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Nucor 8-K Report, Financial Results (Apr 22, 2024)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 22, 2024
Period End
April 22, 2024
Security
NUE
In the record · 2016–202610-K1110-Q328-K111

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

  1. Material agreement8-K · Apr ’18Apr ’18
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Aug ’22Aug ’22
  4. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed April 22, 2024. Cited figures are marked; the original filing is the authoritative source.

Nucor Corporation reported first-quarter 2024 results for the quarter ended March 30, 2024, in a news release furnished as Exhibit 99.1 and an investor presentation furnished as Exhibit 99.2.

Net earnings attributable to Nucor stockholders were $844.8 milliona, or $3.46 per diluted share, compared with $785.4 million, or $3.16 per diluted share, in the fourth quarter of 2023 and $1.14 billion, or $4.45 per diluted share, in the first quarter of 2023. Net sales were $8.14 billion, up 6% from the fourth quarter of 2023 and down 7% from the first quarter of 2023. EBITDA was $1.50 billion.

By segment, steel mills earnings before income taxes and noncontrolling interests rose to $1.10 billionb from $588 million in the fourth quarter of 2023, driven by higher average selling prices and increased volumes, particularly at sheet mills. Steel products earnings fell to $511.6 million from $656 million in the prior quarter due to lower average selling prices and decreased volumes. Operating rates at the steel mills increased to 82% from 74% in the fourth quarter of 2023.

Nucor repurchased approximately 5.5 million shares at an average price of $180.79c and returned $1.13 billion to shareholders during the quarter, and it held $5.54 billion in cash, short-term investments and restricted cash at quarter end. Management expects second-quarter 2024 earnings to decrease compared with the first quarter, mainly because of lower average selling prices at the steel mills, partially offset by modestly increased volumes.

Earnings in the raw materials segment are expected to rise. The company also introduced the Nucor Consumer Spot Price for hot-rolled coil and announced the acquisition of Southwest Data Products, which expands its offerings for data center customers.

02—Key points

Key Highlights

  1. Net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share, in Q1 2024, versus $3.16 per diluted share in Q4 2023 and $4.45 per diluted share in Q1 2023.
  2. Net sales of $8.14 billion, up 6% sequentially and down 7% year over year; average sales price per ton rose 1% sequentially and fell 3% year over year.
  3. Steel mills segment earnings before income taxes and noncontrolling interests of $1.10 billion, up from $588 million in Q4 2023, on higher realized pricing and increased metal margin.
  4. Steel products segment earnings before income taxes and noncontrolling interests of $512 million, down from $656 million in Q4 2023, due to lower pricing in several product lines.
  5. Returned $1.13 billion to shareholders in Q1 2024 through about $1 billion of share repurchases (approximately 5.5 million shares at an average of $180.79) and $134 million of dividends; $2.32 billion remained authorized for repurchases.
  6. Cash and equivalents, short-term investments and restricted cash totaled $5.54 billion at quarter end; the $1.75 billion revolving credit facility remained undrawn.
  7. Guidance calls for lower second-quarter 2024 earnings versus Q1, driven by lower average selling prices at the steel mills, with higher raw materials segment earnings expected.

03—Questions

Frequently Asked Questions

  1. How did Nucor's first-quarter 2024 earnings compare with prior periods?

    Net earnings attributable to Nucor stockholders were $844.8 million, or $3.46 per diluted share, versus $785.4 million, or $3.16 per diluted share, in Q4 2023 and $1.14 billion, or $4.45 per diluted share, in Q1 2023.

  2. What drove the change in segment results?

    Steel mills earnings increased sequentially on higher average selling prices and increased volumes, particularly at sheet mills. Steel products earnings decreased on lower average selling prices and decreased volumes. Raw materials earnings increased sequentially.

  3. What does management expect for the second quarter of 2024?

    Management expects second-quarter 2024 earnings to decrease compared with the first quarter. The steel mills segment is expected to decline primarily on lower average selling prices partially offset by modestly increased volumes, while raw materials earnings are expected to rise on higher profitability of direct reduced iron facilities and scrap processing operations.

  4. How much capital did Nucor return to shareholders and what remains available?

    Nucor returned $1.13 billion to shareholders in the first quarter, including about $1 billion in share repurchases and $134 million in dividends. As of March 30, 2024, approximately $2.32 billion remained authorized for repurchases, and the Board declared a $0.54 per share dividend payable May 10, 2024.

  5. What is the company's liquidity position?

    At quarter end Nucor held $5.54 billion in cash and cash equivalents, short-term investments and restricted cash. Its $1.75 billion revolving credit facility was undrawn and does not expire until November 2026.

04—Continue

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