Preliminary earnings reports are typically released ahead of formal quarterly financials and allow companies to provide updated guidanceAI, global demand, and supply chains are key variables as we head into year-end, the big banks kickstart the reporting period on October 11, and we are already hearing from some firms about how the third quarter progressed.is seen under 5% - that is a significant dip from Q2’s stout 11.3% year-on-year increase.
"The updated third-quarter outlook is largely driven by a significant unplanned event that occurred in late July at one of our ethylene crackers in Texas. In addition, we are currently experiencing higher input costs and margin compression in Europe. These headwinds are partially offset by improved North America pricing and feedstock costs in Packaging & Specialty Plastics," said Jim Fitterling, chair and CEO.
Nucor routinely provides preliminary earnings before its full quarterly update. Moreover, it warned back in July that Q3 would be challenging, stating that “we expect earnings in the third quarter of 2024 to decrease compared to the second quarter of 2024. The largest driver for the expected decrease in earnings in the third quarter of 2024 is the expected decrease in earnings of the steel mills segment, primarily due to lower average selling prices.
Ed Schlesinger, executive VP and CFO, added, “Our second-quarter results and third-quarter guidance put us well ahead of our ‘Springboard’ plan run rate. In the third quarter, we continue to expect sales of $3.7 billion and EPS of $0.50 to $0.54.”
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