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NUE · Nucor

50 filings

10-Q

NUE 10-Q Quarterly Reports

Nucor - 50 quarterly reports

Filing 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
  1. 2026-Q3

    Nucor Quarterly Report for Q3 Ended Jul 4, 2026

    Nucor Corporation's Form 10-Q for the quarter ended July 4, 2026 shows a sharp improvement in profitability. Net sales for the second quarter rose to $10.40 billion from $8.46 billion a year earlier, and net earnings attributable to Nucor stockholders were $1.16 billion, or $5.04 per diluted share, versus $603 million, or $2.60 per diluted share, in the second quarter of 2025. For the first six months, net earnings attributable to Nucor stockholders were $1.90 billion, or $8.27 per diluted share, compared with $759 million, or $3.26 per diluted share. Results were driven mainly by the steel mills segment, which benefited from higher average selling prices, higher volumes and higher metal margins. The second quarter also included a $130 million reduction in cost of products sold from cash refunds on prior-period raw materials costs, and a non-cash $61 million gain on the company's Helion investment. Cash flow and liquidity strengthened over the period. Cash provided by operating activities was $2.29 billion in the first six months of 2026, compared with $1.10 billion a year earlier, and cash and short-term investments totaled $2.69 billion. Capital expenditures were $1.23 billion year to date, and the company estimates 2026 capital expenditures of approximately $2.50 billion, down from $3.42 billion in 2025. Nucor repurchased $475 million of stock in the first six months and has $3.62 billion remaining under a new $4.00 billion authorization approved in February 2026. The current ratio fell to 2.5 from 2.9, mainly because a $500 million note due 2027 was reclassified to current debt. Management expects higher consolidated earnings in the third quarter of 2026, with higher realized pricing in the steel mills segment and higher volumes and pricing in steel products, while raw materials earnings are expected to decline on lower margins. Management also noted that backlogs at the end of the second quarter were higher than at the end of the first quarter in both the steel mills and steel products segments.

    Aug 12, 2026
  2. 2026-Q2

    Nucor Quarterly Report for Q2 Ended Apr 4, 2026

    Nucor Corporation's Form 10-Q for the quarter ended April 4, 2026 reports net sales of $9.50 billion, up from $7.83 billion in the first quarter of 2025, and net earnings attributable to Nucor stockholders of $743 million, or $3.23 per diluted share, compared with $156 million, or $0.67 per diluted share, a year earlier. The company attributes the increase primarily to steel mills segment earnings, driven by record quarterly shipments, higher average selling prices and metal margins. Steel mills segment earnings before income taxes and noncontrolling interests rose to $1.13 billion from $231 million, while steel products segment earnings were roughly flat at $285 million versus $288 million, reflecting margin compression from higher steel input costs. Cash provided by operating activities was $886 million, compared with $364 million a year earlier, and capital expenditures were $661 million. Management expects higher consolidated earnings in the second quarter of 2026 across all three segments. Liquidity remained strong, with cash, cash equivalents and short-term investments totaling $2.48 billion at April 4, 2026, and no borrowings outstanding under the $2.25 billion revolving credit facility. The Board approved a new share repurchase program of up to $4.00 billion, with approximately $3.97 billion available at quarter end, and the company repurchased $125 million of stock in the quarter. The quarterly dividend was $0.56 per share. Management estimates 2026 capital expenditures of approximately $2.50 billion, down from $3.42 billion in 2025, and the company reports A-/A-/A3 long-term credit ratings.

    May 13, 2026
  3. 2025-Q3

    Nucor Quarterly Report for Q3 Ended Oct 4, 2025

    Nucor Corporation's Form 10-Q for the quarter ended October 4, 2025 shows third-quarter net earnings attributable to Nucor stockholders of $607 million, or $2.63 per diluted share, up from $250 million, or $1.05 per diluted share, in the third quarter of 2024. Net sales rose 14% to $8.52 billion, driven by a 16% increase in steel mills segment sales, with average sales price per ton up 5% to $1,258 and shipments up 9%. For the first nine months of 2025, earnings fell to $1.37 billion, or $5.88 per diluted share, from $1.74 billion, or $7.22 per diluted share, in the prior year period. The decline was led by lower earnings in the steel products segment, where lower average selling prices hit the joist and deck business, and by margin compression in steel mills from higher conversion costs, particularly in the first quarter. Management expects fourth-quarter 2025 earnings to be lower than the third quarter, citing lower steel mills volumes and sheet pricing, lower steel products volumes, and lower realized pricing and planned DRI outages in raw materials. Cash provided by operating activities was $2.44 billion for the first nine months of 2025, versus $3.25 billion a year earlier, while capital expenditures reached $2.62 billion and are estimated at about $3.30 billion for 2025. Liquidity remained strong at $2.75 billion in cash, cash equivalents and short-term investments, with total debt fair value of about $6.34 billion, a funded debt to total capital ratio of 23.8%, and no borrowings under the revolving credit facility. The company also declared a $0.55 per share quarterly dividend and had about $506 million remaining under its share repurchase authorization.

    Nov 12, 2025
  4. 2025-Q3

    Nucor Quarterly Report for Q3 Ended Jul 5, 2025

    Nucor Corporation's Form 10-Q for the quarter ended July 5, 2025 reports second-quarter 2025 net sales of $8.46 billion, up from $8.08 billion a year earlier, with net earnings attributable to Nucor stockholders of $603 million, or $2.60 per diluted share, versus $645 million, or $2.68 per diluted share, in the second quarter of 2024. For the first six months, net earnings attributable to Nucor stockholders fell to $759 million, or $3.26 per diluted share, from $1.49 billion, or $6.14 per diluted share. The filing attributes the second-quarter results to higher metal margins and increased volumes in the steel mills segment, partially offset by lower average selling prices in the steel products segment, and notes that the steel mills segment improved from the first quarter. Management expects third-quarter 2025 earnings to be nominally lower than the second quarter, citing margin compression in the steel mills segment. Cash flow and liquidity were weaker in the first half. Cash provided by operating activities was $1.10 billion, compared with $1.95 billion a year earlier, while capital expenditures rose to $1.81 billion. Cash and cash equivalents and short-term investments totaled $2.48 billion at July 5, 2025, down from $4.14 billion at December 31, 2024. The company issued $1.00 billion of notes due 2030 and 2035 and used the proceeds to redeem $1.00 billion of 2025 notes. It also repurchased $500 million of stock in the first half, and about $606 million remained available under its repurchase authorization. Total capital expenditures for 2025 are estimated at about $3.00 billion. The balance sheet remains conservative. Total assets were $34.22 billion and total equity was $21.49 billion at July 5, 2025. The company reported a funded debt to total capital ratio of 24.3% against a 60% covenant limit, and it had no borrowings outstanding under its $2.25 billion revolving credit facility. The filing also notes the July 2025 enactment of the One Big Beautiful Bill Act, whose impact on the provision for income taxes was described as immaterial.

    Aug 13, 2025
  5. 2025-Q2

    Nucor Quarterly Report for Q2 Ended Apr 5, 2025

    Nucor Corporation's first-quarter 2025 Form 10-Q (quarter ended April 5, 2025) reports a sharp earnings decline. Net sales were $7.83 billion, down from $8.14 billion a year earlier, and net earnings attributable to Nucor stockholders fell to $156 million, or $0.67 per diluted share, versus $845 million, or $3.46 per diluted share, in the first quarter of 2024. Management attributes the decline mainly to the steel mills segment, where average selling prices and metal margins fell across all product groups and conversion costs rose, largely due to energy costs. Pre-operating and start-up costs for new facilities were about $170 million, and the company recorded $29 million of losses and impairments of assets. Cash flow and liquidity remained solid. Cash provided by operating activities was $364 million, while capital expenditures were $859 million. Management estimates 2025 capital expenditures at approximately $3.00 billion, versus $3.17 billion in 2024. In March 2025 Nucor issued $500 million of 4.650% notes due 2030 and $500 million of 5.100% notes due 2035, with net proceeds of $997 million, intended partly to redeem $1.00 billion of 2025 notes. Cash and short-term investments totaled $4.06 billion at quarter-end, and the revolving credit facility was increased to $2.25 billion with no borrowings outstanding. The company repurchased $300 million of stock during the quarter and paid a $0.55 per share quarterly dividend. Management's outlook expects second-quarter 2025 earnings to increase compared with the first quarter, with the largest expected improvement in the steel mills segment, driven by higher average selling prices at the sheet and plate mills. The steel products and raw materials segments are also expected to increase earnings.

    May 14, 2025
  6. 2024-Q3

    Nucor Quarterly Report for Q3 Ended Sep 28, 2024

    Nucor Corporation's Form 10-Q for the quarter ended September 28, 2024 shows a sharp earnings decline. Net sales for the third quarter were $7.44 billion, down from $8.78 billion a year earlier, and net earnings attributable to Nucor stockholders were $249.9 million, or $1.05 per diluted share, versus $1.14 billion, or $4.57 per diluted share, in the third quarter of 2023. The filing attributes the decline mainly to lower metal margins in the steel mills segment as average selling prices fell, and to weaker joist and deck businesses in the steel products segment. The quarter also included $123.0 million of losses and impairments of assets, including an $83.0 million impairment that fully reserved a long-term note receivable in the raw materials segment. For the first nine months, net sales were $23.66 billion and net earnings attributable to Nucor stockholders were $1.74 billion, or $7.22 per diluted share. Balance sheet liquidity declined over the period. Cash and cash equivalents fell to $4.26 billion from $6.38 billion at December 31, 2023, and capital expenditures rose to $2.29 billion in the first nine months, driven by sheet mill and rebar micro mill projects. Nucor used $1.90 billion for share repurchases and $393.8 million for cash dividends in the nine-month period. Management expects fourth-quarter earnings per diluted share to decrease from the third-quarter level, citing lower average selling prices and volumes in the steel mills and steel products segments, while raw materials earnings are expected to increase excluding the third-quarter impairment. Nucor acquired Rytec Corporation, a high-performance overhead door manufacturer, for approximately $565 million in July 2024. The company's revolving credit facility of $1.75 billion remained undrawn, with a funded debt to total capital ratio of 24.4%. Management stated that it believes funds from operations and existing cash and credit facilities will be adequate for at least the next 24 months.

