Nucor Corporation NUE expects fourth-quarter 2024 earnings to be between 55 and 65 cents per share. Nucor reported earnings of $1.05 per share in the prior quarter and $3.16 per share for fourth-quarter 2023.

Losses and asset impairments for the third quarter of 2024 include non-cash charges of $83 million, or 27 cents per share and $40 million, or 17 cents per share, for the impairment of certain non-current assets in the raw materials and steel products segments, respectively.

The primary reason for the predicted decline in profitability in the quarter is the steel mills segment's lower earnings due to lower volumes and average selling prices. The company expects profitability in the steel products segment to fall in the fourth quarter from the third quarter of 2024, owing to reduced volumes and average selling prices. The raw materials segment's earnings are predicted to rise sequentially.

During the fourth quarter, Nucor repurchased roughly 2.1 million shares at an average price of $149.81 per share. NUE has returned more than $2.73 billion to shareholders through share repurchases and dividend payments so far this year.

Shares of Nucor have lost 32% in a year compared with the industry’s 27.9% decline.

NUE’s Rank & Key Picks

NUE currently carries a Zacks Rank #5 (Strong Sell).

Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, New Gold Inc. NGD and CF Industries Inc. CF.

Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 149.4% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here .

New Gold, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in three of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 37.5%, on average. NGD’s shares have gained 75% over the past year.

The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.35. CF, a Zacks Rank #1 stock, beat the consensus estimate in two of the last four quarters while missed twice, with the average earnings surprise being 10.3%. CF has rallied around 10.7% in the past year.

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Nucor Corporation (NUE) : Free Stock Analysis Report