Nucor Reveals Q2 Guidance: Company Projects EPS Of $2.20-$2.30 Vs $2.99 Estimate; Company To Bear Brunt Of Decreased Earnings Of The Steel Mills Segment Due To Lower Average Selling Price And Lower Volumes
Portfolio Pulse from Benzinga Newsdesk
Nucor has announced its Q2 2024 guidance, projecting earnings per share (EPS) between $2.20 and $2.30, significantly below the $2.99 estimate. The decrease is attributed to lower average selling prices and volumes in the steel mills segment.
June 14, 2024 | 11:35 am
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Nucor's Q2 2024 EPS guidance of $2.20-$2.30 is below the $2.99 estimate, primarily due to lower selling prices and volumes in the steel mills segment. This is a significant drop from Q1 2024's $3.46 EPS and Q2 2023's $5.81 EPS.
The significant drop in projected EPS compared to both the previous quarter and the same quarter last year, combined with the lower-than-expected guidance, is likely to negatively impact Nucor's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100