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Nucor (NUE) Forecasts Sequential Earnings Growth in Q1
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Nucor Corporation (NUE - Free Report) issued its guidance for the first quarter ending on Mar 30, 2024. The company anticipates earnings in the range of $3.55-$3.65 per share. Compared with earnings of $3.16 per share reported in the fourth quarter of 2023, the midpoint of the guidance suggests a rise of 14%. However, on a year-over-year basis, earnings are expected to decline 19%.
In the first quarter of 2024, Nucor expects an increase in the steel mills segment’s earnings, driven by higher average selling prices and volumes, particularly in sheet mills. The steel products segment is anticipated to experience a decline in earnings due to lower average selling prices and lower volumes. Earnings in the raw materials segment are projected to remain comparable to fourth-quarter 2023 levels, with improved performance in DRI facilities anticipated to be offset by lower margins in scrap processing operations.
As of the quarter-to-date, Nucor repurchased approximately 5.5 million shares at an average price of $180.79 per share. The company returned nearly $1.13 billion to stockholders through a combination of share repurchases and dividend payments.
Shares of Nucor have moved up 27.5% in a year compared with the industry’s 17% rise.
Image Source: Zacks Investment Research
In the fourth quarter of 2023, Nucor reported net sales of $7.7 billion, down around 11.7% year over year. The figure exceeded the Zacks Consensus Estimate of $7.56 billion. Despite the decrease in net sales, total sales tons to outside customers for steel mills increased by 8% year over year to 5,513,000 tons.
The average sales price per ton for steel mills dropped 15% year over year to $1,015, down 8% sequentially. Operating rates at Nucor's steel mills declined to 74% in the fourth quarter of 2023 compared with 77% in the third quarter of 2023, but it was higher than the 70% recorded in the fourth quarter of 2022.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 12.2%. The company’s shares have increased 63.7% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 45.1% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 83.5% in the past year.
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Nucor (NUE) Forecasts Sequential Earnings Growth in Q1
Nucor Corporation (NUE - Free Report) issued its guidance for the first quarter ending on Mar 30, 2024. The company anticipates earnings in the range of $3.55-$3.65 per share. Compared with earnings of $3.16 per share reported in the fourth quarter of 2023, the midpoint of the guidance suggests a rise of 14%. However, on a year-over-year basis, earnings are expected to decline 19%.
In the first quarter of 2024, Nucor expects an increase in the steel mills segment’s earnings, driven by higher average selling prices and volumes, particularly in sheet mills. The steel products segment is anticipated to experience a decline in earnings due to lower average selling prices and lower volumes. Earnings in the raw materials segment are projected to remain comparable to fourth-quarter 2023 levels, with improved performance in DRI facilities anticipated to be offset by lower margins in scrap processing operations.
As of the quarter-to-date, Nucor repurchased approximately 5.5 million shares at an average price of $180.79 per share. The company returned nearly $1.13 billion to stockholders through a combination of share repurchases and dividend payments.
Shares of Nucor have moved up 27.5% in a year compared with the industry’s 17% rise.
Image Source: Zacks Investment Research
In the fourth quarter of 2023, Nucor reported net sales of $7.7 billion, down around 11.7% year over year. The figure exceeded the Zacks Consensus Estimate of $7.56 billion. Despite the decrease in net sales, total sales tons to outside customers for steel mills increased by 8% year over year to 5,513,000 tons.
The average sales price per ton for steel mills dropped 15% year over year to $1,015, down 8% sequentially. Operating rates at Nucor's steel mills declined to 74% in the fourth quarter of 2023 compared with 77% in the third quarter of 2023, but it was higher than the 70% recorded in the fourth quarter of 2022.
Nucor Corporation Price and Consensus
Nucor Corporation price-consensus-chart | Nucor Corporation Quote
Zacks Rank & Key Picks
Nucor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) andEcolab Inc. (ECL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Hawkins, Inc. (HWKN - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 12.2%. The company’s shares have increased 63.7% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 45.1% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 83.5% in the past year.