Shares of Nucor Corp. (NYSE:NUE) climbed roughly 3% on Wednesday after the steelmaker issued a stronger-than-anticipated earnings forecast for the second quarter.

The company said it expects earnings per share between $2.55 and $2.65, outperforming the Bloomberg consensus estimate of $2.30. Nucor indicated that profit growth is anticipated across all three of its main business units, with the steel mills division expected to deliver the most notable gains.

According to the company, the improved outlook for the steel mills segment is largely driven by increased average selling prices at its sheet and plate mills.

Nucor also foresees higher profits in its steel products division, citing a mix of steady pricing, stronger shipment volumes, and reduced average cost per ton as contributing factors.

The upbeat forecast signals resilience in Nucor’s core operations amid a complex macroeconomic backdrop and supports investor confidence in the company’s near-term performance.

Nucor stock price