Nucor (NUE) Up 2.8% Since Last Earnings Report: Can It Continue?

It has been about a month since the last earnings report for Nucor (NUE). Shares have added about 2.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Nucor due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

Nucor's Q3 Earnings and Revenues Top Estimates on Higher Volumes

Nucor reported earnings of $2.63 per share for the third quarter of 2025, up from $1.05 in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of $2.15.

The company recorded net sales of roughly $8.52 billion, up around 14.5% year over year. The figure beat the Zacks Consensus Estimate of $8.16 billion.

Operating Figures

Total sales tons to outside customers for steel mills in the third quarter were 4,976,000 tons, up 8% year over year. The figure missed our estimate of 5,095,000 tons.

Overall operating rates at the company's steel mills increased to 85% in the third quarter of 2025, flat sequentially and up from 75% in the third quarter of 2024.

Segment Highlights

In the reported quarter, the Steel Mills segment posted earnings of $793 million, down from the second quarter due to slightly lower shipment volumes and margin compression.

The Steel Products segment earned $319 million, lower sequentially, reflecting higher costs and stable realized prices.

Meanwhile, the Raw Materials segment delivered $43 million, down from the prior quarter, pressured by lower pricing for direct reduced iron (DRI) and scrap processing operations.

Financial Position

Cash and cash equivalents were roughly $2.22 billion at the end of the quarter, down around 47.9% year over year. Long-term debt was around $6.69 billion, up 17.6%. 

In the third quarter, Nucor repurchased roughly 0.7 million shares of its common stock.

Outlook

The company anticipates fourth-quarter 2025 earnings to decline from the third quarter. In the Steel Mills segment, the fall is expected to stem from reduced overall volumes and lower average selling prices at sheet mills. The Steel Products segment is projected to face lower earnings mainly due to decreased volumes, while the Raw Materials segment is likely to be adversely impacted by weaker realized pricing and planned maintenance outages at the DRI facilities.
 

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

VGM Scores

Currently, Nucor has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, Nucor has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Nucor is part of the Zacks Steel - Producers industry. Over the past month, Commercial Metals (CMC), a stock from the same industry, has gained 3.5%. The company reported its results for the quarter ended August 2025 more than a month ago.

Commercial Metals reported revenues of $2.11 billion in the last reported quarter, representing a year-over-year change of +5.9%. EPS of $1.37 for the same period compares with $0.90 a year ago.

For the current quarter, Commercial Metals is expected to post earnings of $1.41 per share, indicating a change of +80.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +5.4% over the last 30 days.

Commercial Metals has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.

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This article originally published on Zacks Investment Research (zacks.com).

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