Nucor and Steel Dynamics both issued downside third-quarter earnings guidance after Thursday's close, sending their shares down 3.7% and 3.4% respectively in post-market trading. Nucor forecast Q3 earnings of $5.55-$5.65 per share, below the FactSet consensus estimate of $5.99 per share but above the $5.04 reported in Q2 and $2.63 in the year-earlier quarter. Nucor said Q3 earnings are expected to rise in its steel mills and steel products segments on higher average selling prices and stable volumes, partly offset by higher costs of products sold, while its raw materials segment is expected to decline on lower pricing and shipments. Steel Dynamics guided to Q3 earnings of $5.34-$5.38 per share, below the FactSet consensus of $5.60 per share but above the $3.69 reported in Q2 and $2.74 a year earlier. Steel Dynamics expects profitability from its steel operations to come in significantly higher than Q2 on metal margin expansion across the platform and record shipments, with average realized steel selling values rising alongside lower scrap costs, though earnings from its metals recycling operations are seen falling below Q2 on lower metal spreads and modestly lower shipments.
Nucor CorpNucor guided Q3 EPS to $5.55-$5.65, below the $5.99 FactSet consensus, sending shares down after-hours.
Steel Dynamics IncSteel Dynamics guided Q3 EPS to $5.34-$5.38, below the $5.60 FactSet consensus, sending shares down after-hours.