    Nov 6, 2024
  7. 2024-Q2

    Nucor Quarterly Report for Q2 Ended Jun 29, 2024

    Nucor Corporation's Form 10-Q for the quarter ended June 29, 2024 shows a sharp earnings decline. Net sales for the second quarter fell to $8.08 billion from $9.52 billion a year earlier, and net earnings attributable to Nucor stockholders dropped to $645.2 million, or $2.68 per diluted share, from $1.46 billion, or $5.81 per diluted share. For the first six months, net earnings attributable to Nucor stockholders were $1.49 billion, or $6.14 per diluted share, versus $2.60 billion, or $10.26 per diluted share. Management attributes the decline mainly to lower average selling prices and lower volumes in the steel mills segment, and to lower selling prices for joists and deck in the steel products segment. Management expects third-quarter 2024 earnings to decrease from the second quarter, citing lower steel mills and steel products selling prices, and notes increased imports and a "higher for longer" interest rate environment. Balance sheet and cash flow remained solid but weaker. Cash and cash equivalents plus short-term investments totaled $5.43 billion at June 29, 2024, down from $7.13 billion at December 31, 2023. Cash from operations was $1.94 billion for the first six months, compared with $3.13 billion a year earlier. Capital expenditures rose to $1.47 billion, and management estimates full-year 2024 capital expenditures of approximately $3.50 billion. Stock repurchases totaled $1.50 billion in the first six months, and about $1.82 billion remained available under the repurchase authorization. The company reported a funded debt to total capital ratio of 24.0% and no borrowings under its $1.75 billion revolving credit facility. Subsequent to the quarter, on July 23, 2024, Nucor acquired Rytec Corporation, a door manufacturer, for a cash purchase price of approximately $565 million, to be included in the steel products segment.

    Aug 7, 2024
  8. 2024-Q1

    Nucor Quarterly Report for Q1 Ended Mar 30, 2024

    Nucor Corporation's Form 10-Q for the quarter ended March 30, 2024 reports net sales of $8.14 billion, down 7% from $8.71 billion in the first quarter of 2023, and net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share, compared with $1.14 billion, or $4.45 per diluted share, a year earlier. The filing attributes the earnings decline primarily to the steel products segment, where earnings fell from $970.8 million to $511.6 million before taxes and noncontrolling interests, with the largest drop at the joist and deck businesses. Steel mills segment earnings rose to $1.10 billion from $838.4 million on higher average selling prices and metal margins, while raw materials earnings fell to $9.6 million from $58.1 million. Management expects second-quarter 2024 earnings to decrease from the first quarter, mainly due to lower steel mills selling prices. Cash provided by operating activities was $459.7 million, versus $1.21 billion a year earlier, as working capital changes used $794.1 million. Capital expenditures were $670.3 million in the quarter, and management estimates full-year 2024 capital expenditures of approximately $3.5 billion, compared with $2.2 billion in 2023. Cash, cash equivalents, short-term investments and restricted cash totaled $5.54 billion at March 30, 2024, down from $7.13 billion at year-end 2023, and the company repurchased $1.00 billion of its stock during the quarter. Nucor's $1.75 billion revolving credit facility remained undrawn, and the company declared a quarterly dividend of $0.54 per share.

    May 8, 2024
  9. 2023-Q3

    Nucor Quarterly Report for Q3 Ended Sep 30, 2023

    Nucor Corporation's Form 10-Q for the quarter ended September 30, 2023 shows sharply lower profitability versus the prior year. Net sales for the third quarter were $8.78 billion, down from $10.50 billion, and net earnings attributable to Nucor stockholders were $1.14 billion, or $4.57 per diluted share, compared with $1.69 billion, or $6.50 per diluted share, in the third quarter of 2022. For the first nine months, net sales were $27.01 billion versus $32.79 billion, and net earnings attributable to Nucor stockholders were $3.74 billion, or $14.83 per diluted share, versus $6.35 billion, or $23.85 per diluted share. The filing attributes the decline mainly to lower realized selling prices, particularly for sheet products in the steel mills segment, with lower volumes and decreased pricing also weighing on the steel products segment. The balance sheet and liquidity position remained strong. Total cash, cash equivalents, short-term investments and restricted cash were $6.73 billion at September 30, 2023, up from $4.94 billion at December 31, 2022. Cash provided by operating activities was $5.59 billion for the first nine months, compared with $7.54 billion a year earlier. Nucor repurchased $1.38 billion of stock in the first nine months and paid dividends of $0.51 per share for the quarter. About $3.50 billion remained available under the $4.00 billion share repurchase program approved May 11, 2023. Capital expenditures for 2023 are estimated at approximately $2.40 billion, versus $1.95 billion in 2022. Management guided that fourth-quarter 2023 earnings will decrease compared with the third quarter, driven mainly by lower pricing across all three segments and, to a lesser extent, lower volumes. The filing also notes that NJSM will be consolidated beginning in the fourth quarter of 2023 following an additional 1% interest purchase in October 2023.

    Nov 8, 2023
  10. 2023-Q3

    Nucor Quarterly Report for Q3 Ended Jul 1, 2023

    Nucor Corporation's Form 10-Q for the quarter ended July 1, 2023 reports net sales of $9.52 billion for the second quarter of 2023, down from $11.79 billion in the second quarter of 2022, and net earnings attributable to Nucor stockholders of $1.46 billion, or $5.81 per diluted share, versus $2.56 billion, or $9.67 per diluted share, a year earlier. The filing attributes the decline primarily to lower metal margins at the steel mills segment, where average selling prices fell faster than scrap and scrap substitute costs, along with lower shipments. For the first six months of 2023, net sales were $18.23 billion and net earnings attributable to Nucor stockholders were $2.60 billion, or $10.26 per diluted share. Steel products earnings were higher for the six-month period, supported by rebar fabrication and the overhead doors business, while raw materials earnings declined. Liquidity remained strong, with cash, short-term investments and restricted cash totaling $5.39 billion at July 1, 2023, versus $4.94 billion at December 31, 2022. Cash from operations fell to $3.13 billion for the six months from $4.73 billion, largely because of lower net earnings and a $574.0 million payout of incentive compensation. Capital expenditures for the first six months were $1.06 billion, and management estimates full-year 2023 capital expenditures of approximately $3.0 billion. The company repurchased $876.7 million of stock in the first six months and, on May 11, 2023, authorized a new $4.00 billion share repurchase program. The quarterly dividend was declared at $0.51 per share. Management expects third-quarter 2023 earnings to decrease compared with the second quarter, with the steel mills segment expected to decline most sharply, particularly at the sheet mills.

    Aug 9, 2023
  11. 2023-Q2

    Nucor Quarterly Report for Q2 Ended Apr 1, 2023

    Nucor Corporation's Form 10-Q for the quarter ended April 1, 2023 reports net sales of $8.71 billion, down from $10.49 billion in the first quarter of 2022, and net earnings attributable to Nucor stockholders of $1.14 billion, or $4.45 per diluted share, versus $2.10 billion, or $7.67 per diluted share, a year earlier. The filing describes the first quarter of 2023 as the second most profitable first quarter in company history, following the most profitable first quarter in 2022. The decline was driven mainly by the steel mills segment, where earnings fell from $2.58 billion to $838.4 million on lower average selling prices, particularly at the sheet mills. The steel products segment improved, with earnings rising to $970.8 million from $684.9 million on higher average selling prices, and the raw materials segment declined to $58.1 million from $95.9 million. Liquidity remained strong, with cash, cash equivalents, short-term investments and restricted cash totaling $4.70 billion at April 1, 2023, versus $4.94 billion at December 31, 2022. Cash provided by operating activities was $1.21 billion, compared with $2.47 billion a year earlier, and capital expenditures were $531.7 million. The company expects 2023 capital expenditures of approximately $2.80 billion. Nucor repurchased $425.8 million of stock during the quarter, and about $661.1 million remained available under its repurchase program. The filing also states that the company expects second-quarter 2023 earnings to increase over the first quarter, with improvement in the steel mills and raw materials segments and moderating but still strong results in steel products.

    May 10, 2023
  12. 2022-Q3

    Nucor Quarterly Report for Q3 Ended Oct 1, 2022

    Nucor Corporation reported net earnings attributable to Nucor stockholders of $1.69 billion, or $6.50 per diluted share, for the third quarter of 2022 (13 weeks ended October 1, 2022), down from $2.13 billion, or $7.28 per diluted share, in the third quarter of 2021. Net sales rose 2% to $10.50 billion. For the first nine months of 2022, net earnings attributable to Nucor stockholders were $6.35 billion, or $23.85 per diluted share, a record for the first nine months of a year, and net sales rose 26% to $32.79 billion. The company stated that the second quarter of 2022 was its most profitable quarter in history. The decline in third-quarter earnings was driven mainly by the steel mills segment, which saw lower shipping volumes and contracted metal margins, while the steel products segment remained strong on nonresidential construction demand. The company completed two major acquisitions in 2022: CSI, in which it acquired a 51% controlling interest on February 1, 2022, and C.H.I. Overhead Doors, acquired for approximately $3.00 billion, net of cash acquired, on June 24, 2022. Goodwill rose to $3.92 billion and other intangible assets to $3.39 billion, and total assets reached $32.07 billion. Nucor also issued $2.10 billion of long-term notes during the nine months, redeemed $1.11 billion of 2022 and 2023 notes, and repurchased $2.36 billion of stock. Cash and cash equivalents, short-term investments and restricted cash totaled $3.51 billion. Management expects fourth-quarter 2022 earnings to decline from the third quarter, with considerably lower earnings in the steel mills segment, and it believes 2022 will be the most profitable year in the company's history. The filing cites risks including competitive pressure from imports, trade policy, cyclical steel demand, the Ukraine conflict, and tempered near-term demand from customers, with service centers cautious on pricing and volumes. Management said it believes the medium- and long-term outlook is positive and that its liquidity is adequate for at least the next 24 months.

    Nov 9, 2022
  13. 2022-Q3

    Nucor Quarterly Report for Q3 Ended Jul 2, 2022

    Nucor Corporation's Form 10-Q for the quarter ended July 2, 2022 reports record consolidated net earnings of $2.56 billion, or $9.67 per diluted share, for the second quarter of 2022, compared with $1.51 billion, or $5.04 per diluted share, in the second quarter of 2021. Net sales rose to $11.79 billion from $8.79 billion, with average selling price per ton up 44% to $1,690. Gross margin reached $4.10 billion (35%). For the first six months, net earnings were $4.66 billion, or $17.30 per diluted share, on net sales of $22.29 billion, which the company describes as its most profitable first six months in history. Steel products was the largest contributor to the improvement, with steel products segment earnings before income taxes of $1.13 billion in the quarter versus $259.3 million a year earlier. The company spent heavily on growth during the period. It acquired a 51% controlling interest in Central Steel Industries (CSI) on February 1, 2022 and the assets of C.H.I. Overhead Doors on June 24, 2022, the latter for approximately $3.00 billion net of cash acquired. Goodwill rose to $3.93 billion and other intangible assets to $3.43 billion. Capital expenditures for the first six months were $968.8 million, and the company estimates full-year 2022 capital expenditures of about $2.35 billion. Total debt increased with the issuance of $2.09 billion of long-term notes, and the company repurchased $1.71 billion of stock in the first six months. Management expects third-quarter steel mills earnings to be sequentially lower, steel products earnings to be roughly in line with the second quarter, and raw materials earnings to improve. The company states that it expects 2022 to be the most profitable year in its history. Liquidity totaled $2.45 billion at July 2, 2022, and the company reported an A- long-term rating from Standard & Poor's and a Baa1 rating from Moody's.

