Nucor expects record quarterly profit in third quarter 2021


CHARLOTTE, North Carolina, Sept. 16, 2021 / PRNewswire / – Nucor Corporation (NYSE: NUE) today announced its guidance for the end of its third quarter October 2, 2021. Nucor expects third quarter profits to be in the order of $ 7.30 To $ 7.40 per diluted share. Profit for the third quarter of 2021 is expected to be the highest quarterly profit in Nucor’s history, beating the previous record of $ 5.04 per diluted share set for the second quarter of 2021.

All three operating segments continue to generate robust profitability as aggregate demand remains strong in most end-use markets. Profits of the steel mills segment are expected to increase significantly in the third quarter of 2021 compared to the second quarter of 2021, mainly due to higher realized selling prices. We also expect the steel products segment to generate significantly increased profits in the third quarter of 2021 due to expanding margins caused by higher average selling prices. The profit of the raw materials segment in the third quarter of 2021 is expected to be comparable to that of the second quarter of 2021, excluding the impairment charge recorded in the second quarter of 2021.

Forecasts from our internal business units suggest that our fourth quarter 2021 results should continue the trend of exceptional performance that we have seen so far this year.

During the third quarter, Nucor repurchased 6.7 million shares at an average price of $ 105.58 per share (18.8 million shares since the start of the year at an average price of $ 86.15 per share). Nucor is almost back $ 2.00 billion to shareholders in the form of share buybacks and dividend payments since the start of the year.

Profit for the second quarter of 2021 includes a $ 42.0 million, Where $ 0.11 per diluted share, non-cash impairment charge related to our leasehold interest in unproven oil and gas properties. This charge has been included in the raw materials segment.

About Nucor
Nucor and its subsidiaries are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products manufactured include: carbon and alloy steel – in bars, beams, plates and sheets; tubes of hollow structural section; Electrical conduit; steel shelving; steel piles; steel joists and joists; steel platform; fabricated reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also deals in ferrous and non-ferrous metals, pig iron and hot briquetted iron / direct reduction iron; provides ferroalloys; and processes ferrous and non-ferrous waste. Nucor is the largest recycler in North America.

Forward-looking statements
Certain statements contained in this press release are “forward-looking statements” that involve risks and uncertainties. The words “anticipate”, “believe”, “expect”, “intend”, “project”, “could”, “will”, “should”, “could” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect the best judgment of the company based on current information and, although we base these statements on circumstances that we believe are reasonable when made, there can be no assurance that future events will not affect the Company. accuracy of these forward-looking statements. information search. As such, forward-looking statements are not guarantees of future performance, and actual results may differ materially from the projected results and expectations discussed in this press release. Factors that could cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) US and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to prevailing market steel prices and to variations in the supply and cost of raw materials, including pig iron, iron ore and scrap; (4) the availability and cost of electricity and natural gas, which could negatively impact our steel production costs or cause the delay or cancellation of existing or future drilling under our programs natural gas drilling; (5) critical equipment failures and business interruptions; (6) Market demand for steel products, which in the case of many of our products is driven by the level of non-residential construction activity in United States; (7) impairment of the recorded value of inventories, participations, fixed assets, goodwill or other long-lived assets; (8) uncertainties surrounding the global economy, including excess global steel production capacity; (9) fluctuations in currency conversion rates; (10) material changes in laws or government regulations affecting environmental compliance, including laws and regulations that result in stricter regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and our operating costs or result in the revocation of one or more of our permits or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; and (14) the impact of the COVID-19 pandemic and any variant of the virus. These and other factors are discussed in Nucor’s regulatory documents with the Securities and Exchange Commission, including those in “Section 1A.” Risk Factors ”of Nucor’s annual report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained in this press release speak only as of that date, and Nucor assumes no obligation update them, unless required by applicable law.

SOURCE Nucor Corporation

Related links

Leave A Reply

Your email address will not be published.