Nucor Corp. (NUE) shares climbed more than 1.5% in pre-market trade on Tuesday after the steelmaker reported fourth-quarter earnings and revenue that beat Wall Street estimates, while issuing an optimistic outlook for the upcoming quarter.

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The company posted earnings per share (EPS) of $1.22, nearly double analysts’ forecast of $0.62.

Revenue for the quarter came in at $7.1 billion, surpassing expectations of $6.76 billion, though still reflecting an 8% decline from the same period last year.

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Net profit for the quarter totaled $287 million, exceeding Wall Street projections but marking a steep 60% drop compared to the year-ago period.

The decline was attributed to weaker steel demand throughout 2024, particularly in the steel mills and steel products segments, which faced lower average selling prices and decreased volumes.

Lower corporate, administrative, and tax expenses positively impacted the company’s bottom line, offsetting some of the earnings headwinds.

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"While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025," said CEO Leon Topalain.

“The U.S. economy is still on the front end of several steel-intensive megatrends and as America's largest and most diversified steel producer, Nucor is well positioned to supply those needs,” he added.

The company forecast earnings in the steel mills and steel products segments to be similar in the first quarter of 2025 as compared to the fourth quarter of 2024.

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However, it expects a decrease in earnings from its raw materials segment and higher corporate, administrative, and tax impacts, which could result in lower overall net earnings for the upcoming quarter.

Screenshot 2025-01-28 065830.png — Nucor Sentiment and Message Volume on Jan.28 as of 7:00 a.m. ET | Source: Stocktwits

On Stocktwits, retail sentiment around the steelmaker flipped to ‘extremely bullish’ from ‘bearish’ a day ago as message volume surged to ‘extremely high’ levels.

Investors on the platform applauded the company’s earnings beat.

Nucor's stock has dipped by more than 30% over the past year but its shares have rebounded by roughly 6% year-to-date.

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