    Aug 10, 2022
  14. 2022-Q2

    Nucor Quarterly Report for Q2 Ended Apr 2, 2022

    Nucor Corporation's first-quarter 2022 Form 10-Q (quarter ended April 2, 2022) reports record first-quarter results. Net sales rose to $10.49 billion from $7.02 billion a year earlier, and net earnings attributable to Nucor stockholders were $2.10 billion, or $7.67 per diluted share, versus $942.4 million, or $3.10 per diluted share, in the first quarter of 2021. The company describes this as the most profitable first quarter in its history. Gross margins were $3.46 billion (33%) compared with $1.62 billion (23%). The steel products segment posted a record quarter for profitability, and the steel mills segment's results were driven mainly by higher metal margins. Average sales price per ton rose 68%, while total tons shipped to outside customers fell 11%. Cash flow and liquidity strengthened. Cash provided by operating activities was $2.47 billion, compared with $530.4 million a year earlier. Nucor acquired a 51% controlling interest in CSI (California Steel Industries) on February 1, 2022, for an approximate cash price of $400.0 million, and capital expenditures were $447.7 million. The company issued $1.10 billion of notes in March 2022 and repurchased $905.3 million of stock during the quarter. It had approximately $2.94 billion remaining under its share repurchase authorization at quarter end. Total cash, short-term investments and restricted cash stood at $4.26 billion, and the funded debt to total capital ratio was 29.7%. Management expects the second quarter of 2022 to be the most profitable quarter in the company's history, surpassing the fourth quarter of 2021. Earnings are expected to be driven by the steel products segment, with the steel mills segment strengthening at the sheet and plate mills and the raw materials segment benefiting from higher selling prices. Management also states that scrap markets are expected to remain volatile in the second quarter, and it cites the conflict in Ukraine as a source of supply chain disruption.

    May 11, 2022
  15. 2021-Q3

    Nucor Quarterly Report for Q3 Ended Oct 2, 2021

    Nucor Corporation's Form 10-Q for the quarter ended October 2, 2021 shows a sharp year-over-year surge in profitability. Net sales for the third quarter were $10.31 billion, up 109% from $4.93 billion, and net earnings attributable to Nucor stockholders were $2.13 billion, or $7.28 per diluted share, versus $193.4 million, or $0.63 per diluted share, a year earlier. For the first nine months, net sales were $26.12 billion (up 76%) and net earnings attributable to stockholders were $4.58 billion, or $15.34 per diluted share. The filing describes the third quarter as the most profitable in the company's history and the second consecutive record quarter, driven mainly by higher metal margins in the steel mills segment as average selling prices rose sharply while scrap costs also climbed. Cash generation and capital allocation were central themes. Cash provided by operating activities was $3.62 billion for the first nine months, compared with $2.21 billion a year earlier, though working capital absorbed cash as inventories and receivables grew. Nucor spent $2.38 billion on investing activities, including about $1.35 billion of acquisitions, mainly the insulated metal panels business of Cornerstone Building Brands and Hannibal Industries. It also repurchased $1.77 billion of stock and paid $366.6 million in cash dividends. Liquidity was $2.29 billion at quarter end, the revolving credit facility was undrawn, and the funded debt to total capital ratio was 28.9%. Management expects continued strong results in the fourth quarter of 2021, potentially exceeding the third quarter's record net earnings, with steel mills and steel products profitability expected to rise and raw materials earnings expected to decline on margin compression at its DRI facilities. Subsequent to quarter end, on November 5, 2021, Nucor amended its revolving credit facility to increase capacity from $1.50 billion to $1.75 billion and extend maturity to November 5, 2026.

    Nov 10, 2021
  16. 2021-Q3

    Nucor Quarterly Report for Q3 Ended Jul 3, 2021

    Nucor Corporation's Form 10-Q for the quarter ended July 3, 2021 reports record results. Net sales for the second quarter were $8.79 billion, up from $4.33 billion a year earlier, and net earnings attributable to Nucor stockholders were $1.51 billion, or $5.04 per diluted share, compared with $108.9 million, or $0.36 per diluted share, in the second quarter of 2020. For the first six months, net sales were $15.81 billion and net earnings attributable to Nucor stockholders were $2.45 billion, or $8.13 per diluted share. Management states that the second quarter was the most profitable quarter in the company's history, that the steel mills and steel products segments set new profitability records, and that it expects third-quarter 2021 earnings to be the highest quarterly earnings in Nucor history. The primary driver of margin improvement was higher metal margins in the steel mills segment, with the average scrap and scrap substitute cost per gross ton rising 61% year over year in the second quarter. Balance sheet and cash flow data show total assets of $22.99 billion and total equity of $12.71 billion at July 3, 2021. Cash provided by operating activities was $1.88 billion for the first six months, while working capital absorbed a cash reduction of $1.27 billion as inventories and receivables grew. The company repurchased $916.1 million of stock in the first six months under a new $3.00 billion authorization approved May 13, 2021, leaving approximately $2.80 billion available. Liquidity was $3.21 billion, and the $1.50 billion revolving credit facility was undrawn. Subsequent events include the August 9, 2021 acquisition of Cornerstone Building Brands' insulated metal panels business for approximately $1 billion in cash, and a July 20, 2021 agreement to acquire Hannibal Industries for approximately $370 million, with closing expected in August 2021. The filing also discloses a $42.0 million write-off of an unproved oil and gas leasehold (Portion A) and the company's expectation of a 2021 capital expenditure budget of $1.80 billion.

    Aug 11, 2021
  17. 2021-Q2

    Nucor Quarterly Report for Q2 Ended Apr 3, 2021

    Nucor Corporation's Form 10-Q for the first quarter ended April 3, 2021 reports record results. Net sales were $7.02 billion, up 25% from $5.62 billion a year earlier, and net earnings attributable to Nucor stockholders were $942.4 million, or $3.10 per diluted share, versus $20.3 million, or $0.07 per diluted share, in the first quarter of 2020. The filing states this was the most profitable quarter in the company's history, and that each segment (steel mills, steel products and raw materials) also had its most profitable quarter. Gross margins rose to $1.62 billion (23%) from $629.3 million (11%), driven mainly by higher metal margin in the steel mills segment. Scrap and scrap substitute costs also rose, to $405 per gross ton from $293, a 38% increase. Management guides to second-quarter 2021 earnings being the highest quarterly earnings in Nucor history, citing improved pricing and margins in steel mills, with the largest gains expected at sheet and plate mills. The raw materials segment is expected to be less profitable in the second quarter because of rising input costs. Cash provided by operating activities was $530.4 million, although working capital consumed $734.2 million, mainly from higher inventories and receivables. Liquidity was $2.98 billion, the company had no borrowings under its $1.50 billion revolving credit facility, and funded debt to total capital was 31% against a 60% covenant limit. Capital expenditures for 2021 are estimated at about $2.00 billion. The company repurchased $301.9 million of stock and paid a $0.405 quarterly dividend, and it has about $857.5 million remaining under its share repurchase authorization. The first quarter of 2020 included a $287.8 million loss on assets tied to the Duferdofin Nucor joint venture, which the company later exited. Results for 2021 therefore compare against a period with that one-time charge.

    May 12, 2021
  18. 2020-Q3

    Nucor Quarterly Report for Q3 Ended Oct 3, 2020

    Nucor Corporation's Form 10-Q for the quarter ended October 3, 2020 shows a sharp earnings decline driven by the COVID-19 pandemic. Net sales for the third quarter of 2020 were $4.93 billion versus $5.46 billion in the prior-year quarter, and net earnings attributable to Nucor stockholders were $193.4 million, or $0.63 per diluted share, compared with $275.0 million, or $0.90 per diluted share, a year earlier. For the first nine months, net sales were $14.88 billion and net earnings attributable to Nucor stockholders were $322.6 million, or $1.06 per diluted share, compared with $1.16 billion, or $3.78 per diluted share, in the prior-year period. The filing attributes the decline to the pandemic and to a $299.5 million loss on assets tied to the Duferdofin Nucor joint venture, including a $261.6 million impairment of the equity investment. The balance sheet and liquidity position strengthened over the period. Cash and cash equivalents rose to $2.87 billion from $1.53 billion at December 31, 2019, and the company reported liquidity of $3.41 billion, including cash, short-term investments and restricted cash. Nucor issued $500.0 million of 2.000% notes due 2025 and $500.0 million of 2.700% notes due 2030 in May 2020, and became an obligor on $162.6 million of Green Bonds in July 2020 to help fund the Brandenburg, Kentucky plate mill. Cash provided by operating activities was $2.21 billion for the first nine months, and the company reduced its 2020 capital expenditures estimate to approximately $1.70 billion from an original $2.00 billion budget. Management expects higher fourth-quarter 2020 earnings than in the third quarter, citing improved pricing at its sheet and plate mills. The company also agreed on October 2, 2020 to transfer its 50% interest in Duferdofin Nucor to the joint venture's other owner, with closing expected in the fourth quarter of 2020 and subject to conditions including renegotiation of Facility A borrowings.

    Nov 12, 2020
  19. 2020-Q3

    Nucor Quarterly Report for Q3 Ended Jul 4, 2020

    Nucor Corporation's Form 10-Q for the quarter ended July 4, 2020 shows a sharp earnings decline driven by the COVID-19 pandemic. Net sales for the second quarter were $4.33 billion, down 27% from $5.90 billion a year earlier, and net earnings attributable to Nucor stockholders fell to $108.9 million, or $0.36 per diluted share, from $386.5 million, or $1.26 per diluted share. For the first six months, net earnings attributable to stockholders were $129.2 million, or $0.42 per diluted share, compared with $888.3 million, or $2.88 per diluted share. The first-half results also include a $292.8 million non-cash loss on assets tied to the Duferdofin Nucor joint venture in Italy, including a $255.0 million impairment of the equity investment and a full reserve on a €35.0 million note receivable. Liquidity was strengthened during the period. Nucor issued $1.0 billion of notes in May 2020 (2.000% due 2025 and 2.700% due 2030) with net proceeds of $989.4 million, and cash and cash equivalents rose to $2.79 billion. Cash and short-term investments totaled $3.04 billion, and the company reported no significant debt maturities until September 2022. Operating cash flow was $1.35 billion for the first six months, versus $1.19 billion a year earlier, helped by reduced inventories. Management cut its 2020 capital expenditure estimate to approximately $1.70 billion from an original $2.00 billion, and it expects third-quarter earnings to be similar to the second quarter, with the raw materials segment weaker. The company also disclosed a $1.16 billion remaining share repurchase authorization, a quarterly dividend of $0.4025 per share, and a 40% net earnings return target to stockholders. Credit ratings remained A- from Standard & Poor's and Baa1 from Moody's.

