Nucor Corporation (NYSE:NUE) is included among the Dividend Growth Stocks: 25 Aristocrats. UBS Points to Pricing Strength Behind Nucor’s (NUE) Share Gains On January 28, UBS analyst Andrew Jones cut Nucor Corporation (NYSE:NUE) to Neutral from Buy and raised the firm’s price target to $183 from $168. The move reflects what the analyst described as “full” valuation and pricing. UBS noted that Nucor shares have climbed 32% since mid-October, even after a softer fourth quarter, supported by strong pricing m ...

Company Overview - Nucor Corporation (NYSE:NUE) is the largest steel manufacturer in the U.S., producing various steel products including sheet, plate, bar, and structural steel, as well as raw materials and industrial gases for multiple applications [2] Financial Performance - Nucor reported a "mixed quarter," with shares experiencing a pullback despite being at a 52-week high prior to the quarter [1] - The financial results were not as strong as anticipated, indicating underlying challenges despite some positive factors [1] Market Environment - The company benefits from protective steel tariffs that prevent foreign products from being sold at lower prices, which supports the domestic steel industry [1] - CEO Leon Topalian noted that the current import situation is the best he has seen in his 30 years at Nucor, highlighting a supportive trade environment for U.S. manufacturing [1]

Key Takeaways CMC delivered a 142% y/y EPS surge in Q1, led by strength in North America Steel and Construction.CMC's recent acquisitions expand its precast concrete footprint, though near-term costs may pressure EBITDA.NUE expects higher 1Q26 earnings across segments, driven by improved volumes and realized steel prices.Commercial Metals Company (CMC) and Nucor Corporation (NUE) are two of the leading steel producers in the United States, with strong domestic footprints and similar business models. A recov ...

Company Overview - Nucor Corporation is a leading producer of structural steel, steel bars, steel joists, steel deck, and cold finished bars in the United States, with 123 operating facilities primarily located in the U.S. and Canada [11] - The company also produces direct reduced iron (DRI) used in its steel mills, with most of its facilities and customers situated in North America [11] Investment Ratings - Nucor has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [12] - The company has a Momentum Style Score of A, with shares increasing by 5.3% over the past four weeks [12] Earnings Estimates - Three analysts have revised their earnings estimates upwards for fiscal 2026, with the Zacks Consensus Estimate increasing by $0.43 to $11.51 per share [12] - Nucor boasts an average earnings surprise of +7.5%, suggesting a positive outlook for future performance [12] Investment Consideration - With a strong Zacks Rank and top-tier Momentum and VGM Style Scores, Nucor is recommended to be on investors' short list for potential investment opportunities [13]

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Core Insights - Nucor Corporation (NUE) reported Q4 2025 earnings of $1.64 per share, an increase from $1.22 year-over-year, but missed the Zacks Consensus Estimate of $1.82 [1] - Net sales reached $7,687 million, reflecting an 8.6% year-over-year increase, surpassing the Zacks Consensus Estimate of $7,679.1 million [1] NUE's Operating Figures - Total sales tons for steel mills in Q4 were 4,602,000 tons, a 0.5% increase year-over-year but an 8% decrease from the prior quarter, missing the estimate of 4,927,000 tons [2] - Overall operating rates at steel mills were 82%, down from 85% in the previous quarter but up from 74% in Q4 2024 [2] Nucor's Segment Highlights - The Steel Mills segment earned $516 million, down from the previous quarter due to lower volumes and margin compression, particularly in sheet products [3] - The Steel Products segment reported earnings of $230 million, lower sequentially due to reduced volumes and higher average costs per ton [3] - The Raw Materials segment generated $24 million, down from the prior quarter, affected by scheduled outages at direct reduced iron facilities [3] NUE's Financial Position - Cash and cash equivalents were $2,260 million at the end of the quarter, a decrease of approximately 36.5% year-over-year [4] - Long-term debt increased to $6,909 million, up 21.6% [4] - Nucor repurchased about 0.7 million shares of its common stock during the quarter [4] Nucor's Outlook - The company expects Q1 2026 earnings to increase across all segments compared to Q4, with the Steel Mills segment anticipated to see the largest rise due to higher volumes and prices [5] - The Steel Products segment is also projected to record higher earnings mainly from increased volumes, while the Raw Materials segment is expected to see improved earnings as well [5] NUE's Price Performance - Nucor's shares have increased by 40.4% over the past year, compared to a 56.5% rise in the industry [6]

