Nucor Shares Fall After Worse-Than-Expected Q1 Results
Portfolio Pulse from Erica Kollmann
Nucor Corporation (NYSE:NUE) reported Q1 earnings of $3.46 per share, missing estimates by 5.21% and down 22.25% YOY. Sales were $8.14 billion, below estimates by 1.49% and down 6.58% YOY. The company expects Q2 earnings to decrease due to lower steel mills segment earnings. Nucor shares fell 6.07% after-hours.
April 22, 2024 | 8:48 pm
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Nucor Corporation reported lower than expected Q1 earnings and sales, with a significant year-over-year decrease. The company anticipates a further decrease in Q2 earnings, primarily due to lower steel mills segment earnings.
The miss on both earnings and sales estimates, combined with a negative outlook for the next quarter, is likely to negatively impact investor sentiment and stock price in the short term. The after-hours stock price movement indicates immediate market reaction.
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IMPORTANCE 90
RELEVANCE 100