Nucor Q2 2024 Earnings Report
Key Takeaways
Nucor reported net earnings attributable to Nucor stockholders of $645.2 million, or $2.68 per diluted share, for the second quarter of 2024. Net sales were $8.08 billion. The company's strategy to grow its core steelmaking operations and expand into steel-adjacent downstream markets positions the company to create attractive shareholder value and improve the company’s through-cycle earnings profile.
Net earnings attributable to Nucor stockholders was $645.2 million, or $2.68 per diluted share.
Net sales reached $8.08 billion.
Net earnings before noncontrolling interests was $712.1 million; EBITDA was $1.23 billion.
The company returned more than $1.7 billion to investors through June.
Nucor
Nucor
Forward Guidance
We expect earnings in the third quarter of 2024 to decrease compared to the second quarter of 2024. The largest driver for the expected decrease in earnings in the third quarter of 2024 is the expected decrease in earnings of the steel mills segment, primarily due to lower average selling prices.
Challenges Ahead
- The largest driver for the expected decrease in earnings in the third quarter of 2024 is the expected decrease in earnings of the steel mills segment, primarily due to lower average selling prices.
- We expect earnings in the steel products segment to decrease in the third quarter of 2024 as compared to the second quarter of 2024 due to lower average selling prices.
- The earnings of the raw materials segment are expected to decrease in the third quarter of 2024 as compared to the second quarter of 2024.