Financial Data and Key Metrics Changes - Adjusted earnings for Q4 were $1.73 per share, with full-year earnings at $7.71 per share, while EBITDA totaled $918 million for the quarter and approximately $4.2 billion for the year [7][20] - The company returned $1.2 billion to shareholders through dividends and share buybacks, representing about 70% of net earnings, and ended the year with $2.7 billion in cash [8][25] - For 2026, capital expenditures (CapEx) are estimated at approximately $2.5 billion, down from $3.4 billion in 2025 [22][23] Business Line Data and Key Metrics Changes - The steel mill segment generated $516 million in pretax earnings for Q4, down roughly 35% from the prior quarter, with shipment volumes declining 8% [21] - The steel products segment reported pretax earnings of $230 million, down from $319 million in the previous quarter, with volume declines primarily in the rebar fabrication business [21][22] - The raw material segment's pretax earnings were approximately $24 million, compared to $43 million in the prior quarter, due to scheduled outages [22] Market Data and Key Metrics Changes - The foreign import share of the U.S. finished steel market dropped from approximately 25% last year to 16% in October and an estimated 14% in November [15][16] - Domestic steel demand is expected to be slightly up relative to 2025, with strong backlogs in the steel mill segment up nearly 40% year-over-year [18][19] Company Strategy and Development Direction - The company aims to become the world's safest steel company, achieving the lowest injury and illness rate in its history for 2025 [4] - Nucor's growth strategy focuses on generating more value for customers and shareholders, with significant investments in high-margin products and steel-adjacent businesses [9][10] - The company has invested approximately $20 billion since 2020 to enhance steelmaking capabilities and expand into downstream businesses [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting higher consolidated earnings across all segments, driven by improved demand and fewer outages [26][27] - The company anticipates that trade policies will continue to support the domestic steel industry, with a focus on enforcing tariffs against unfairly traded imports [16][59] - Management noted that while demand remains strong in many sectors, improvements in interest rate-sensitive markets like automotive and residential construction have yet to materialize [17] Other Important Information - The company has a strong commitment to maintaining a balanced capital allocation framework, with a focus on shareholder returns and growth investments [24][25] - Nucor's board approved an increase in the quarterly dividend to $0.56 per share, marking 53 consecutive years of dividend payments [25] Q&A Session Summary Question: CapEx outlook for 2027 - Management discussed the expected CapEx for 2027, indicating that the West Virginia project will absorb the majority of CapEx, with ongoing maintenance capital estimated at around $800 million [31][38] Question: Expansionary projects beyond 2026 - Management highlighted potential growth areas in data centers, energy infrastructure, and towers and structures, emphasizing a focus on lower CapEx opportunities [40][41] Question: EBITDA expectations relative to previous guidance - Management acknowledged the previous EBITDA guidance of $6.7 billion and indicated that while the West Virginia project will contribute, it may not reach full run rate by 2027 [44][48] Question: Spare capacity and market share - Management noted that Nucor operates at about 85% utilization across sheet mills, providing opportunities to capture market share from imports [50] Question: Pricing policy in light of import parity - Management emphasized that pricing is driven by demand profiles and supply chain conditions in the U.S., with a robust economic backdrop supporting pricing strength [86]

Nucor (NYSE:NUE) Q4 2025 Earnings call January 27, 2026 10:00 AM ET Company ParticipantsAndrew Jones - Executive DirectorChris Jacobi - Director of Investor RelationsLeon Topalian - Chair and CEOPhil Gibbs - Managing DirectorSteve Laxton - President, COO, and CFONone - Company Representative 2None - Company RepresentativeConference Call ParticipantsBill Peterson - AnalystKatja Jancic - AnalystLawson Winder - AnalystTimna Tanners - AnalystTristan Gresser - AnalystOperatorGood morning, and welcome to Nucor's ...

Financial Data and Key Metrics Changes - Adjusted earnings for Q4 2025 were $1.73 per share, with full-year earnings at $7.71 per share, reflecting a strong performance despite challenges [6][16] - EBITDA for Q4 totaled $918 million, with approximately $4.2 billion for the full year, indicating robust profitability [6][16] - The company returned $1.2 billion to shareholders through dividends and share buybacks, representing about 70% of net earnings [7] Business Line Data and Key Metrics Changes - The steel mill segment generated pretax earnings of $516 million in Q4, down roughly 35% from the prior quarter, with an 8% decline in shipment volumes [17] - Steel products segment earnings were $230 million, down from $319 million in Q3, with volume declines attributed to seasonal trends [17][18] - The raw material segment saw pretax earnings of approximately $24 million, down from $43 million, primarily due to scheduled outages [18] Market Data and Key Metrics Changes - The foreign import share of the U.S. finished steel market dropped from approximately 25% to 16% year-over-year, indicating a positive impact from trade policies [11][12] - Domestic steel demand is expected to be slightly up relative to 2025, supported by strong backlogs, which are up nearly 40% year-over-year in the steel mill segment [14][15] Company Strategy and Development Direction - The company is focused on balancing long-term growth with shareholder returns, having reinvested $3.4 billion in 2025 and planning for $2.5 billion in CapEx for 2026 [7][19] - Nucor aims to enhance its product mix towards higher-margin products and expand into steel-adjacent businesses, capitalizing on strong demand trends [8][11] - The company is committed to maintaining a strong balance sheet while pursuing disciplined capital allocation and growth strategies [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting higher consolidated earnings across all segments due to improved demand and seasonal trends [20][21] - The company anticipates that the full impact of Section 232 tariffs will continue to lower levels of imported steel, benefiting domestic producers [12][14] - Management highlighted the importance of trade policy and its role in supporting the U.S. steel industry, advocating for continued enforcement of existing tariffs [12][56] Other Important Information - Nucor achieved the lowest injury and illness rate in its history in 2025, marking eight consecutive years of improvement in safety performance [4] - The company has a strong liquidity position with $2.7 billion in cash, providing ample support for growth objectives [7] Q&A Session Summary Question: CapEx outlook for 2027 and ongoing non-expansionary CapEx - Management indicated that CapEx for 2027 is expected to be around $800 million for maintenance, with West Virginia's project absorbing most of the 2026 CapEx [26][34] Question: Potential expansionary projects - Management noted that growth opportunities are being explored in data centers, energy infrastructure, and towers and structures, with a focus on lower CapEx projects [35][36] Question: EBITDA expectations relative to previous guidance - Management clarified that while the $6.7 billion EBITDA target remains a long-term goal, it may not be achievable in 2027 due to ramp-up complexities [41][46] Question: Spare capacity and market share - Management stated that Nucor operates at about 85% utilization across sheet mills, providing opportunities to capture market share from imports [46] Question: Pricing policy and import risks - Management emphasized that pricing is driven by demand profiles and supply chain conditions, with a robust economy supporting current pricing levels [81][85] Question: M&A strategy and focus areas - Management confirmed that future M&A efforts will focus on adjacencies with steel centricity, targeting sectors like energy and data centers for growth [76][78]