Core Insights - Nucor Corporation is the largest steel producer and scrap recycler in the US, operating primarily through its steel mill operations [1] Company Overview - Nucor Corporation is a manufacturer of steel and steel products, with three major segments, the largest being its steel mill operations [1] Industry Context - The company is positioned as a leader in the steel industry, indicating a strong market presence and operational capacity [1]

Group 1 - The article discusses the investment analysis approach of Michael Del Monte, highlighting his macro-value-oriented strategy and cross-industry analysis expertise [1] - Michael Del Monte has over 5 years of experience as a buy-side equity analyst and previously worked in professional services for over a decade across various industries including Oil & Gas, Information Technology, and consumer discretionary [1] - The article emphasizes the importance of making investment recommendations based on comprehensive industry analysis rather than focusing solely on individual companies [1]

Nucor Corporation (NYSE:NUE) Q3 2024 Earnings Conference Call October 22, 2024 10:00 AM ET Company Participants Jack Sullivan - General Manager and IR Leon Topalian - Chair, President and CEO Steve Laxton - EVP and CFO Brad Ford - EVP, Fabricated Construction Products Dave Sumoski - COO Noah Hanners - EVP, Raw Materials Greg Murphy - EVP, Business Services & General Counsel John Hollatz - EVP, Bar and Rebar Fabrication Conference Call Participants Lawson Winder - Bank of America Securities Timna Tanners - W ...

Financial Performance - Q3 2024 Cash from Operations reached $1.3 billion and EBITDA was $869 million[4] - GAAP Earnings Per Share (diluted) stood at $1.05, while Adjusted Earnings Per Share (diluted) was $1.49[4] - The company allocated $400 million for Q3 Share Repurchases, representing approximately 2.5 million shares[4] - Year-to-date, $2.3 billion was returned to shareholders, and capital expenditures also amounted to $2.3 billion[4] - The company holds $4.9 billion in cash on hand, with Net Debt/LTM EBITDA remaining less than 1x[4] Segment Results (Q3 2024 vs Prior Quarter) - Steel Mills' pre-tax segment earnings decreased, with EBT/ton 51% lower[8,10] - Steel Products' pre-tax segment earnings also decreased, including a $40 million impairment[8,10] - Raw Materials segment experienced a loss, with a $83 million impairment[8,10] Market and Strategy - The company is on track for the safest year in its history, with a YTD Injury & Illness rate of 0.77 compared to 0.83 in the prior YTD period[4] - Steel Products segment is expected to have a long-term run rate EBITDA margin of 15%+[8] - Since 2017, the company has reduced its share count by 26%[16]

Core Viewpoint - Nucor Corporation reported a significant decline in earnings for the third quarter of 2024, with adjusted earnings per share surpassing estimates despite lower net sales and average selling prices [1][2]. Group 1: Earnings and Sales Performance - The company reported earnings of $1.05 per share, down from $4.57 in the same quarter last year [1]. - Adjusted earnings per share were $1.49, exceeding the Zacks Consensus Estimate of $1.40 [1]. - Net sales totaled $7,444.2 million, a decrease of approximately 15.2% year over year, but above the Zacks Consensus Estimate of $7,204.5 million [1]. Group 2: Operating Figures - Total sales tons to outside customers for steel mills were 4,607,000 tons, a 0.6% increase year over year, surpassing the estimate of 4,446,000 tons [2]. - The average sales price per ton fell by 15% [2]. - Overall operating rates at the steel mills decreased to 75% in Q3 2024 from 77% in Q3 2023 [2]. Group 3: Segment Highlights - Earnings from the steel mills unit dropped by 65% year over year due to lower average selling prices [3]. - The steel products division saw a 61% decline in earnings year over year, attributed to reduced prices and lower volumes [3]. - The raw materials segment's earnings fell by 192% due to a non-cash impairment charge [3]. Group 4: Financial Position - Cash and cash equivalents were $4,262.8 million at the end of the quarter, down 27.3% year over year [4]. - Long-term debt decreased to $5,684.9 million, down 14.1% [4]. - The company repurchased approximately 2.5 million shares at an average price of $156.07 per share during the quarter [4]. Group 5: Outlook - Nucor anticipates that consolidated net earnings for Q4 2024 will be lower than in Q3 2024 due to reduced profitability in the steel mills segment [5]. - Earnings in the steel products division are expected to decline in Q4 compared to Q3, driven by lower average selling prices and volumes [5]. - The raw materials segment's earnings are predicted to improve sequentially, excluding the impairment charge taken in Q3 2024 [5]. Group 6: Stock Performance - Nucor's shares have increased by 11.2% over the past year, outperforming the industry's 4.8% rise [6].

