Nucor Corporation (NUE) announced an agreement to acquire Rytec Corporation, a leading manufacturer and seller of high-speed, high-performance commercial doors, for $565 million in an all-cash transaction. This represents approximately 12.5 times Rytec's projected 2024 EBITDA. Rytec, with more than 300 employees and two manufacturing facilities in Wisconsin, is renowned for its high-performance commercial doors.Rytec is a leader in high-performance commercial doors and serves several growing end-user market ...

Core Viewpoint - Nucor Corporation has announced the acquisition of Rytec Corporation for $565 million, aiming to expand its product portfolio and create cross-selling opportunities in the commercial sector [1][2]. Company Overview - Nucor Corporation is a leading manufacturer of steel and steel products, with operations in the United States, Canada, and Mexico. Its product range includes various steel forms and related materials [4]. Acquisition Details - The acquisition of Rytec, valued at $565 million, represents approximately 12.5 times Rytec's estimated EBITDA for 2024. Rytec is recognized as a premier brand in high-performance commercial doors [1][2]. - Rytec operates two manufacturing facilities in Wisconsin and employs over 300 people. The company specializes in high-speed, high-performance commercial doors for various applications [1][2]. Strategic Rationale - The acquisition aligns with Nucor's strategy to diversify beyond its core steelmaking business into related downstream markets. This move is expected to enhance Nucor's product offerings and customer solutions in the commercial sector [2][3]. - Rytec's strong focus on product development and investment in technology and automation is anticipated to improve quality and efficiency within Nucor's operations [2]. Market Position - Rytec is noted for its high-speed Spiral® rigid rolling doors and durable fabric doors, serving markets such as warehouses, manufacturing facilities, and cold storage [2]. - The combination of Rytec with Nucor's existing overhead door business, C.H.I. Overhead Doors, is expected to create a comprehensive overhead door platform, enhancing product breadth and customer service [3].

Company Performance - Nucor's stock closed at $168.39, reflecting a -1.68% change from the previous session, underperforming the S&P 500's daily gain of 0.03% [1] - Over the past month, Nucor shares declined by 2.27%, lagging behind the Basic Materials sector's gain of 2.94% and the S&P 500's gain of 4.19% [1] - Analysts expect Nucor to report earnings of $3.13 per share, indicating a year-over-year decline of 46.13%, with revenue projected at $8.16 billion, a 14.31% drop compared to the previous year [1] Full Year Estimates - For the full year, analysts anticipate earnings of $12.57 per share and revenue of $31.69 billion, representing changes of -30.17% and -8.71% respectively from the prior year [2] - Recent revisions to analyst forecasts for Nucor are crucial as they reflect changing business trends, with positive alterations indicating analyst optimism [2] Valuation and Industry Ranking - Nucor's Forward P/E ratio stands at 13.62, which is a premium compared to the industry's average Forward P/E of 10.84 [3] - The Steel - Producers industry, part of the Basic Materials sector, has a Zacks Industry Rank of 232, placing it in the bottom 8% of over 250 industries [3] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), shows that Nucor currently holds a Zacks Rank of 3 (Hold) [3]

A month has gone by since the last earnings report for Nucor (NUE) . Shares have lost about 1.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Nucor due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Nucor's Earnings Lag, Revenues Beat Estimates in Q1Nucor report ...

CHARLOTTE, N.C., May 10, 2024 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced today that Executive Vice President Douglas J. Jellison plans to retire on June 8, 2024 after more than 33 years of service with Nucor. Mr. Jellison began his Nucor career in 1990 as Materials Manager at Nucor Bearing Products and has worked in various positions and businesses, including several controller and business development roles. Mr. Jellison served as General Manager of Nucor Bearing Products; Vice President and G ...

Core Insights - Nucor's first-quarter earnings have shown mixed signals, leading to a decline in stock performance despite previous outperformance against the Industrial Select Sector SPDR Fund by over 15% [1] - Analysts maintain a positive outlook for Nucor, suggesting potential for market outperformance in the coming months, despite the recent earnings report not being stellar [1] - The manufacturing sector is experiencing a shift towards expansion, as indicated by the ISM Manufacturing PMI Index, which has shown signs of recovery [3] Company Performance - Nucor's stock price is currently at $172.76, with a 52-week range between $129.79 and $203.00, and a P/E ratio of 10.16 [7] - The company's sales declined by 7% year-on-year but increased by 6% quarter-on-quarter, indicating a potential recovery in the manufacturing sector [7] - Nucor's management has indicated that the stock is undervalued, supported by a $1 billion share buyback program, representing approximately 2.5% of its market capitalization [8] Market Trends - Steel prices are currently 17% lower than a year ago, but have recently rallied by 7.8%, suggesting a potential bottoming out of the industry [8] - Analysts from Citigroup have raised their price target for Nucor to $240 per share, indicating a potential upside of 40% from current levels [9] - The overall sentiment in the market remains cautious, with a 22.2% annual decline in earnings per share (EPS) overshadowing a 9.5% quarterly increase [9]

Nucor Corporation (NYSE:NUE) Q1 2024 Results Conference Call April 23, 2024 10:00 AM ET Company Participants Jack Sullivan - General Manager and Investor Relations Leon Topalian - Chair, President and CEO Steve Laxton - Executive Vice President and CFO Dave Sumoski - Chief Operating Officer Noah Hanners - Executive Vice President, Raw Materials Brad Ford - Executive Vice President, Fabricated Construction Products John Hollatz - Executive Vice President, Bar and Rebar Fabrication Al Behr - Executive Vice Pr ...

Nucor Corporation (NUE) reported earnings of $3.46 per share in first-quarter 2024, down from earnings of $4.45 in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate of $3.62.The company recorded net sales of $8,137.1 million, down around 7% year over year. The figure beat the Zacks Consensus Estimate of $8,030.1 million.  Operating FiguresTotal sales tons to outside customers for steel mills in the first quarter were 4,676,000 tons, down 3% year over year. The figure beat our estimat ...

Key TakeawaysNucor shares were down more than 6% in premarket trading Tuesday after the steel producer missed analysts' Q1 estimates and forecast a sequential decline in current-quarter earnings.The company sees the bottom line declining on a sequential basis in the current quarter due to lower average selling prices weighing on its steel mills segment.The Nucor share price finds a confluence of support around $179 from a multi-month horizontal line and the 38.2% Fibonacci retracement level. Shares in Nucor ...

For the quarter ended March 2024, Nucor (NUE) reported revenue of $8.14 billion, down 6.6% over the same period last year. EPS came in at $3.46, compared to $4.45 in the year-ago quarter.The reported revenue represents a surprise of +1.33% over the Zacks Consensus Estimate of $8.03 billion. With the consensus EPS estimate being $3.62, the EPS surprise was -4.42%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectation ...