Nucor Q3 EPS $6.50 vs $9.67 Q2; guides Q4 lower on steel mill weakness

NUCOR CORP

2022-Q3 EPS reported $23.85 revenue$32,788,511,000

Q3 net earnings $1.69B ($6.50 diluted EPS) versus Q2 $2.56B ($9.67) and Q3 2021 $2.13B ($7.28).
Revenue $10.50B, down 11% QoQ; steel mill shipments fell 9% QoQ; operating rate 77%.
Steel mills segment earnings $1.29B, down 59% from Q3 2021; metal margin contraction cited.
Q4 outlook: earnings expected to decrease QoQ, with steel mills profitability considerably lower, especially sheet mills.
Repurchased 5.3M shares at avg $122.24 in Q3; $1.49B remaining under buyback authorization.

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