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Nucor Annual Report, Year Ended Dec 31, 1994

Filing Date
Filed March 23, 1995
Period End
December 31, 1994
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 23, 1995. Cited figures are marked; the original filing is the authoritative source.

Nucor Corporation's 10-K for fiscal 1994 reports net sales of $2.98 billiona, up from $2.25 billion in 1993, and net earnings of $226.6 million, or $2.60 per share, compared with $123.5 million, or $1.42 per share, in 1993.

The company describes its business as the manufacture and sale of steel products, made primarily from scrap using electric furnaces, continuous casting and automated rolling mills. The filing attributes the sales increase primarily to higher volume, and the earnings increase primarily to higher sales and margins from increased volume and average prices. Cost of products sold rose to $2.49 billionb, and the company reported a return on average equity of 22.4%, versus 14.6% in 1993.

Balance sheet and cash flow strengthened over the year. Working capital increased about 118% to $256 millionc, the current ratio rose to 1.7, and long-term debt fell to $173 million from $352 million after net repayments of $179 million. Cash provided by operating activities was $424.9 million, while capital expenditures declined to $185 million from $364 million in 1993.

The filing projects capital expenditures of more than $200 milliond in 1995 and states that operating cash flow, existing credit facilities and new borrowings are expected to be adequate for future needs. Backlog stood at about $715 million at December 31, 1994, up from $445 million a year earlier, and average facility utilization was about 90%. The company reported 5,900 employees and 38,000 stockholders, with 87,355,904 common shares outstanding at February 28, 1995.

Detailed financial results are incorporated by reference from the 1994 annual report, which is included as Exhibit 13. The independent auditor, Coopers & Lybrand L.L.P., issued an unqualified opinion on the financial statements dated February 21, 1995.

02—Key points

Key Highlights

  1. Net sales rose to $2.98 billion in 1994 from $2.25 billion in 1993, driven primarily by increased volume.
  2. Net earnings more than tripled to $226.6 million, or $2.60 per share, from $123.5 million, or $1.42 per share, in 1993.
  3. Return on average equity increased to 22.4% in 1994 from 14.6% in 1993; earnings as a percentage of sales were 7.6%.
  4. Long-term debt was reduced to $173 million from $352 million, with net long-term debt repayments of $179 million in 1994.
  5. Working capital increased about 118% to $256 million and the current ratio improved to 1.7.
  6. Capital expenditures fell to $185 million from $364 million, with more than $200 million projected for 1995.
  7. Backlog of orders was about $715 million at December 31, 1994, compared with about $445 million at year-end 1993.

03—Questions

Frequently Asked Questions

  1. What drove Nucor's earnings growth in 1994?

    The filing states that the increase in 1994 net earnings resulted primarily from increased sales and margins, due to increased sales volume and increased average prices. Profit sharing costs, which fluctuate with pre-tax earnings, increased by about 90% in 1994.

  2. How did Nucor's balance sheet and debt position change in 1994?

    Long-term debt declined to $173 million at year-end 1994 from $352.25 million in 1993, and the percentage of long-term debt to total capital fell to 12% from 25%. Working capital rose to $256 million, and the company had $245 million in unused long-term credit facilities at the end of 1994.

  3. What are Nucor's capital spending plans?

    Capital expenditures were $185 million in 1994, down from $364 million in 1993. The filing states they are currently projected to be more than $200 million in 1995, and that funds from operations, existing credit facilities and new borrowings are expected to be adequate to meet future capital expenditure and working capital requirements.

  4. What is Nucor's primary raw material and what are its principal products?

    The primary raw material is ferrous scrap, acquired from numerous sources throughout the country. Principal products include hot rolled steel, cold rolled steel, cold finished steel, steel joists and joist girders, steel deck and steel grinding balls. The company states that its most significant competitive factor is its low cost and efficiency of production processes.

04—Continue

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