Nucor Stock Jumps On Q1 Earnings Beat: Key Details From The Print

Nucor Corp (NYSE:NUE) reported financial results for the first quarter on Monday after the close. Here’s a rundown of the steelmaker’s report.

• Nucor stock is challenging resistance. What’s behind NUE new highs?

Nucor Q1 Highlights

Nucor reported first-quarter revenue of $9.50 billion, beating analyst estimates of $8.88 billion, according to Benzinga Pro. The company reported earnings of $3.23 per share for the quarter, beating estimates of $2.80 per share.

Steel mills segment earnings increased due to higher average selling prices and volumes across all product groups. Steel products segment earnings rose on increased volumes and stable average realized pricing, and the raw materials segment increased due to higher average selling prices and volumes.

“All three of our operating segments reported sequential earnings growth, driven by strong demand across key end markets, growing contributions from recent capital investments, and federal trade policies that continue to reduce the flood of unfairly traded imports into the U.S. We enter the second quarter with real momentum,” said Leon Topalian, chair and CEO of Nucor.

Nucor repurchased approximately 700,000 shares at an average price of $175.19 per share in the quarter. The company’s board authorized a new repurchase program in February, allowing Nucor to repurchase up to $4 billion of its common stock. The steelmaker had $3.97 billion remaining in total on its buyback as of April 4.

Nucor ended the quarter with $2.48 billion in cash, cash equivalents and short-term investments on hand.

Nucor expects higher consolidated earnings in the second quarter, with improved earnings across all three operating segments.

Nucor’s board declared a cash dividend of 56 cents per share, payable on May 11 to shareholders of record as of March 31.

Nucor executives will further discuss the quarter on an earnings call scheduled for 10 a.m. ET Tuesday morning.

NUE Stock Rises After The Bell

NUE Price Action: Nucor shares were up 5.12% in after-hours, trading at $226 at the time of publication on Monday, according to Benzinga Pro.

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