Nucor Shares Climb Following Q2 Results: What To Know
Portfolio Pulse from Erica Kollmann
Nucor Corporation (NYSE:NUE) shares are climbing after reporting better-than-expected Q2 earnings and sales. The company posted earnings of $2.68 per share, beating the consensus estimate of $2.35, and sales of $8.08 billion, surpassing the $7.69 billion estimate. Despite a slight decrease in steel mill shipments compared to last year, downstream steel product shipments increased. Nucor expects Q3 earnings to decrease due to lower average selling prices in the steel mills segment.
July 22, 2024 | 8:59 pm
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Nucor Corporation reported Q2 earnings of $2.68 per share, beating the consensus estimate of $2.35. Sales were $8.08 billion, surpassing the $7.69 billion estimate. Despite a slight decrease in steel mill shipments compared to last year, downstream steel product shipments increased. Nucor expects Q3 earnings to decrease due to lower average selling prices in the steel mills segment.
Nucor's better-than-expected Q2 earnings and sales are positive short-term catalysts for the stock. However, the company's guidance for lower Q3 earnings due to decreased selling prices in the steel mills segment may temper some of the enthusiasm. Overall, the immediate impact is likely positive due to the earnings beat.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100