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

• Founded: 1905
• Headquarters: Charlotte, North Carolina, United States
• Number of employees: 31,000 (2022)
• Industry: Steel
• Key people: Leon J. Topalian (President, & CEO), John H. Walker (Executive Chairman), James D. Frias (CFO)

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

• 5 day: +3.12%
• 1 month: +0.98%
• 3 months: +17.99%
• Year-to-date: +0.98%
• 1 year: +5.64%

Nucor stock price targets

• UBS Group: $210
• JP Morgan & Chase: $158
• Morgan Stanley: $154
• Citigroup: $180
• Credit Suisse Group: $167
• BNP Paribas: $191
• The Goldman Sachs Group: $161

Nucor Corporation is the 427th largest company in the world with a market cap of $43.14 billion, according to CompaniesMarketCap.

You can trade Nucor Corporation (NYSE: NUE) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to ”Trading” then select ”Share CFDs”.

GO Markets offers pre-market and after-market trading on popular US Share CFDs.

Why trade during extended hours?

• Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
• Reduce your risk and hedge your existing positions ahead of a new trading day
• Extended trading hours on popular US stocks means extended opportunities

Sources: Nucor Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

Ready to start trading?

Try free demo Open account