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Jul 01, 2023
Nucor Q2 2023 Earnings Report
Nucor's financial performance was marked by increased net sales and strong earnings per share.
Key Takeaways
Nucor Corporation reported consolidated net earnings attributable to Nucor stockholders of $1.46 billion, or $5.81 per diluted share, for the second quarter of 2023. Net sales increased 9% to $9.52 billion compared to the first quarter.
Earnings per diluted share (EPS) reached $5.81 for the second quarter.
Net sales increased by 9% over the first quarter, totaling $9.52 billion.
Net earnings attributable to Nucor stockholders amounted to $1.46 billion.
The company returned $580 million to stockholders through share repurchases and dividends during the quarter.
Nucor
Nucor
Forward Guidance
The company expects earnings in the third quarter of 2023 to decrease compared to the second quarter of 2023.
Challenges Ahead
- Earnings for the steel mills segment are expected to decline due to decreased profitability, particularly at sheet mills.
- The earnings of the steel products segment are expected to moderate.
- Earnings for the raw materials segment are expected to decrease due to margin compression at DRI facilities and scrap processing operations.