Nucor stock rallies after guidance for record earnings that top expectations

Shares of Nucor Corp. rallied 2.2% in premarket trading Wednesday, after the steel maker said it expects second-quarter earnings to rise to record levels amid strong end-use market demand. The company expects earnings per share for the quarter to July 2 of $8.75 to $8.85, up from EPS of $5.04 a year ago and above the previous quarterly EPS record of $7.97 in the fourth quarter of 2021. The EPS guidance range is above the current FactSet consensus of $8.11. “Second quarter earnings will be driven by increased profitability in the steel products segment, which continues to benefit from robust demand in nonresidential construction markets,” the company said in a statement. The stock has slipped 0.4% year to date through Tuesday, while the SPDR Materials Select Sector ETF has lost 14.1% and the S&P 500 has dropped 21.6%.

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