Nucor Corporation provided earnings guidance for the first quarter ending April 1, 2023. For the quarter, the company expects earnings to be in the range of $3.70 to $3.80 per diluted share. On a combined basis, the operating income during the first quarter of 2023 from the company's three business segments is expected to exceed that of the fourth quarter of 2022. However, the company expects consolidated net earnings to decrease compared to the fourth quarter of 2022 due to less favorable intercompany eliminations in the first quarter of 2023 and the absence of state tax benefits that were recorded in the fourth quarter of 2022.

Fluctuations in intercompany eliminations are largely driven by sales activity between segments and the change in value of intercompany inventory at the end of each quarter based on the timing of shipments between segments and to external customers.