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Apr 01, 2023
Nucor Q1 2023 Earnings Report
Nucor reported strong first-quarter results driven by solid performance in the steel products segment and increased demand for steel.
Key Takeaways
Nucor reported net earnings attributable to Nucor stockholders of $1.14 billion, or $4.45 per diluted share, for the first quarter of 2023. Net sales were $8.71 billion. The company expects earnings to increase in the second quarter of 2023 due to stronger steel mills segment earnings.
Net earnings attributable to Nucor stockholders were $1.14 billion, or $4.45 per diluted share.
Net sales reached $8.71 billion.
Net earnings before noncontrolling interests totaled $1.23 billion, with EBITDA at $1.89 billion.
Earnings are expected to increase in the second quarter of 2023, driven by stronger steel mills segment earnings.
Nucor
Nucor
Forward Guidance
Nucor expects earnings in the second quarter of 2023 to increase compared to the first quarter of 2023.
Positive Outlook
- Earnings for the steel mills segment are expected to improve due to margin expansion at sheet mills.
- The steel products segment is expected to deliver strong results.
- The raw materials segment is expected to improve due to the improved profitability of DRI facilities.
Challenges Ahead
- The steel products segment will moderate from the first quarter of 2023 due to expected lower average selling prices offsetting higher volumes.