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Nucor (NUE) Sees Record Q2 Earnings on Strong End-Market Demand
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Nucor Corporation (NUE - Free Report) announced guidance for the second quarter of 2022. The steel giant projects second-quarter earnings to be between $8.75 and $8.85 per share. This suggests an increase from the previous quarterly earnings record of $7.97 per share in fourth-quarter 2021. Nucor logged net earnings of $7.67 per share in the first quarter of 2022 and $5.04 per share in the second quarter of 2021.
The company is seeing strong end-use market demand for steel and steel products and is confident that 2022 will be another year of robust earnings and cash flow for Nucor. The second quarter earnings are expected to be led by higher profitability in the steel products segment, which continues to benefit from strong demand in nonresidential construction markets.
Moreover, the steel mills segment earnings are anticipated to strengthen mainly due to higher profitability at NUE’s bar, sheet and plate mills. Nucor's raw materials segment is also projected to generate increased profits in the second quarter due to relatively higher selling prices for raw materials.
During the second quarter, Nucor bought back 5.1 million shares at an average price of $157.37 per share. It has repurchased 12.1 million shares year-to-date at an average price of $140.59 per share. It has returned more than $1.9 billion to shareholders through share repurchases and dividend payments.
Shares of Nucor have gained 22.3% in the past year against a 9.3% decline 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 Allegheny Technologies Inc. (ATI - Free Report) , Cabot Corporation (CBT - Free Report) and Nutrien Ltd. (NTR - Free Report) .
Allegheny has a projected earnings growth rate of 1,030.8% for the current year. The Zacks Consensus Estimate for ATI's current-year earnings has been revised 40% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 7.6% in a year and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 29.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 12.1% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 17.2% over a year.
Nutrien has a projected earnings growth rate of 174.6% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 30.7% upward in the past 60 days.
Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 48.5% in a year. The company flaunts a Zacks Rank #1.
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Nucor (NUE) Sees Record Q2 Earnings on Strong End-Market Demand
Nucor Corporation (NUE - Free Report) announced guidance for the second quarter of 2022. The steel giant projects second-quarter earnings to be between $8.75 and $8.85 per share. This suggests an increase from the previous quarterly earnings record of $7.97 per share in fourth-quarter 2021. Nucor logged net earnings of $7.67 per share in the first quarter of 2022 and $5.04 per share in the second quarter of 2021.
The company is seeing strong end-use market demand for steel and steel products and is confident that 2022 will be another year of robust earnings and cash flow for Nucor. The second quarter earnings are expected to be led by higher profitability in the steel products segment, which continues to benefit from strong demand in nonresidential construction markets.
Moreover, the steel mills segment earnings are anticipated to strengthen mainly due to higher profitability at NUE’s bar, sheet and plate mills. Nucor's raw materials segment is also projected to generate increased profits in the second quarter due to relatively higher selling prices for raw materials.
During the second quarter, Nucor bought back 5.1 million shares at an average price of $157.37 per share. It has repurchased 12.1 million shares year-to-date at an average price of $140.59 per share. It has returned more than $1.9 billion to shareholders through share repurchases and dividend payments.
Shares of Nucor have gained 22.3% in the past year against a 9.3% decline 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 Allegheny Technologies Inc. (ATI - Free Report) , Cabot Corporation (CBT - Free Report) and Nutrien Ltd. (NTR - Free Report) .
Allegheny has a projected earnings growth rate of 1,030.8% for the current year. The Zacks Consensus Estimate for ATI's current-year earnings has been revised 40% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 7.6% in a year and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 29.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 12.1% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 17.2% over a year.
Nutrien has a projected earnings growth rate of 174.6% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 30.7% upward in the past 60 days.
Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 48.5% in a year. The company flaunts a Zacks Rank #1.