Nucor Corp. said Thursday it expects fourth-quarter earnings to be in the range of $4.25 a share to $4.35 a share, below the latest analyst consensus estimate of $4.42 a share, according to FactSet data. The projection from the Charlotte, N.C.-based steel company includes $58 million, or 22 cents a share, related to state tax credits. Nucor said it expects “considerably lower earnings” in its steel mills unit due to lower average selling prices, margin compression and lower volumes. Its steel products unit is projected to have “strong earnings” in the fourth quarter but lower than the previous quarter. Nucor’s raw materials unit is projecting “significantly lower” earnings because of decreased profitability, planned outages and lower selling prices. Nucor stock is up 29.6% in 2022, compared to a 16.2% loss by the S&P 500 .
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