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Nucor Corp NUE shares are trading lower Wednesday after the company issued weak third-quarter earnings guidance.
Nucor said it expects third-quarter earnings to be between $6.30 and $6.40 per share. The company reported earnings of $7.28 per share in the third quarter of 2021. The new guidance is also significantly lower than earnings of $9.67 per share in the second quarter.
“We expect the steel mills segment earnings to be considerably lower in the third quarter of 2022 as compared to the second quarter of 2022, due to metal margin contraction and reduced shipping volumes particularly at our sheet and plate mills,” the company said.
Nucor said it expects its steel products and raw material segments to be roughly in-line with its second-quarter results. The company noted that it has repurchased 5.3 million shares at an average price of $122.24 per share so far in the third quarter.
NUE Price Action: Nucor has a 52-week high of $187.90 and a 52-week low of $88.50.
The stock was down 5.95% at $128 Wednesday morning, according to Benzinga Pro.
Photo: Michal Jarmoluk from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.