.00 billion of outstanding common stock. 

Nucor will report Q2 results on July 25, 2023, before the markets open.

In April, NUE reported Q1 2023 revenue of $8.7 billion, missing the consensus of $9.0 billion, while EPS of $4.45 beat the street estimate of $3.81.

Price Action: NUE shares closed higher by 0.36% at $151.18 on Thursday.