Nucor Corporation (NUE), headquartered in Charlotte, North Carolina, is a leading steel producer and recycler in the U.S. With a market cap of $37.50 billion, Nucor is renowned for its innovative approach to steel production and sustainability practices. This factor sets it apart in the industry. The company serves a diverse range of industries, including automotive, construction, and energy, by offering a comprehensive suite of steel products such as bars, beams, sheets, and plates. Nucor is scheduled to announce its fiscal second-quarter earnings for 2024 after the market closes on Monday, Jul. 22.
Ahead of the event, analysts expect NUE to report a profit of $2.30 per share, down a massive 60.4% from $5.81 per share in the year-ago quarter. In the last four quarters, the company surpassed Wall Street’s bottom-line estimates in three and missed on another occasion. Its adjusted earnings of $3.46 per share for the last reported quarter missed the consensus estimate by 4.4% due to lower sales volumes in key segments.
For fiscal 2024, analysts expect NUE to report EPS of $10.84, down 39.8% from $18 in fiscal 2023. However, EPS for fiscal 2025 is expected to grow 13.5% year over year to $12.30.
NUE stock is down 10.1% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 16.1% returns. The stock has also lagged behind the VanEck Steel ETF’s (SLX) 8% decline over the same time frame.
NUE reported its Q1 results on Apr. 22. The company surpassed revenue forecasts, posting $8.14 billion in revenue compared to the $8.03 billion expected by analysts. The stock gained marginally on the earnings release day but declined 8.9% the following day.
The consensus opinion on NUE stock is optimistic, with an overall “Moderate Buy” rating. Of 11 analysts covering the stock, five advise a “Strong Buy” rating, and six recommend a “Hold.” The average analyst price target for NUE is $189.44, indicating a potential upside of 21.1% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
