$Nucor (NUE.US)$ reported its first-quarter financial results after the bell Monday. Here's a look at the details.
The Details: Nucor reported quarterly earnings of $3.46 per share which missed the analyst consensus estimate of $3.65 by 5.21% and represents a 22.25% decrease from earnings of $4.45 per share year-over-year.
Quarterly sales came in at $8.14 billion, missing the analyst consensus estimate of $8.26 billion by 1.49% and representing a 6.58% decrease from the same period last year.
At the end of the first quarter of 2024, Nucor had $5.54 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand. The company's $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.
"Nucor's performance continues to be strong even as steel market conditions have come off their post-pandemic record highs," said Leon Topalian, Nucor's CEO. "We also took several bold steps to advance our growth, sustainability and commercial strategies during the first quarter."
Outlook: The company expects earnings in the second quarter of 2024 to decrease compared to the first quarter of 2024. Nucor said the largest driver for the expected decrease in earnings is the decreased earnings of the steel mills segment, primarily due to lower average selling prices partially offset by modestly increased volumes.
Nucor will host a conference call Tuesday at 10 a.m. ET to discuss the results.
NUE Price Action: According to Benzinga Pro, Nucor shares are down 6.07% after-hours at $180 at the time of publication Monday.