Nucor Expects Record Quarterly Earnings in the Second Quarter
US steel maker Nucor Corporation has announced guidance for its second quarter ending July 3, 2021. Nucor expects second quarter earnings to be in the range of USD 4.60 to USD 4.70 per diluted share. Second quarter of 2021 earnings are expected to be the highest quarterly earnings in Nucor history, surpassing the previous record set in the first quarter of 2021 of USD 3.10 per diluted share. Included in the second quarter of 2021 guidance range is an estimated USD 42 million non-cash impairment charge related to our leasehold interest in unproved oil and natural gas properties.
All three operating segments are continuing to generate robust profitability as overall strong demand is supporting higher average selling prices. Earnings of the steel mills segment are expected to improve in the second quarter of 2021 as compared to the first quarter of 2021, primarily driven by the significant increase in profitability of our sheet and plate mills. The steel products segment's earnings in the second quarter of 2021 are also expected to increase from the first quarter of 2021. After setting a new record for segment earnings in the first quarter of 2021, earnings from the raw materials segment are expected to decrease in the second quarter of 2021.
Nucor said “We believe that these strong market conditions will continue in the third quarter. The profitability of the steel products segment is expected to significantly improve as compared to the second quarter, and we expect increased earnings from the steel mills segment in the third quarter as well.”