The largest steel producer company in the United States, Nucor Corporation (NYSE: NUE), announced the latest financial results after the market closed in Wall Street on Monday.
The company achieved revenue of $7.705 billion in the fourth quarter of last year, above analyst estimate of $7.635 billion.
Earnings per share was reported at $3.16, also higher than $2.921 per share expected.
Company overview
CEO commentary
“The Nucor team delivered a strong finish to 2023, which represents the third-most profitable year in our Company’s history. Nucor’s strategy to grow our core steelmaking capabilities and expand beyond into steel-adjacent business lines continues to deliver strong results,” Leon J. Topalian, CEO of the steel company said in a press release to investors.
“Over the past four years, Nucor has generated an average annual ROE of 33% and has returned approximately $9.7 billion to its shareholders through dividends and share repurchases. We remain optimistic that Nucor’s best days are ahead of us, with a resilient U.S. economy and steel-intensive megatrends driving increased demand for our products. With our strong balance sheet and broad array of sustainable steel solutions, we believe Nucor is unparalleled with respect to its ability to leverage these market drivers for continued growth,” Topalian added.
Stock reaction
The stock was up by 0.88% at market close on Monday, trading at $176.64 a share – the highest since 27/12/2023.
Shares rose by around 1% in the after-hours trading as the latest results were announced.
Stock performance
Nucor stock price targets
Nucor Corporation is the 427th largest company in the world with a market cap of $43.14 billion, according to CompaniesMarketCap.
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Sources: Nucor Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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