    Aug 12, 2020
  20. 2020-Q2

    Nucor Quarterly Report for Q2 Ended Apr 4, 2020

    Nucor Corporation's first-quarter 2020 Form 10-Q (quarter ended April 4, 2020) reported net sales of $5.62 billion, down from $6.10 billion a year earlier, and net earnings attributable to Nucor stockholders of $20.3 million, or $0.07 per diluted share, versus $501.8 million, or $1.63 per diluted share, in the first quarter of 2019. The results were driven primarily by a $287.8 million loss on assets tied to the equity method investment in Duferdofin Nucor, including a $250.0 million impairment and the full reserve of a €35.0 million note receivable. Average steel selling prices fell 13% year over year, with steel mills segment pre-tax earnings down to $156.5 million from $689.4 million, while the steel products segment's pre-tax earnings rose to $162.6 million from $77.4 million. The filing states that the COVID-19 pandemic began affecting operations in the final weeks of the quarter, and management says it is likely the company will report a loss in the second quarter of 2020, with market conditions expected to bottom in the second quarter and a return to profitability in the second half. To preserve liquidity, Nucor reduced its 2020 capital expenditure estimate to less than $1.50 billion from an initial projection of approximately $2.0 billion. Cash and short-term investments totaled $1.39 billion at quarter end, the $1.50 billion revolver was undrawn, and the company reports no significant debt maturities until September 2022. Operating cash flow was $201.2 million, down from $650.7 million, reflecting the non-cash impairment and working capital uses. The company paid a quarterly dividend of $0.4025 per share, and $39.5 million of treasury stock was repurchased in the quarter, leaving approximately $1.16 billion available under the repurchase program. Management notes the effective tax rate was 62.8% for the quarter, largely because the impairment had no corresponding tax benefit.

    May 13, 2020
  21. 2019-Q3

    Nucor Quarterly Report for Q3 Ended Sep 28, 2019

    Nucor Corporation's Form 10-Q for the quarter ended September 28, 2019 shows a sharp earnings decline from the prior year. Net sales for the third quarter of 2019 were $5.46 billion, down from $6.74 billion in the third quarter of 2018, and net earnings attributable to Nucor stockholders fell to $275.0 million ($0.90 per diluted share) from $676.7 million ($2.13 per diluted share). For the first nine months, net sales were $17.46 billion versus $18.77 billion, and diluted EPS was $3.78 versus $5.35. The filing attributes the decline to customer destocking, falling average selling prices, weather-related disruptions and lower metal margins in the steel mills segment, while the steel products segment performed well in the quarter. Management expects fourth-quarter 2019 earnings to decrease from the third quarter, with steel mills earnings expected to fall further as lower steel prices flow through, steel products profitability expected to decline slightly on year-end seasonality, and the raw materials segment expected to weaken further, including during a planned outage at the Louisiana DRI plant. Balance sheet and liquidity remained strong, with cash, cash equivalents and short-term investments of $1.94 billion, a $1.50 billion undrawn revolving credit facility, and a funded debt-to-capital ratio of 29% against a 60% covenant. Operating cash flow was $2.12 billion for the first nine months, and 2019 capital expenditures are expected to be approximately $1.50 billion. Nucor declared a quarterly dividend of $0.40 per share and had about $1.30 billion remaining under its share repurchase program.

    Nov 6, 2019
  22. 2019-Q2

    Nucor Quarterly Report for Q2 Ended Jun 29, 2019

    Nucor Corporation's second-quarter 2019 Form 10-Q (quarter ended June 29, 2019) reports net sales of $5.90 billion for the quarter, down from $6.46 billion a year earlier, and net earnings attributable to Nucor stockholders of $386.5 million, or $1.26 per diluted share, versus $683.2 million, or $2.13 per diluted share, in the second quarter of 2018. For the first six months, net sales were $11.99 billion, essentially flat with the prior year, and diluted EPS was $2.88 compared with $3.23. Management attributes the decline to aggressive service center destocking, unusually wet weather, lower volumes and a more challenging price environment, with steel mills segment earnings before taxes falling to $578.9 million in the quarter from $961.8 million. Pre-operating and start-up costs for new facilities rose to $20.5 million in the quarter from $5.8 million. Balance sheet and liquidity remained strong. Cash, cash equivalents and short-term investments totaled $1.48 billion at June 29, 2019, and cash provided by operating activities was $1.19 billion for the first six months, up from $870.6 million. Capital expenditures were $649.9 million in the first half, and management expects 2019 capital spending of approximately $1.8 billion, driven by several major expansion projects including a new steel plate mill in Brandenburg, Kentucky. The company repurchased $197.5 million of stock in the first half and declared a $0.40 quarterly dividend, its 185th consecutive quarterly cash dividend, with approximately $1.30 billion remaining under its $2.0 billion repurchase authorization. Total debt-related fair value was about $4.74 billion, and the funded debt to total capital ratio was 29%. Management's outlook for the third quarter of 2019 calls for lower raw materials segment performance due to DRI margin compression and lower steel mills segment performance due to lower flat-rolled and plate prices, while the steel products segment is expected to improve. Management noted that end-use demand remains strong, particularly in nonresidential construction.

    Aug 7, 2019
  23. 2019-Q1

    Nucor Quarterly Report for Q1 Ended Mar 30, 2019

    Nucor Corporation's Form 10-Q for the quarter ended March 30, 2019 reports net sales of $6.10 billion, up from $5.57 billion in the first quarter of 2018, and net earnings attributable to Nucor stockholders of $501.8 million, or $1.63 per diluted share, compared with $354.2 million, or $1.10 per diluted share, a year earlier. Net earnings attributable to Nucor stockholders were 8.2% of net sales, versus 6.4% in the prior-year quarter, and annualized return on average stockholders' equity was 20.2% versus 16.0%. The steel mills segment drove the improvement, with net sales up 10% on a 15% increase in average selling price per ton, while steel products sales rose 13% and raw materials sales fell 5%. The steel mills segment's earnings before income taxes rose to $689.4 million from $560.5 million, while the raw materials segment's declined to $53.2 million from $74.5 million, reflecting margin compression in its DRI businesses and scrap processing. Cash provided by operating activities was $650.7 million, up from $127.9 million, largely because of a smaller working capital build. Capital expenditures rose to $288.8 million from $172.2 million as several expansion projects advanced, and management expects 2019 capital expenditures of approximately $1.8 billion versus $997.3 million in 2018. Cash and cash equivalents plus short-term investments totaled $1.6 billion at quarter end, and the company had $1.4 billion remaining under its $2.0 billion share repurchase program. Management guided that second-quarter 2019 earnings will be similar to the first quarter excluding a gain on the sale of an equity method investment, with the steel products segment expected to improve significantly and the raw materials segment expected to decline.

    May 8, 2019
  24. 2018-Q3

    Nucor Quarterly Report for Q3 Ended Sep 29, 2018

    Nucor Corporation's third-quarter 2018 Form 10-Q (quarter ended September 29, 2018) reports a sharp improvement in profitability. Net sales for the quarter were $6.74 billion, up from $5.17 billion a year earlier, and net earnings attributable to Nucor stockholders rose to $676.7 million, or $2.13 per diluted share, versus $254.9 million, or $0.79 per diluted share, in the third quarter of 2017. For the first nine months of 2018, net sales were $18.77 billion and diluted earnings were $5.35 per share. The filing attributes the gains mainly to higher metal margins in the steel mills segment, with average sales price per ton up 23% in the quarter, and to improved steel products and raw materials results. Results were partly offset by a $110.0 million impairment of proved natural gas well assets in the raw materials segment. Cash flow and liquidity strengthened over the period. Cash provided by operating activities was $1.90 billion for the first nine months of 2018, versus $766.6 million a year earlier, and cash and cash equivalents rose to $1.93 billion at September 29, 2018. Nucor issued $1.0 billion of senior notes in the second quarter and repaid $500.0 million of debt maturing in 2018. The Board approved a new $2.0 billion share repurchase authorization in September 2018, and the company declared a quarterly dividend of $0.38 per share. Capital expenditures for 2018 are expected to be approximately $1.0 billion, reflecting several expansion projects. Management expects fourth-quarter 2018 earnings to decline from the third quarter on seasonality but to remain noticeably higher than the fourth quarter of 2017.

    Nov 7, 2018
  25. 2018-Q2

    Nucor Quarterly Report for Q2 Ended Jun 30, 2018

    Nucor Corporation's Form 10-Q for the quarter ended June 30, 2018 reports strong results. Net sales for the second quarter were $6.46 billion, up from $5.17 billion in the second quarter of 2017, and net earnings attributable to Nucor stockholders were $683.2 million, or $2.13 per diluted share, compared with $323.0 million, or $1.00 per diluted share, a year earlier. For the first six months, net sales were $12.03 billion and net earnings attributable to Nucor stockholders were $1.04 billion, or $3.23 per diluted share. The company attributes the improvement mainly to higher metal margins in the steel mills segment, with higher average selling prices per ton, while scrap and scrap substitute costs also rose. The balance sheet and cash flow strengthened over the period. Cash and cash equivalents were $1.49 billion at June 30, 2018, up from $949.1 million at December 31, 2017. Cash provided by operating activities was $870.6 million for the first half of 2018, versus $350.9 million a year earlier. In April 2018 the company issued $1.0 billion of notes, using $500.0 million to repay notes that matured June 1, 2018. Management reports a funded debt to total capital ratio of 30% against a 60% covenant limit, and the $1.5 billion revolving credit facility is undrawn. Capital expenditures for 2018 are expected to be approximately $1.0 billion, and the company repurchased treasury stock for about $170.3 million in the first half of 2018. Management expects third-quarter 2018 earnings to improve compared with the second quarter, with margin expansion expected primarily at the sheet and plate mills, steel products performance similar to the second quarter, and lower raw materials segment performance due to margin compression.

    Aug 8, 2018
  26. 2018-Q1

    Nucor Quarterly Report for Q1 Ended Mar 31, 2018

    Nucor Corporation's Form 10-Q for the quarter ended March 31, 2018 reports net sales of $5.57 billion, up from $4.82 billion in the first quarter of 2017, and net earnings attributable to Nucor stockholders of $354.2 million, or $1.10 per diluted share, compared with $356.9 million, or $1.11 per diluted share, a year earlier. Cost of products sold rose to $4.84 billion from $4.05 billion, and gross margins were $726.4 million (13%) versus $760.3 million (16%). The filing attributes the margin decline mainly to the steel mills segment, where the prior-year quarter had benefited from lower scrap prices embedded in inventory. Average sales price per ton rose 9% to $799, and total tons shipped to outside customers increased 6% to 6,967,000. The steel mills, steel products and raw materials segments all posted higher sales, and management expects second-quarter 2018 earnings to increase significantly versus the first quarter, citing announced price increases and the pass-through of rising steel input costs. Cash provided by operating activities fell to $127.9 million from $244.1 million, as working capital consumed $489.3 million, driven by higher receivables and inventories. Cash and cash equivalents and short-term investments totaled $760.3 million at March 31, 2018. Capital expenditures for 2018 are expected to be approximately $1.0 billion, including the $230.0 million cold mill complex at Nucor Steel Arkansas, the $176.0 million hot band galvanizing line at Nucor Steel Gallatin, and two micro mill greenfield expansions with a combined estimated cost of $490.0 million. In April 2018, Nucor issued $1.0 billion of senior notes (3.950% due 2028 and 4.400% due 2048) with net proceeds of approximately $986.1 million, planned in part to repay $500.0 million of debt maturing in the second quarter of 2018. The company also amended its $1.5 billion revolving credit facility, which remains undrawn, to extend maturity to April 2023.

