01—Abstract
Summary
Summary of the 8-K filed April 28, 2025. Cited figures are marked; the original filing is the authoritative source.
Nucor Corporation reported first-quarter 2025 results for the quarter ended April 5, 2025, with consolidated net earnings attributable to Nucor stockholders of $156 milliona, or $0.67 per diluted share.
Excluding $29 millionb of one-time charges ($0.10 per diluted share) related to the closure or repurposing of certain facilities, adjusted net earnings were $179 million, or $0.77 per diluted share. Net sales were $7.83 billion, an 11% increase from the fourth quarter of 2024 but a 4% decrease from the first quarter of 2024. Average sales price per ton fell 12% year over year, while outside-customer shipments rose 10% to 6,830,000 tons.
Steel mill operating rates were 80%, up from 74% in the fourth quarter of 2024. The company reported $4.06 billionc in cash, cash equivalents and short-term investments. It amended its revolving credit facility to raise capacity from $1.75 billion to $2.25 billion and extend maturity to March 11, 2030, and it repurchased about 2.3 million shares for $300 million during the quarter.
Capital expenditures were $859 milliond, and pre-operating and start-up costs for growth projects were approximately $170 million, or $0.56 per diluted share. Nucor declared a $0.55 per share quarterly dividend payable May 12, 2025.
Management expects second-quarter 2025 earnings to increase compared with the first quarter across all three operating segments, with the largest increase in steel mills, driven mainly by higher average selling prices at sheet and plate mills. The filing also notes preliminary anti-dumping findings on producers in 10 countries and a broadened Section 232 tariff regime, which management cites as supportive of domestic demand.
02—Key points
Key Highlights
- Q1 2025 net earnings attributable to Nucor stockholders were $156 million ($0.67 per diluted share), versus $287 million ($1.22 per diluted share) in Q4 2024 and $845 million ($3.46 per diluted share) in Q1 2024.
- Adjusted net earnings of $179 million ($0.77 per diluted share) exclude $29 million of one-time charges tied to facility closures or repurposing.
- Net sales of $7.83 billion rose 11% sequentially but fell 4% year over year; outside-customer shipments reached 6,830,000 tons, up 10% from Q1 2024.
- Cash flow from operating activities was $364 million, and capital expenditures were $859 million.
- Liquidity remained strong, with $4.06 billion in cash and short-term investments and a $2.25 billion undrawn revolving credit facility maturing in 2030; the filing cites A-/A-/Baa1 credit ratings.
- Nucor repurposed capital toward shareholders, repurchasing about 2.3 million shares at an average of $133.17 and retaining roughly $806 million of repurchase authorization; it also declared a $0.55 quarterly dividend.
- Management expects Q2 2025 earnings to rise versus Q1 in all three segments, led by steel mills on higher sheet and plate pricing.
03—Questions
Frequently Asked Questions
How did Nucor perform in the first quarter of 2025?
Nucor reported net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share. Excluding $29 million of one-time facility-related charges, adjusted net earnings were $179 million, or $0.77 per diluted share. Net sales were $7.83 billion.
What is the outlook for second-quarter 2025?
Nucor expects second-quarter 2025 earnings to increase compared with the first quarter across all three operating segments. The largest increase is expected in steel mills, primarily from higher average selling prices at sheet and plate mills. Steel products earnings are expected to rise on higher volumes, and raw materials earnings are also expected to increase.
How strong is Nucor's balance sheet and liquidity position?
At quarter end Nucor had $4.06 billion in cash, cash equivalents and short-term investments. It amended its revolving credit facility to $2.25 billion, extended its maturity to March 11, 2030, and left it undrawn. The filing states the company has the strongest credit ratings in the North American steel sector (A-/A-/Baa1).
How much did Nucor return to shareholders?
Nucor repurchased approximately 2.3 million shares of common stock at an average price of $133.17 per share, for about $300 million in cash, during the quarter. As of April 5, 2025, about $806 million remained authorized for repurchases. The Board declared a cash dividend of $0.55 per share, payable May 12, 2025.
What drove the year-over-year change in earnings and pricing?
Average sales price per ton decreased 12% compared with the first quarter of 2024, and steel mills earnings before income taxes fell to $231 million from $1,102 million. Shipments to outside customers increased 10%, and steel mill operating rates were 80%, compared with 82% in the first quarter of 2024.
04—Continue