Key facts
- Nucor exceeded Wall Street estimates for second-quarter profit and revenue.
- Higher pricing and strong volumes in the steel mills segment boosted results.
- Steel mills segment profit rose nearly 85% to $1.56 billion.
- Nucor forecasts continued revenue growth in the current quarter.
Nucor surpassed Wall Street's second-quarter profit and revenue expectations, driven by elevated pricing and robust volumes within its steel mills segment. The company reported an adjusted earnings per share of $4.84, exceeding the average analyst estimate of $4.38, and revenue of $10.4 billion, higher than the expected $10.14 billion.
Profit in the steel mills segment saw a significant increase, rising nearly 85% to $1.56 billion from $843 million in the prior year. CEO Leon Topalian attributed the strong performance to investment across key U.S. economic sectors and supportive federal trade policies, which contributed to a second consecutive quarterly record for steel mill shipments.
Looking ahead, Nucor anticipates continued revenue growth in both its steel mills and steel products segments for the current quarter, supported by favorable pricing and strong volumes. This performance follows a trend seen in the sector, with peer Steel Dynamics also reporting a jump in second-quarter profit due to record shipments and stronger pricing.