    May 9, 2018
  27. 2017-Q3

    Nucor Quarterly Report for Q3 Ended Sep 30, 2017

    Nucor Corporation's third-quarter 2017 Form 10-Q, filed November 8, 2017, reports net sales of $5.17 billion for the three months ended September 30, 2017, up from $4.29 billion a year earlier, and net earnings attributable to Nucor stockholders of $254.9 million, or $0.79 per diluted share, compared with $305.4 million, or $0.95 per diluted share, in the prior-year quarter. For the first nine months of 2017, net sales were $15.16 billion and net earnings attributable to Nucor stockholders were $934.8 million, or $2.90 per diluted share, versus $1.99 per diluted share a year earlier. The company attributes the quarter's decline in gross margin to lower metal margins per ton in the steel mills segment, as scrap and scrap substitute costs rose 26% while selling prices rose only 7%, and it notes a $0.05 per diluted share legal-related expense recorded as a subsequent event. Nucor completed several acquisitions in 2017, including Republic Conduit for $331.6 million, Southland Tube for approximately $130 million, and St. Louis Cold Drawn for approximately $60 million. Cash and cash equivalents plus short-term investments totaled $1.63 billion at September 30, 2017, and long-term debt due within one year rose to $1.10 billion after $500.0 million of debt due in June 2018 was reclassified to current liabilities. Operating cash flow fell to $762.5 million for the nine months from $1.18 billion, largely because working capital, including inventories, rose substantially. Management expects fourth-quarter 2017 earnings to be similar to or slightly below the third quarter, excluding the legal charges and tax benefits recognized in the third quarter. The filing also discloses an impairment exposure related to Duferdofin Nucor, a 50% equity investment, where management states that further impairment is reasonably possible given continued challenging European steel conditions. Management reports its funded debt to total capital ratio at 33%, against a 60% covenant limit, and an undrawn $1.5 billion revolving credit facility.

    Nov 8, 2017
  28. 2017-Q3

    Nucor Quarterly Report for Q3 Ended Jul 1, 2017

    Nucor Corporation's Form 10-Q for the quarter ended July 1, 2017 reports net sales of $5.17 billion for the second quarter, up 22% from $4.25 billion a year earlier, and net earnings attributable to Nucor stockholders of $323.0 million, or $1.00 per diluted share, compared with $243.6 million, or $0.76, in the second quarter of 2016. For the first six months, net sales were $9.99 billion (up 25%) and net earnings attributable to Nucor stockholders were $679.9 million, or $2.11 per diluted share, compared with $1.03 a year earlier. The filing attributes the gains primarily to higher steel prices and increased metal margins in the steel mills segment, with average sales price per ton up 17% in the second quarter, partly offset by a 35% rise in average scrap and scrap substitute cost per ton. Gross margins were $709.6 million (14%) for the quarter and $1.47 billion (15%) for the first half. The balance sheet shows cash, cash equivalents and short-term investments of $1.56 billion at July 1, 2017, down from year-end 2016, as working capital grew: inventories rose to $3.33 billion and accounts receivable to $2.08 billion, while accounts payable increased to $1.21 billion. Cash provided by operating activities fell to $347.0 million in the first half from $866.4 million a year earlier, and the current ratio declined to 2.2 from 2.7. The company completed the acquisitions of Republic Conduit for $331.6 million and Southland Tube for approximately $130 million in January 2017, and management expects 2017 capital expenditures of approximately $500.0 million. Management also states that third-quarter 2017 earnings should be in a range similar to the first-half quarterly results. Nucor reported a quarterly cash dividend of $0.3775 per share, its 177th consecutive quarterly dividend, and reported total debt-related figures including long-term debt of $3.24 billion and $1.10 billion due within one year. Management noted that Duferdofin Nucor's European steel market conditions remain challenging, and that a further impairment of the investment is reasonably possible. The company reports $828.3 million remaining under its $900 million share repurchase program.

    Aug 9, 2017
  29. 2017-Q2

    Nucor Quarterly Report for Q2 Ended Apr 1, 2017

    Nucor Corporation's first-quarter 2017 Form 10-Q (quarter ended April 1, 2017) reports a sharp earnings improvement. Net sales rose to $4.82 billion from $3.72 billion, a 30% increase, driven by a 21% increase in average sales price per ton and a 7% increase in total tons shipped to outside customers. Net earnings attributable to Nucor stockholders were $356.9 million, or $1.11 per diluted share, compared with $87.6 million, or $0.27 per diluted share, a year earlier. Management stated that first-quarter 2017 earnings were the highest Nucor has had in recent years and expects second-quarter 2017 earnings to improve. The steel mills segment drove the results, with earnings before income taxes of $684.2 million versus $280.4 million in the prior-year quarter. Cash flow and liquidity were affected by working capital and acquisitions. Cash provided by operating activities was $244.1 million, down from $550.9 million, as changes in operating assets and liabilities used $338.7 million. Nucor spent about $485 million on acquisitions in the quarter, including Republic Conduit for $331.3 million and Southland Tube for approximately $130 million. Cash, cash equivalents and short-term investments totaled $1.71 billion at quarter end. The company also reported an undrawn $1.5 billion revolving credit facility, an A- rating from S&P and a Baa1 rating from Moody's, and a funded debt to total capital ratio of 34% against a covenant limit of 60%. Management highlighted continued pressure from imports, which it estimated at 25% of the finished steel market in the first three months of 2017, and cited several trade cases in progress. Capital expenditures for 2017 are expected to be approximately $550 million, compared with $617.7 million in 2016. The quarterly dividend was $0.3775 per share, the 176th consecutive quarterly cash dividend. Remaining authorization under the $900 million share repurchase program was $828.3 million, and no repurchases had been made since February 2016.

    May 10, 2017
  30. 2016-Q3

    Nucor Quarterly Report for Q3 Ended Oct 1, 2016

    Nucor Corporation's Form 10-Q for the quarter ended October 1, 2016 reports third-quarter 2016 net sales of $4.29 billion, up 2% from $4.23 billion a year earlier, and net earnings attributable to Nucor stockholders of $270.0 million, or $0.84 per diluted share, versus $227.1 million, or $0.71, in the third quarter of 2015. For the first nine months, net sales declined 6% to $12.25 billion, while net earnings attributable to Nucor stockholders rose to $574.6 million, or $1.79 per diluted share, from $419.7 million, or $1.30. The steel mills segment drove the improvement, with third-quarter pre-tax earnings of $593.1 million versus $260.8 million a year earlier, while the steel products and raw materials segments were weaker or loss-making for the nine months. Management expects fourth-quarter 2016 earnings to decrease notably from the third quarter, mainly on lower steel mill margins, with the raw materials segment returning to a loss. Balance sheet and cash flow items show cash, cash equivalents and short-term investments of $2.35 billion at October 1, 2016, with no borrowings under the $1.5 billion credit facility and a funded debt to total capital ratio of 35% against a 60% covenant. Operating cash flow for the nine months was $1.17 billion, down from $1.76 billion, largely due to working capital investment. Subsequent to quarter-end, Nucor acquired Independence Tube Corporation for approximately $435 million in cash on October 31, 2016, and the filing describes a $230 million Specialty Cold Mill Complex planned at Nucor Steel Arkansas. The company also settled a direct-purchaser antitrust class claim for $23.4 million, subject to court approval, while indirect-purchaser claims remain pending.

    Nov 9, 2016
  31. 2016-Q3

    Nucor Quarterly Report for Q3 Ended Jul 2, 2016

    Nucor Corporation's Form 10-Q for the quarter ended July 2, 2016 shows a sharp recovery in earnings from the prior-year period. Net sales for the second quarter were $4.25 billion, down 3% from $4.36 billion a year earlier, as average sales price per ton fell 9% to $658, while total tons shipped to outside customers rose 7%. Net earnings attributable to Nucor stockholders rose to $233.8 million, or $0.73 per diluted share, versus $124.8 million, or $0.39, in the second quarter of 2015. For the first half of 2016, net sales fell 9% to $7.96 billion, but net earnings attributable to Nucor stockholders rose to $304.5 million, or $0.95 per diluted share, from $192.6 million, or $0.60. Segment results drove the improvement. The steel mills segment's pre-tax earnings rose to $530.7 million in the second quarter from $198.5 million, and management expects further strong earnings improvement in the third quarter, primarily in sheet mills. The raw materials segment remained loss-making, with a pre-tax loss of $27.2 million in the quarter. The filing also notes that LIFO charges reduced gross margin by $19.0 million in the second quarter, compared with a credit of $95.5 million a year earlier. Balance sheet and liquidity remained strong. Cash, cash equivalents and short-term investments totaled $2.33 billion at July 2, 2016, and long-term debt was $4.34 billion. Operating cash flow for the first half was $857.0 million, down from $1.2 billion, mainly due to working capital build. Capital expenditures for 2016 are expected to be approximately $500 million. The filing also discloses ongoing risks: the company has recorded no reserves for an antitrust class action, it carries a $153.0 million impairment on its Duferdofin Nucor investment from the fourth quarter of 2015, and it notes possible further impairments tied to natural gas and European steel conditions.

    Aug 10, 2016
  32. 2016-Q2

    Nucor Quarterly Report for Q2 Ended Apr 2, 2016

    Nucor Corporation's Form 10-Q for the quarter ended April 2, 2016 reports first-quarter net sales of $3.72 billion, down 16% from $4.40 billion a year earlier, as average sales price per ton fell 23% to $604 while total tons shipped to outside customers rose 9% to 6,148,000. Net earnings attributable to Nucor stockholders were $70.8 million, or $0.22 per diluted share, versus $67.8 million, or $0.21, in the first quarter of 2015. Gross margin was $286.9 million (8%), compared with $288.3 million (7%) a year earlier. The filing notes that out-of-period non-cash gains totaling $13.4 million were included in net earnings, and that the company expects second-quarter 2016 earnings to be significantly improved from the first quarter, with steel mill performance helped by announced price increases and scrap prices rising. Segment results were mixed. Steel mills earnings before taxes rose to $279.8 million from $217.1 million on higher volumes, while raw materials swung to a $63.4 million loss from a $41.5 million loss, reflecting weak DRI facility results and lower brokerage volumes at DJJ. Steel products earnings rose to $42.4 million from $32.5 million. Cash provided by operating activities was $550.9 million, and cash plus short-term investments reached $2.33 billion at April 2, 2016. Total debt-related items included long-term debt of $4.34 billion, and the company reported a 36% funded debt-to-total capital ratio against a 60% covenant limit. The filing also highlights ongoing risks: the $153.0 million impairment of the Duferdofin Nucor investment recorded in the fourth quarter of 2015, the possibility of further impairments at Duferdofin Nucor, Hunter Ridge and natural gas well assets given continued challenging markets, and an unresolved antitrust class action for which no reserves have been recorded. Capital expenditures for 2016 are expected to be approximately $500 million, and the quarterly dividend of $0.375 per share was paid on May 11, 2016.

