Nucor's stock sank Friday, after the steelmaker warned investors that earnings for the current quarter will fall short of expectations.
Shares of Nucor Corp. sank Friday, after the steelmaker warned investors that earnings for the current quarter will fall short of expectations.
“We expect earnings for the steel mills segment to decline in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to lower pricing, and to a lesser extent, volumes,” the company said in a statement released late Thursday. “The largest impact on earnings is expected to occur at our sheet mills.”
The company expects third-quarter earnings per share of $4.10 to $4.20, below the sequential second quarter’s EPS of $5.81 and down from EPS of $6.50 in last year’s third quarter. J.P. Morgan analyst William Peterson reiterated his underweight rating on the stock, amid concerns over the fourth-quarter outlook.
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