Nucor Hikes Quarterly Dividend, Raises Payout for 52 Straight Years

Dividend and Share Repurchase - Nucor Corporation increased its regular quarterly cash dividend to 55 cents per share from 54 cents, marking its 207th consecutive quarterly cash dividend [1] - The company has increased its regular or base dividend for 52 consecutive years since 1973 [1] - Nucor repurchased approximately 2.5 million shares of its common stock at an average price of $156.07 per share during the third quarter [2] Financial Performance and Outlook - Nucor ended the third quarter with cash and cash equivalents of$4,262.8 million [2] - The company anticipates consolidated net earnings for the fourth quarter of 2024 to be lower than the third quarter [2] - The expected decline in earnings is attributed to reduced profitability in the steel mills segment due to lower average selling prices and volumes [3] - Earnings in the steel products division are also expected to fall in the fourth quarter due to similar factors [3] - The raw materials segment's earnings are predicted to improve sequentially, excluding the impairment charge taken during the third quarter of 2024 [3] Stock Performance and Industry Comparison - Nucor's shares have lost 15.5% in value over the past year, compared to the industry's 13.8% decline [2] Industry Rankings and Peer Performance - Nucor currently carries a Zacks Rank 5 (Strong Sell) [4] - Carpenter Technology Corporation (CRS) carries a Zacks Rank 1 (Strong Buy) and has seen its shares soar 177.8% in the past year [5] - DuPont de Nemours, Inc. (DD) carries a Zacks Rank 2 (Buy) and has rallied roughly 17.1% in the past year [6] - CF Industries Inc. (CF) carries a Zacks Rank 1 and has rallied around 16.8% in the past year [8]