    May 11, 2016
  33. 2015-Q3

    Nucor Quarterly Report for Q3 Ended Oct 3, 2015

    Nucor Corporation's third-quarter 2015 Form 10-Q reports sharply lower results as steel imports and weak prices weighed on the business. Net sales for the quarter fell 26% to $4.23 billion from $5.70 billion, and net earnings attributable to Nucor stockholders dropped to $227.1 million, or $0.71 per diluted share, from $245.4 million, or $0.76, a year earlier. For the first nine months, net sales declined 19% to $12.98 billion and diluted EPS was $1.30 versus $1.57. The filing attributes the steel mills segment's weakness to exceptionally high imports, which it says were an estimated 30% of the finished steel market in the first nine months of 2015 versus 27% a year earlier. Average steel mills utilization fell to about 69% from 78%. Gross margin for the quarter improved sequentially to $523.8 million (12%) from $386.3 million (9%) in the second quarter, aided by a $137.0 million LIFO credit and lower scrap costs, but management guided to lower fourth-quarter earnings. Balance sheet and liquidity remained strong. Cash and cash equivalents plus short-term investments totaled $2.00 billion at October 3, 2015, and the $1.5 billion revolving credit facility was undrawn. Cash provided by operating activities was $1.76 billion for the first nine months, up from $925.6 million, driven largely by working capital reductions. Capital expenditures are projected at about $400 million for 2015, down from $568.9 million in 2014, and the board authorized up to $900 million in share repurchases in September 2015, with no repurchases made as of the filing. The quarterly dividend was $0.3725 per share. The filing also flags several risks. Nucor recorded a $7.7 million net charge tied to writing off two iron ore storage domes at Nucor Steel Louisiana, and the company disclosed it has not recorded reserves for the MM Steel antitrust judgment, which it estimates has a practical exposure of about $40.0 million. Its investments in Duferdofin Nucor and Hunter Ridge are subject to potential impairment if conditions deteriorate, and the raw materials segment posted larger losses, driven by DJJ and falling natural gas prices.

    Nov 12, 2015
  34. 2015-Q3

    Nucor Quarterly Report for Q3 Ended Jul 4, 2015

    Nucor Corporation's Form 10-Q for the quarter ended July 4, 2015 shows a sharp year-over-year decline in results. Net sales for the second quarter were $4.36 billion, down 18% from $5.29 billion in the second quarter of 2014, and net earnings attributable to Nucor stockholders fell to $124.8 million ($0.39 per diluted share) from $147.0 million ($0.46 per diluted share). For the first six months, net sales were $8.76 billion, down 16%, and net earnings attributable to Nucor stockholders were $192.6 million ($0.60 per diluted share) versus $258.1 million ($0.80 per diluted share) a year earlier. Management attributes the weakness primarily to an exceptionally high level of steel imports, which it estimates captured 32% of the finished steel market in the first half of 2015 versus 27% a year earlier, and to a 13% decline in average sales price per ton in the second quarter. Lower scrap costs and a $112.0 million LIFO credit in the first half supported gross margins, which were $674.6 million (8%) versus $793.1 million (8%) a year earlier. Segment results were mixed. The steel mills segment's pre-tax earnings fell to $415.6 million for the first half from $685.9 million, while the steel products segment improved to $103.1 million from $44.3 million on lower input costs and gradual nonresidential construction recovery. The raw materials segment posted a larger loss of $79.6 million, reflecting weaker natural gas drilling results and a Nucor Steel Louisiana DRI operating loss of roughly $64 million in the first half. Management expects third-quarter 2015 earnings to improve over the second quarter, mainly from the steel mills segment benefiting from a lower average cost of inventories. Balance sheet liquidity remained solid. Cash, cash equivalents and short-term investments totaled $1.69 billion at July 4, 2015, the $1.5 billion revolving credit facility was undrawn, and cash provided by operating activities was $1.20 billion for the first half, driven largely by working capital reductions. Capital expenditures for 2015 are projected at about $450 million, down from $568.9 million in 2014. The filing also discloses an unrecorded exposure in the MM Steel antitrust judgment, which the company now estimates at approximately $40.0 million, and an ongoing antitrust class action for which no estimate of exposure is provided.

    Aug 12, 2015
  35. 2015-Q2

    Nucor Quarterly Report for Q2 Ended Apr 4, 2015

    Nucor Corporation's Form 10-Q for the quarter ended April 4, 2015 shows a sharp year-over-year decline in profitability. Net sales were $4.40 billion, down 14% from $5.11 billion in the first quarter of 2014. Net earnings attributable to Nucor stockholders fell to $67.8 million, or $0.21 per diluted share, from $111.0 million, or $0.35 per share. The filing attributes the weakness mainly to exceptionally high steel imports, which it estimates accounted for 33% of the finished steel market versus 25% a year earlier, along with lower average selling prices (down 5% per ton to $781) and 9% lower outside tonnage shipped. Steel mills segment pre-tax earnings fell to $217.1 million from $317.8 million, and the raw materials segment swung to a pre-tax loss of $41.5 million, driven in part by an operating loss of approximately $44 million at Nucor Steel Louisiana during its restart. Balance sheet and cash flow were comparatively stronger. Cash provided by operating activities rose to $563.7 million from $149.2 million, largely from working capital release, and the company repaid approximately $151 million of commercial paper. Cash, cash equivalents and short-term investments totaled $1.27 billion, and the $1.5 billion revolver was undrawn. Management expects second-quarter earnings to be somewhat improved, with a much better downstream products performance, but says steel mill pricing remains under pressure and that Nucor Steel Louisiana will again post an operating loss. Capital expenditures for 2015 are projected at approximately $500 million, reflecting the suspension of new natural gas well drilling. The filing also highlights legal and investment risks. The MM Steel antitrust judgment of $160.8 million is under appeal, with no reserve recorded, and the company believes an affirmance is not probable. Nucor has not recorded a reserve for a separate class-action antitrust matter either. Management notes that the equity investment in Duferdofin Nucor could face impairment if European steel conditions deteriorate further, and it has guaranteed 50% of that joint venture's borrowings.

    May 13, 2015
  36. 2014-Q3

    Nucor Quarterly Report for Q3 Ended Oct 4, 2014

    Nucor Corporation's Form 10-Q for the quarter ended October 4, 2014 shows strong year-over-year growth in the third quarter. Net sales rose to $5.70 billion from $4.94 billion, and net earnings attributable to Nucor stockholders increased to $245.4 million, or $0.76 per diluted share, from $147.6 million, or $0.46 per diluted share, a year earlier. For the first nine months, net sales were $16.10 billion and net earnings attributable to Nucor stockholders were $503.5 million, or $1.57 per diluted share. The steel mills segment drove most of the improvement, with higher average sales prices and tons sold to outside customers, while the steel products segment benefited from improving nonresidential construction markets. The Nucor Steel Louisiana direct reduced iron facility was a drag, with start-up costs of $13.3 million in the third quarter and $53.5 million in the first nine months, and a major process gas heater failure in November 2014 suspended production. The company's balance sheet and liquidity remained solid, with cash, cash equivalents and short-term investments of $1.40 billion and an undrawn $1.5 billion revolving credit facility. Cash provided by operating activities was $925.6 million for the first nine months, and capital expenditures for 2014 are expected to be approximately $600 million, down from $1.2 billion in 2013. Subsequent to quarter-end, Nucor acquired Gallatin Steel Company for a cash purchase price of approximately $775.1 million, partly funded by about $300 million of commercial paper. Management expects a moderate decrease in fourth-quarter 2014 earnings. Key risks include a pending appeal of a $160.8 million antitrust judgment in the MM Steel lawsuit, for which no reserve has been recorded, and the ongoing antitrust class action from steel purchasers. The filing also notes imports at levels not seen since 2006 pressuring pricing, and the Duferdofin Nucor equity investment remains exposed to challenging European steel conditions.

    Nov 12, 2014
  37. 2014-Q3

    Nucor Quarterly Report for Q3 Ended Jul 5, 2014

    Nucor Corporation's Form 10-Q for the quarter ended July 5, 2014 reports second-quarter 2014 net sales of $5.29 billion, up 13% from $4.67 billion in the second quarter of 2013, and net earnings attributable to Nucor stockholders of $147.0 million, or $0.46 per diluted share, versus $85.1 million, or $0.27, a year earlier. For the first six months, net sales were $10.40 billion (up 13%) and net earnings attributable to Nucor stockholders were $258.1 million, or $0.80 per diluted share, compared with $0.53 in the prior-year period. Management attributes the improvement to a 4% increase in average sales price per ton and a 9% increase in tons shipped to outside customers, with the steel mills segment contributing the bulk of the earnings gain. Results were tempered by start-up losses at the Nucor Steel Louisiana DRI facility ($40.1 million in start-up costs in the first half), higher energy costs, and a $9.0 million asset disposal charge in the steel mills segment. Balance sheet and liquidity were stable: cash, cash equivalents and short-term investments totaled $1.17 billion at July 5, 2014, the $1.5 billion revolving credit facility was undrawn, and the funded debt to total capitalization ratio was 36% against a 60% covenant limit. Operating cash flow was $443.3 million for the first half, lower than the prior year due to working capital build, and management projects 2014 capital expenditures of about $600 million, down from $1.2 billion in 2013. The company declared a $0.37 quarterly dividend. Management expects a stronger earnings improvement in the third quarter of 2014. Key legal and risk items include an antitrust judgment in the MM Steel, LP case of $160.8 million, including trebled damages, costs and attorneys' fees, which Nucor is appealing to the U.S. Court of Appeals for the Fifth Circuit; no reserve has been recorded because management considers an affirmance not probable. Nucor is also a co-defendant in separate steel antitrust class actions. Management also notes that the Duferdofin Nucor investment remains exposed to challenging European steel market conditions and that further impairment is reasonably possible.

