Steel Company Nucor Posts Mixed Q2 Results, Projects Lower Q3 Earnings Q/Q
Portfolio Pulse from Lekha Gupta
Nucor Corp (NYSE:NUE) reported a 19% YoY decline in Q2 FY23 net sales to $9.52 billion, missing consensus estimates. The company's EPS fell to $5.81 from $9.67 a year ago, but beat the consensus of $5.53. Nucor repurchased approximately 3.1 million shares at an average price of $147.03 per share in Q2. The company expects Q3 earnings to decrease Q/Q due to decreased profitability, particularly in the steel mills segment.
July 25, 2023 | 1:12 pm
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Nucor Corp reported lower than expected Q2 FY23 net sales and a decrease in EPS, although it beat consensus estimates. The company repurchased 3.1 million shares in Q2 and expects Q3 earnings to decrease Q/Q.
Nucor's lower than expected Q2 FY23 net sales and decrease in EPS could negatively impact investor sentiment, potentially leading to a decrease in the company's stock price. The company's share repurchase in Q2 indicates confidence in its stock, but the expected decrease in Q3 earnings could offset this positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100