Nucor Says We Expect Earnings In Q2 Of 2024 To Decrease Compared To Q1 Of 2024
Portfolio Pulse from Benzinga Newsdesk
Nucor anticipates a decrease in earnings for Q2 of 2024 compared to Q1, primarily due to lower average selling prices in the steel mills segment, with a modest increase in volumes. The steel products segment is also expected to see decreased earnings due to lower prices, despite increased volumes. However, the raw materials segment is projected to have higher earnings, driven by increased profitability in direct reduced iron facilities and scrap processing operations.

April 22, 2024 | 8:31 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Nucor expects a decrease in Q2 2024 earnings compared to Q1, with mixed performance across its segments. Steel mills and products face lower selling prices, while raw materials segment sees profitability rise.
The anticipated decrease in earnings for Nucor in Q2 2024 is primarily attributed to lower average selling prices in its steel mills segment, a significant part of its business. Although there's a modest volume increase, it's not enough to offset the impact of lower prices. The steel products segment is expected to follow a similar trend, which could negatively affect investor sentiment and stock price in the short term. However, the positive outlook for the raw materials segment might provide some cushion to the overall negative impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100