Nucor expects higher consolidated reported earnings in Q3 2026
Company sees increased earnings in steel mills and steel products segments on higher pricing and volumes
Raw materials segment earnings expected to decrease due to lower margins
Result drivers
Steel mills performance - Higher average selling prices and increased volumes drove earnings growth in the steel mills segment
Raw materials refunds - Steel mills segment earnings included a $130 mln reduction to cost of products sold from cash refunds on prior raw materials procurement costs
Steel products volumes - Steel products segment earnings improved due to increased volumes and stable average realized pricing
Raw materials segment - Raw materials segment earnings rose due to increased average selling prices and shipments
Quarterly results
U.S. steelmaker's Q2 revenue rose and beat analyst expectations
Adjusted EPS for Q2 increased and beat analyst expectations
Company repurchased 1.53 mln shares and returned $479 mln to shareholders in Q2
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the iron & steel peer group is "buy"
Wall Street's median 12-month price target for Nucor Corp is $272.00, about 9.9% above its July 24 closing price of $247.56
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 13 three months ago
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