Nucor first-quarter earnings forecast falls short of Wall Street estimates

Nucor Corp.
NUE,
+0.91%
said it expects first-quarter earnings of $7.20 to $7.30 per diluted share, below the Wall Street estimate of $7.42 a share in a survey of analysts by FactSet. Steel mill segment earnings in the first quarter are expected to decrease from the fourth quarter, mostly due to decreased sheet mill profitability, the company said. “While end market demand remains strong, average realized selling prices in sheet have softened during the first quarter reflecting increased import volumes coupled with modest destocking,” the company said. Its steel products segment is expected to generate increased earnings in the first quarter from the fourth quarter in the midst of “continued strong nonresidential construction,” the company said. Overall, Nucor expects 2022 to be a “very strong year” amid demand across most end markets. The company said it continues to navigate geopolitical events and price increases for steelmaking raw materials. Shares of Nucor fell 2% in premarket trades.