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Nucor (NUE) Sees Record Q1 Earnings on Strong End-Market Demand
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Nucor Corporation (NUE - Free Report) recently announced the outlook for the first quarter of 2022. It anticipates a new record first-quarter earnings of between $7.20 and $7.30 per share. Earnings in the fourth quarter were $7.97 and the same in the prior-year quarter amounted to $3.10.
Earnings in the steel mill segment for the first quarter are likely to decline mainly due to the lower profitability of the sheet mills. The average realized selling prices in sheet have weakened even though end-market demand remains strong. The downside reflects higher import volumes and modest destocking.
The steel products unit is forecast to generate higher earnings in the first quarter compared with fourth-quarter 2021 levels. The upside can be attributed to continued strong non-residential construction-related demand and higher profit margins. For the first quarter, earnings for the raw materials segment are projected to be in line with fourth-quarter 2021 levels.
The company expects 2022 to be a strong year driven by continued solid demand across most end markets and strength in its business model. The company also declared a price hike across the steel mills segment and expects profitability to improve.
Nucor bought back roughly 4.3 million shares at an average price of $115.35 per share during the first quarter. It has returned more than $630 million to stockholders in share repurchases and dividend payments year to date.
Shares of Nucor have surged 111.5% in the past year compared with a 34.3% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Nucor currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 119.9% in a year and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 23.6%. ASIX has surged 112.1% in a year. The company carries a Zacks Rank #1.
Allegheny, currently carrying a Zacks Rank #1, has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 45.6% upward in the past 60 days.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 22.7% over a year.
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Nucor (NUE) Sees Record Q1 Earnings on Strong End-Market Demand
Nucor Corporation (NUE - Free Report) recently announced the outlook for the first quarter of 2022. It anticipates a new record first-quarter earnings of between $7.20 and $7.30 per share. Earnings in the fourth quarter were $7.97 and the same in the prior-year quarter amounted to $3.10.
Earnings in the steel mill segment for the first quarter are likely to decline mainly due to the lower profitability of the sheet mills. The average realized selling prices in sheet have weakened even though end-market demand remains strong. The downside reflects higher import volumes and modest destocking.
The steel products unit is forecast to generate higher earnings in the first quarter compared with fourth-quarter 2021 levels. The upside can be attributed to continued strong non-residential construction-related demand and higher profit margins. For the first quarter, earnings for the raw materials segment are projected to be in line with fourth-quarter 2021 levels.
The company expects 2022 to be a strong year driven by continued solid demand across most end markets and strength in its business model. The company also declared a price hike across the steel mills segment and expects profitability to improve.
Nucor bought back roughly 4.3 million shares at an average price of $115.35 per share during the first quarter. It has returned more than $630 million to stockholders in share repurchases and dividend payments year to date.
Shares of Nucor have surged 111.5% in the past year compared with a 34.3% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Nucor currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 119.9% in a year and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being 23.6%. ASIX has surged 112.1% in a year. The company carries a Zacks Rank #1.
Allegheny, currently carrying a Zacks Rank #1, has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 45.6% upward in the past 60 days.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 22.7% over a year.