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Nucor Annual Report, Year Ended Dec 31, 1993

Filing Date
Filed March 24, 1994
Period End
December 31, 1993
Security
NUE
In the record · 2016–202610-K1110-Q328-K111

NUE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 111 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K filed March 24, 1994. Cited figures are marked; the original filing is the authoritative source.

Nucor Corporation's 10-K for fiscal 1993 reports net sales of $2.25 billiona, up from $1.62 billion in 1992, and net earnings of $123.5 million ($1.42 per share), compared with $79.2 million ($0.92 per share) a year earlier.

The company states that its business is the manufacture and sale of steel products, which accounted for all of its sales and earnings in 1993, 1992 and 1991. The company attributes the earnings increase primarily to higher sales volume and higher average prices. Raw material costs rose about 15% in 1993, and the company reported a backlog of about $445 millionb at December 31, 1993, versus about $276 million a year earlier.

Average utilization of operating facilities was about 90% of production capacity during 1993. Capital expenditures were $364 millionc in 1993, versus $379 million in 1992, and are projected to exceed $200 million in 1994. Long-term debt rose to $352.3 million from $246.8 million, and the long-term debt to total capital ratio was 25% in 1993 compared with 21% in 1992.

Total assets were $1.83 billiond and stockholders' equity was $902.2 million at year-end. Management states that funds from operations, existing credit facilities and new borrowings should be adequate for future capital expenditure and working capital needs. Unused long-term credit facilities totaled $270 million at year-end 1993.

The filing describes Nucor as a company with 5,900 employees, with its principal operating facilities in Arkansas, Nebraska, Utah, South Carolina, Texas and Indiana. The company reports that its legal proceedings are immaterial. Cash dividends were $0.16 per share in 1993, up from $0.14 in 1992, following a 2-for-1 stock split in September 1993.

02—Key points

Key Highlights

  1. Net sales rose to $2.25 billion in 1993 from $1.62 billion in 1992, driven primarily by increased volume.
  2. Net earnings increased to $123.5 million, or $1.42 per share, from $79.2 million, or $0.92 per share, in 1992.
  3. Backlog of orders was about $445 million at December 31, 1993, compared with about $276 million at year-end 1992.
  4. Capital expenditures totaled $364 million in 1993 and are projected to exceed $200 million in 1994, with two sheet steel mill expansions and an iron carbide facility expected to be operational in 1994.
  5. Long-term debt increased to $352.3 million, and the long-term debt to total capital ratio rose to 25% from 21%.
  6. Dividends declared were $0.16 per share in 1993, up from $0.14 in 1992, following a 2-for-1 stock split in September 1993.
  7. Average utilization of operating facilities was approximately 90% of production capacity in 1993, with 5,900 employees.

03—Questions

Frequently Asked Questions

  1. What drove Nucor's earnings growth in 1993?

    The filing states that the increase in 1993 net earnings resulted primarily from increased sales and margins, due to increased sales volume and increased average prices. Raw material costs, the major component of cost of products sold, increased about 15% in 1993.

  2. How much is Nucor spending on capital projects?

    Capital expenditures were $364 million in 1993 and $379 million in 1992. The company projects capital expenditures of more than $200 million in 1994. Its two sheet steel mills are being expanded, and a new iron carbide facility is under construction, with these projects expected to cost about $75 million additional to complete and to be operational in 1994.

  3. How is Nucor financing its growth and what is its debt position?

    Long-term debt rose to $352.3 million at year-end 1993 from $246.8 million, and the long-term debt to total capital ratio was 25%. The company had $270 million of unused long-term credit facilities at year-end 1993, of which $169 million supports outstanding short-term notes. Management states that funds from operations, existing credit facilities and new borrowings are expected to be adequate for future needs.

  4. Does Nucor face significant legal risks?

    The filing states that Nucor's involvement in judicial and administrative proceedings, as both plaintiff and defendant, is considered immaterial. These matters include contracts, torts, environment, taxes, and insurance.

04—Continue

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