Nucor Guides Q3 EPS to $5.55-$5.65 on Steel Price Gains

Nucor Corporation has guided for third-quarter 2026 diluted earnings per share between $5.55 and $5.65, a sequential increase from the $5.04 reported in the second quarter. The company attributes this improvement primarily to higher average selling prices in its Steel Mills segment and combined volume and price gains in the Steel Products division.

According to Zacks Investment Research, these gains are partially offset by weaker performance in the Raw Materials segment, which faces lower pricing and shipment volumes. The Steel Mills segment also faces headwinds from increased costs of products sold and the absence of a $130 million cash refund benefit received in the prior period related to raw material procurement.

Segment Drivers and Cost Pressures

The Steel Mills segment is expected to see improved results due to higher average selling prices, although volumes remain stable. The Steel Products segment benefits from both higher volumes and higher average realized pricing. Conversely, Raw Materials earnings are projected to decline as the company deals with reduced pricing and shipment levels, creating a mixed performance across its operating divisions.

Capital Return and Share Activity

Nucor continued its capital return strategy by repurchasing approximately 2.03 million shares during the third quarter at an average price of $247.04. Year-to-date, the company has returned approximately $1.36 billion to shareholders through a combination of share repurchases and dividend payments, reinforcing its commitment to capital allocation.

Market Performance and Future Outlook

Nucor shares have gained 84.4% over the past year, outperforming the industry’s 69.2% rise. The company plans to release its detailed third-quarter results on October 26, 2026. Investors will watch how the higher pricing environment sustains margins against the backdrop of rising input costs and the lack of one-time refund benefits.