On September 18, Nucor fell 3.78% in after-hours trading, trading at $255.13/share, with turnover of $11.786 million. The decline was triggered by the company's Q3 earnings guidance falling short of Wall Street expectations.
Nucor issued Q3 earnings guidance projecting diluted EPS of $5.55 to $5.65, representing a significant year-over-year increase from $2.63 in the same period last year, but notably below the FactSet analyst consensus estimate of $6.01. The guidance miss became the direct catalyst for after-hours selling pressure. Notably, Nucor had delivered a strong Q2 performance, with adjusted EPS of $4.84 beating the $4.38 estimate by 10.5%, while revenue of $10.40 billion also topped expectations of $10.15 billion. At that time, management had guided for higher consolidated earnings in Q3 compared to Q2, raising the bar for investor expectations.
Across the Steel & Iron sector, Steel Dynamics declined 3.4%, Reliance Steel & Aluminum fell 1.13%, and ArcelorMittal slipped 0.24%, while Cleveland-Cliffs edged up 0.24%. Multiple analysts maintain bullish outlooks on Nucor, with recent price target adjustments including Seaport Global raising its target to $310, Goldman Sachs setting $304, and Argus targeting $303, all carrying Buy ratings. The company plans to release full Q3 results on October 26.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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