Nucor Corporation today announced guidance for its second quarter ending July 1, 2023. Nucor expects second quarter earnings to be in the range of $5.45 to $5.55 per diluted share. Nucor reported net earnings of $4.45 per diluted share in the first quarter of 2023 and $9.67 per diluted share in the second quarter of 2022.
We expect earnings for the steel mills segment to improve in the second quarter of 2023 as compared to the first quarter of 2023 primarily due to margin expansion at our sheet mills. The steel products segment is expected to deliver strong results in the second quarter of 2023 that will be comparable to the first quarter of 2023. The raw materials segment is expected to improve in the second quarter of 2023 as compared to the first quarter of 2023 due to the improved profitability of our DRI facilities.
During the second quarter, Nucor has repurchased approximately 3.1 million shares at an average price of $147.03 per share (approximately 5.8 million shares year-to-date at an average price of $151.41 per share). Nucor has returned more than $1.13 billion to stockholders in the form of share repurchases and dividend payments year-to-date.
