Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
Nucor Stock Suffers from Earnings Dip
The company unveiled its third quarter (Q3) fiscal 2024 results after markets closed on October 21. Nucor reported consolidated net earnings attributable to Nucor shareholders of $249.9 million or $1.05 per diluted share. Meanwhile, adjusted net earnings were $353 million or $1.49 per diluted share. That was down from consolidated net earnings of $645 million or $2.86 per diluted share in Q2 2024 and $1.14 billion or $4.57 per diluted share in Q3 fiscal 2023.
Nucor took a hit due to Q3 2024 losses and impairments of assets that totalled non-cash charges of $83.0 million or $0.27 per diluted share. There were also $40.0 million or $0.17 per diluted share related to the impairment of non-current assets in the raw materials and steel products segments.
Regardless, Nucor delivered net sales of $7.44 billion and maintains a very strong balance sheet at the time of this writing. Shares of Nucor last had a price-to-earnings ratio of 11. That puts the stock in very favourable value territory compared to its industry peers in late October.