    Aug 13, 2014
  38. 2014-Q2

    Nucor Quarterly Report for Q2 Ended Apr 5, 2014

    Nucor Corporation's first-quarter 2014 Form 10-Q (quarter ended April 5, 2014) reports net sales of $5.11 billion, up 12% from $4.55 billion in the first quarter of 2013. Net earnings attributable to Nucor stockholders were $111.0 million, or $0.35 per diluted share, compared with $84.8 million, or $0.26 per diluted share, a year earlier. Steel mills segment earnings before income taxes rose to $317.8 million from $272.3 million, while steel products returned to a small profit of $1.7 million and raw materials earned $8.4 million. Higher volumes and prices offset significant energy costs, Nucor Steel Louisiana start-up costs of $20.7 million, a $9.0 million asset disposal charge, and a $12.8 million New York tax legislation charge that pushed the effective tax rate to 37.5%. The filing discloses a significant legal development: on April 29, 2014, a court entered a trebled judgment of $52.0 million in damages from a jury verdict in the MM Steel, LP antitrust case, jointly and severally against Nucor and five co-defendants. Nucor believes the judgment is not probable of being affirmed and has recorded no reserve, and it intends to pursue appeal. Liquidity remained strong, with cash, cash equivalents and short-term investments of $1.25 billion and an undrawn $1.50 billion revolving credit facility. Capital expenditures for 2014 are projected at approximately $600 million, compared with $1.2 billion in 2013. Management expects second-quarter earnings to improve modestly from the first quarter, excluding the tax and asset disposal charges, while cautioning that imports will continue to pressure steel mill pricing.

    May 14, 2014
  39. 2013-Q3

    Nucor Quarterly Report for Q3 Ended Sep 28, 2013

    Nucor Corporation's Form 10-Q for the quarter ended September 28, 2013 shows third-quarter net sales of $4.94 billion, up from $4.80 billion a year earlier, while nine-month net sales fell to $14.16 billion from $14.98 billion. Net earnings attributable to Nucor stockholders were $147.6 million, or $0.46 per diluted share, versus $110.3 million, or $0.35, in the third quarter of 2012. For the first nine months, net earnings attributable to Nucor stockholders were $317.5 million, or $0.99 per diluted share, compared with $367.7 million, or $1.15, a year earlier. The filing attributes weaker results in the steel mills segment to lower average sales prices, and notes that the nine-month 2012 results included a $84.0 million LIFO credit and a $30.0 million Duferdofin Nucor impairment that did not recur in 2013. The company's balance sheet and liquidity remained strong. Cash and cash equivalents rose to $1.72 billion, and total debt increased as Nucor issued $1.0 billion of notes in July 2013 ($500.0 million due 2023 at 4.00% and $500.0 million due 2043 at 5.20%). Management reported a current ratio of 3.2, a funded debt-to-total-capital ratio of 36% against a 60% covenant limit, and no borrowings under its $1.5 billion revolving credit facility, which was extended to August 2018. Capital expenditures for the first nine months were $887.9 million, and management projects 2013 capital spending of about $1.1 billion. The filing flags several operating risks. A storage dome collapse at Nucor Steel Louisiana led to a net $14.0 million charge in the third quarter, and the start-up of the Louisiana DRI facility could be delayed until year-end. The raw materials segment's profitability fell significantly, reflecting difficult scrap processing conditions. Management expects moderately lower fourth-quarter earnings due to seasonal shipment declines and planned outages at several mills. Ongoing exposure to European steel market conditions could lead to further impairment of the Duferdofin Nucor investment, and an antitrust class action remains pending with no estimate of potential exposure.

    Nov 6, 2013
  40. 2013-Q2

    Nucor Quarterly Report for Q2 Ended Jun 29, 2013

    Nucor Corporation's Form 10-Q for the quarter ended June 29, 2013 reports net sales of $4.67 billion for the second quarter of 2013, down 9% from $5.10 billion in the second quarter of 2012, and net earnings attributable to Nucor stockholders of $85.1 million, or $0.27 per diluted share, compared with $112.3 million, or $0.35 per diluted share, a year earlier. For the first six months, net sales were $9.22 billion and net earnings attributable to Nucor stockholders were $169.9 million, or $0.53 per diluted share. The decline was driven by an average sales price per ton decrease of 7% in the second quarter, with the steel mills segment hit by imports and excess domestic capacity in sheet steel, while the raw materials segment benefited from higher DJJ brokerage volumes. Management expects a modest improvement in third-quarter 2013 earnings, citing expected sheet steel price recovery and scrap price increases. Cash flow and liquidity remained solid. Cash provided by operating activities was $485.0 million for the first half of 2013, up from $446.5 million, but capital expenditures rose to $621.3 million, and Nucor repaid $250.0 million of long-term debt in June 2013. Cash and cash equivalents plus short-term investments totaled $678.1 million at June 29, 2013, and the $1.5 billion revolving credit facility was undrawn. Total equity was $7.77 billion and the funded debt to total capital ratio was 31%. Subsequent to quarter-end, on July 29, 2013, Nucor issued $500.0 million of 4.00% notes due 2023 and $500.0 million of 5.20% notes due 2043, with net proceeds of $991.5 million. The filing also highlights ongoing risks, including a Duferdofin Nucor equity investment carried at $440.7 million, where management notes that further impairment could occur given continued weakness in European steel markets. The 2,500,000-ton DRI facility in Louisiana is now expected to start up late in the third quarter of 2013, and the company quarterly dividend was $0.3675 per share.

    Aug 7, 2013
  41. 2013-Q1

    Nucor Quarterly Report for Q1 Ended Mar 30, 2013

    Nucor Corporation's Form 10-Q for the first quarter ended March 30, 2013 reports net sales of $4.55 billion, down 10% from $5.07 billion in the first quarter of 2012. Net earnings attributable to Nucor stockholders were $84.8 million, or $0.26 per diluted share, versus $145.1 million, or $0.46 per diluted share, a year earlier. The filing attributes the decline primarily to a 7% drop in average sales price per ton ($798 versus $857) and a 4% drop in tons shipped to outside customers. The steel mills segment, with sales of $3.27 billion, drove most of the decline, and management cites imports, excess domestic capacity, and weak nonresidential construction demand as continuing pressures. Gross margin fell to $303.2 million (7%) from $380.5 million (8%), and a LIFO charge of $18.0 million weighed on results. Cash provided by operating activities was $128.8 million, compared with $201.8 million a year earlier, while capital expenditures more than doubled to $330.6 million, largely for the Louisiana DRI facility and natural gas drilling programs. Management expects the DRI facility to start up in late third quarter 2013 and projects 2013 capital expenditures of about $1.1 billion. Liquidity remained substantial, with $932.2 million in cash and short-term investments, an undrawn $1.5 billion revolving credit facility, and a funded debt-to-total-capital ratio of 32% against a 60% covenant limit. For the second quarter, management expects some earnings improvement, led by fabricated construction products, raw materials, and most steel mill product groups, partly offset by weaker sheet steel performance. The filing also flags risks to the equity-method investment in Duferdofin Nucor, where management states that continued challenging European steel conditions make further impairment reasonably possible. Nucor also disclosed a guarantee of 50% of Duferdofin Nucor's Facility A borrowings, with €101.0 million outstanding at March 30, 2013, and an antitrust class action in which it cannot predict the outcome or estimate exposure.

    May 8, 2013
  42. 2012-Q3

    Nucor Quarterly Report for Q3 Ended Sep 29, 2012

    Nucor Corporation's Form 10-Q for the quarter ended September 29, 2012 reports net sales of $4.80 billion for the third quarter, down from $5.25 billion a year earlier, and net earnings attributable to Nucor stockholders of $110.3 million, or $0.35 per diluted share, versus $181.5 million, or $0.57, in the third quarter of 2011. For the first nine months, net sales were $14.98 billion and net earnings attributable to Nucor stockholders were $367.7 million, or $1.15 per diluted share, compared with $2.02 in the prior-year period. The filing attributes the decline mainly to severe pricing pressure in the steel mills segment from high imports and new domestic sheet supply, along with margin compression at the scrap processing operations of The David J. Joseph Company. Management states that it expects some further reduction in earnings, excluding non-recurring charges, for the fourth quarter of 2012. The quarter also included a $17.6 million loss on the sale of Nucor Wire Products Pennsylvania, and the nine-month period included a $30.0 million impairment of the Duferdofin Nucor equity investment. Gross margin was $348.7 million (7%) in the third quarter versus $458.1 million (9%) a year earlier, helped by a LIFO credit of $84.0 million in the quarter. Skyline Steel was acquired in June 2012 for approximately $675.4 million in cash, and the company agreed on October 31, 2012 to acquire a 50% working interest in certain onshore natural gas wells, with expected investment of about $3.64 billion over the agreement term. Liquidity remained substantial, with cash, cash equivalents and short-term investments of $2.12 billion at September 29, 2012, a $1.5 billion revolving credit facility that was undrawn, and cash provided by operating activities of $1.12 billion in the first nine months. The funded debt to total capitalization ratio was 35% against a 60% covenant limit. Capital expenditures for 2012 are projected at approximately $1.00 billion, including a direct reduced ironmaking facility in Louisiana expected to begin start-up operations in mid-2013.

    Nov 7, 2012
  43. 2012-Q2

    Nucor Quarterly Report for Q2 Ended Jun 30, 2012

    Nucor Corporation's Form 10-Q for the quarter ended June 30, 2012 shows a sharp earnings decline. Net sales were $5.10 billion in the second quarter of 2012, essentially flat with $5.11 billion a year earlier, while net earnings attributable to Nucor stockholders fell to $112.3 million, or $0.35 per diluted share, from $299.8 million, or $0.94 per share, in the second quarter of 2011. For the first half, net earnings attributable to Nucor stockholders were $257.4 million, or $0.81 per diluted share, versus $459.6 million, or $1.44 per share, a year earlier. Results were weighed down by a $30.0 million impairment of the investment in Duferdofin Nucor S.r.l. and $8.5 million of Skyline-related charges. Average sales price per ton fell 6% in the second quarter, and gross margin dropped to $399.9 million (8%) from $649.5 million (13%). The steel mills segment's pre-tax earnings declined 48% in the second quarter, and management cited an import surge, new domestic sheet capacity and weak nonresidential construction. The steel products segment returned to profitability for the first time since 2008. The raw materials segment, particularly The David J. Joseph Company, saw significant margin compression in scrap processing. Management expects a modest reduction in third-quarter earnings excluding the impairment and Skyline charges, and notes that further impairment of the Duferdofin Nucor investment is reasonably possible. On the balance sheet, Nucor completed the acquisition of Skyline Steel LLC on June 20, 2012 for approximately $683.5 million in cash. Cash, cash equivalents and short-term investments totaled $1.68 billion at June 30, 2012, and the company had an undrawn $1.5 billion revolving credit facility. Capital expenditures for 2012 are projected at approximately $1.00 billion, largely for the direct reduced ironmaking facility in Louisiana, and the company declared a quarterly dividend of $0.365 per share.

    Aug 8, 2012
  44. 2012-Q1

    Nucor Quarterly Report for Q1 Ended Mar 31, 2012

    Nucor Corporation's Form 10-Q for the quarter ended March 31, 2012 reports net sales of $5.07 billion, up 5% from $4.83 billion in the first quarter of 2011, driven by a 6% increase in average sales price per ton to $857 while total tons shipped to outside customers fell 1%. Net earnings attributable to Nucor stockholders were $145.1 million, or $0.46 per diluted share, versus $159.8 million, or $0.50 per diluted share, a year earlier. Gross margin narrowed to $380.5 million (8%) from $423.7 million (9%), with the company citing a $14.5 million LIFO charge, sharply lower margins at its DJJ scrap processing operations, and a flattening of steel pricing and margin trends in the quarter. Management's outlook calls for only a modest improvement in second-quarter 2012 earnings. It describes construction markets as remaining very challenging, while automotive, heavy equipment, energy and general manufacturing demand has continued to improve. Steel mills pricing weakened due to a resurgence in imports and increased competition from new and restarted domestic sheet mill supply. Liquidity remained strong, with cash, cash equivalents and short-term investments of $2.38 billion and an undrawn $1.5 billion revolving credit facility. Capital expenditures rose to $167.3 million, and 2012 capital spending is projected at approximately $1.00 billion, largely for the direct reduced iron facility in St. James Parish, Louisiana, which is expected to begin start-up in mid-2013. The filing also discloses a 50% stake in Duferdofin Nucor with a $500.0 million carrying investment, where the company notes that continued European steel weakness could lead to an impairment.

    May 9, 2012
  45. 2011-Q3

    Nucor Quarterly Report for Q3 Ended Oct 1, 2011

    Nucor Corporation's Form 10-Q for the quarter ended October 1, 2011 reports strong year-over-year improvement. Net sales for the third quarter were $5.25 billion, up 27% from $4.14 billion, and net earnings attributable to Nucor stockholders were $181.5 million, or $0.57 per diluted share, versus $23.5 million, or $0.07, a year earlier. For the first nine months, net earnings attributable to stockholders were $641.1 million, or $2.02 per diluted share, compared with $145.5 million, or $0.46. Average sales price per ton rose 24% in the quarter, driven by the steel mills segment, though the company notes that third-quarter earnings fell below second-quarter levels as sheet mill margins compressed under new domestic supply and rising imports. The filing also points to ongoing weakness in key end markets. Residential and non-residential construction remain at recessionary demand levels, while automotive, energy, heavy equipment and general manufacturing have been firmer. Management expects further margin compression in sheet in the fourth quarter and a smaller compression in plate, and expects overall earnings to be lower than the third quarter. Gross margin in the third quarter was $475.9 million (9%), and a $13.9 million impairment of a dust recycling project was recorded in marketing, administrative and other expenses. Balance sheet and liquidity remained strong. Cash, cash equivalents and short-term investments totaled $2.41 billion at October 1, 2011, with an additional $607.7 million of restricted cash and investments earmarked for the Louisiana DRI facility. The $1.3 billion revolving credit facility was undrawn, and the funded debt to total capital ratio was 36% against a 60% covenant limit. Capital expenditures for 2011 are projected at approximately $475 million. The quarterly dividend was $0.3625 per share.

    Nov 9, 2011
  46. 2011-Q3

    Nucor Quarterly Report for Q3 Ended Jul 2, 2011

    Nucor Corporation's Form 10-Q for the quarter ended July 2, 2011 shows a sharp earnings recovery. Net sales for the second quarter were $5.11 billion, up from $4.20 billion a year earlier, and net earnings attributable to Nucor stockholders were $299.8 million, or $0.94 per diluted share, compared with $91.0 million, or $0.29 per share, in the second quarter of 2010. For the first six months, net sales were $9.94 billion and net earnings attributable to Nucor stockholders were $459.6 million, or $1.44 per diluted share. Management attributed the improvement mainly to a 21% increase in average sales price per ton, with steel mills earnings before taxes more than doubling. Steel products remained a loss-making segment, though its losses narrowed. Management cautioned that the sheet steel market faces significant pressure from new domestic capacity and rising imports, and it expects third-quarter results to be lower than the second quarter. Construction markets remain weak but are described as stable and slowly improving. Cash provided by operating activities was $292.7 million for the first half, compared with cash used of $293.8 million a year earlier. Cash and short-term investments totaled $2.28 billion, and the $1.3 billion revolving credit facility was undrawn. The company is building a direct reduced ironmaking facility in St. James Parish, Louisiana, with start-up expected in mid-2013, and capital expenditures for 2011 are projected at roughly $500 million. The company declared a quarterly dividend of $0.3625 per share. A consolidated antitrust class action filed by steel purchasers remains pending, and management cannot predict its outcome.

    Aug 10, 2011
  47. 2011-Q2

    Nucor Quarterly Report for Q2 Ended Apr 2, 2011

    Nucor Corporation's Form 10-Q for the quarter ended April 2, 2011 shows a sharp year-over-year improvement. Net sales rose to $4.83 billion from $3.65 billion in the first quarter of 2010, a 32% increase, driven by an average sales price per ton that increased 22% to $809 and outside tons shipped that increased 9%. Net earnings attributable to Nucor stockholders were $159.8 million, or $0.50 per diluted share, compared with $31.0 million, or $0.10 per diluted share, a year earlier. Management said the steel mills segment's earnings before income taxes almost doubled, to $312.6 million, on higher utilization rates, higher metal margins and lower pre-operating and start-up costs. Cash flow from operations was $47.5 million, compared with cash used of $3.0 million a year earlier, as working capital absorbed funds: accounts receivable and inventories rose on higher prices, raw material costs and volumes. Cash and cash equivalents plus short-term investments totaled $2.3 billion, and an additional $576.5 million of restricted cash is held for the Louisiana direct reduced iron facility. The $1.3 billion revolving credit facility was undrawn, and the company reported a funded debt to total capital ratio of 36% against a 60% covenant limit. Management said it expects second-quarter results to improve on the first quarter, while noting signs of market weakness near the end of the quarter and a watchful eye on imports. The filing also discloses a pending antitrust class action in which Nucor is a co-defendant, and it describes weather-related disruptions in late April and early May 2011 at two steel mills and scrap facilities, which management did not expect to have a material impact on second-quarter results.

    May 11, 2011
  48. 2010-Q3

    Nucor Quarterly Report for Q3 Ended Oct 2, 2010

    Nucor Corporation's Form 10-Q for the quarter ended October 2, 2010 shows a return to profitability compared with the prior-year period. Net sales for the third quarter were $4.14 billion versus $3.12 billion a year earlier, and net earnings attributable to Nucor stockholders were $23.5 million, or $0.07 per diluted share, compared with a net loss of $29.5 million, or $0.10 per share, in the third quarter of 2009. For the first nine months of 2010, net sales were $11.99 billion and net earnings attributable to Nucor stockholders were $145.5 million, or $0.46 per diluted share, compared with a net loss of $352.5 million in the prior-year period. Average sales price per ton rose 20% in the quarter, while total tons shipped to outside customers increased 10%. The company recorded a LIFO charge of $50.0 million in the third quarter, compared with a LIFO credit of $120.0 million a year earlier. Management cautioned that operating results excluding LIFO deteriorated from the second quarter, and that the fourth quarter may be the most challenging of the year. Residential and non-residential construction markets continue to show little strength, and the sheet and plate markets are over-supplied. Cash provided by operating activities fell to $216.2 million for the nine months, from $950.3 million a year earlier, as working capital needs grew with higher operations. Cash, cash equivalents and short-term investments totaled $2.01 billion at October 2, 2010, and the company issued $600.0 million of 4.125% unsecured notes due 2022 in September 2010. The company is also investing in future growth. It selected St. James Parish, Louisiana, for a planned $750 million direct reduced iron facility, and it acquired a 50% interest in NuMit LLC in April 2010 for approximately $221.3 million. The filing reports a pending antitrust class-action suit alleging anticompetitive conduct among eight steel manufacturers, which management says is without merit, and a pending civil penalty from the Ohio EPA related to the Marion, Ohio mill.

    Nov 10, 2010
  49. 2010-Q3

    Nucor Quarterly Report for Q3 Ended Jul 3, 2010

    Nucor Corporation's quarterly report for the 13 weeks and 26 weeks ended July 3, 2010 shows a sharp recovery from the prior year. Net sales for the second quarter were $4.20 billion, up from $2.48 billion, and net earnings attributable to Nucor stockholders were $90.99 million, or $0.29 per diluted share, compared with a loss of $133.3 million in the second quarter of 2009. For the first half of 2010, net sales were $7.85 billion and net earnings attributable to Nucor stockholders were $121.96 million, or $0.38 per diluted share. Average sales price per ton rose 25% year over year in the second quarter, and total tons shipped to outside customers rose 35%. Gross margin was $308.0 million (7%) in the second quarter, though it absorbed a LIFO charge of $67.0 million. Cash flow was weaker. Cash used by operating activities was $293.8 million in the first half of 2010, versus cash provided of $633.0 million a year earlier, as working capital absorbed $787.5 million. Cash and cash equivalents fell to $801.5 million from $2.02 billion at year-end 2009, largely reflecting investments in affiliates, including the April 2010 acquisition of a 50% interest in NuMit LLC for approximately $221.3 million. Cash and short-term investments totaled $1.14 billion, and the $1.3 billion revolving credit facility was undrawn. Management stated that the continuation of the upward trend through the first half of the year is "by no means clear" and noted a general economic slowdown across product lines, with residential and non-residential construction showing little strength. The balance sheet remains conservative, with long-term debt of $3.08 billion and a funded debt to total capitalization ratio of 29% against a 60% covenant limit. Capital expenditures were $163.2 million in the first half and are projected at approximately $375 million for 2010. The company declared a quarterly dividend of $0.36 per share, payable August 11, 2010. The filing also discloses an antitrust class action filed by steel purchasers, which management says it will vigorously defend, and states that no contingent liabilities are expected to have a material effect on the financial statements.

    Aug 11, 2010
  50. 2010-Q2

    Nucor Quarterly Report for Q2 Ended Apr 3, 2010

    Nucor Corporation's Form 10-Q for the quarter ended April 3, 2010 reports a return to profitability from the prior-year loss. Net sales rose to $3.65 billion from $2.65 billion, and net earnings attributable to Nucor stockholders were $30.96 million, or $0.10 per diluted share, versus a loss of $189.6 million, or $0.60 per share, a year earlier. Gross margins were $212.8 million (6%), compared with a $(124.0) million (-5%) loss in the first quarter of 2009. Results were offset by a LIFO charge of $24.0 million and pre-operating and start-up costs of $50.5 million, versus $33.2 million a year earlier. Average sales price per ton fell 7% to $665, while total tons shipped to outside customers rose 48%. Steel mills segment sales rose 58%, while steel products sales fell 21%. Cash used in operating activities was $3.0 million, compared with cash provided of $14.1 million a year earlier, as working capital absorbed cash. Cash and cash equivalents plus short-term investments totaled $2.0 billion at quarter end, and the $1.3 billion revolving credit facility was undrawn. Management stated that it expects second-quarter results to improve on the first quarter, while residential and non-residential construction markets remain weak. The filing also discloses a subsequent event: on April 6, 2010, a Nucor subsidiary acquired a 50% interest in NuMit LLC, a joint venture with Mitsui & Co. (U.S.A.), Inc., for approximately $225.5 million, and NuMit's first investment was Steel Technologies LLC.

    May 11, 2010