Nucor (NUE) reported $7.44 billion in revenue for the quarter ended September 2024, representing a year-overyear decline of 15.2%. EPS of $1.49 for the same period compares to $4.57 a year ago. The reported revenue represents a surprise of +3.33% over the Zacks Consensus Estimate of $7.2 billion. With the consensus EPS estimate being $1.40, the EPS surprise was +6.43%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Nucor (NUE) came out with quarterly earnings of $1.49 per share, beating the Zacks Consensus Estimate of $1.40 per share. This compares to earnings of $4.57 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 6.43%. A quarter ago, it was expected that this steel company would post earnings of $2.31 per share when it actually produced earnings of $2.68, delivering a surprise of 16.02%. Over the last four quarters, the company has s ...

Financial Performance - Consolidated net earnings attributable to Nucor stockholders for Q3 2024 were $249.9 million, or $1.05 per diluted share, with adjusted net earnings of $353.0 million, or $1.49 per diluted share[1][2] - Net earnings attributable to Nucor stockholders for Q3 2024 were $249.91 million, a significant decrease of 78.1% compared to $1.14 billion in Q3 2023[26] - Net earnings before noncontrolling interests for the nine months ended September 28, 2024, were $1,973,930, compared to $4,039,959 for the same period in 2023[31] - Net earnings attributable to Nucor stockholders for the three months ended September 28, 2024, were $249,910, with a diluted EPS of $1.05[33] - Adjusted net earnings attributable to Nucor stockholders for the three months ended September 28, 2024, were $352,990, with a diluted EPS of $1.49[33] Sales and Revenue - Net sales for Q3 2024 were $7.44 billion, an 8% decrease compared to Q2 2024 and a 15% decrease compared to Q3 2023[7] - Net sales for Q3 2024 were $7.44 billion, a decrease of 15.2% compared to $8.78 billion in Q3 2023[26] Shipments and Volumes - Total tons shipped to outside customers in Q3 2024 were approximately 6,196,000 tons, a 1% decrease compared to both Q2 2024 and Q3 2023[7] - Steel mills total shipments for Q3 2024 were 5,719 thousand tons, a slight decrease of 0.5% compared to 5,746 thousand tons in Q3 2023[23] - Sheet shipments increased by 4% to 2,837 thousand tons in Q3 2024 compared to 2,723 thousand tons in Q3 2023[23] - Raw materials sales tons to outside customers increased by 11% to 578 thousand tons in Q3 2024 compared to 521 thousand tons in Q3 2023[23] Costs and Expenses - The average scrap and scrap substitute cost per gross ton used in Q3 2024 was $378, a 5% decrease compared to Q2 2024 and a 9% decrease compared to Q3 2023[8] - Pre-operating and start-up costs related to growth projects were approximately $168 million in Q3 2024, compared to $137 million in Q2 2024 and $101 million in Q3 2023[9] - Losses and impairments of assets for the nine months ended September 28, 2024, were $137,150, with no losses reported in the same period in 2023[31] - Depreciation for the nine months ended September 28, 2024, was $808,791, compared to $681,153 in the same period in 2023[31] Share Repurchases and Stockholder Returns - Nucor repurchased approximately 2.5 million shares of its common stock during Q3 2024 at an average price of $156.07 per share, totaling approximately $2.29 billion returned to stockholders in the first nine months of 2024[11] Segment Performance - The steel mills segment's earnings decreased in Q3 2024 compared to Q2 2024 due to lower average selling prices, while the steel products segment also saw decreased earnings due to lower prices and volumes[12] Future Outlook - Nucor expects consolidated net earnings attributable to stockholders in Q4 2024 to decrease compared to Q3 2024, primarily due to lower average selling prices and decreased volumes in the steel mills segment[13] Cash and Liquidity - At the end of Q3 2024, Nucor had $4.86 billion in cash and cash equivalents and short-term investments, with a $1.75 billion revolving credit facility remaining undrawn[10] - Cash and cash equivalents decreased by 33.2% to $4.26 billion as of September 28, 2024 compared to $6.38 billion as of December 31, 2023[29] - Cash and cash equivalents and restricted cash and cash equivalents at the end of the nine months ended September 28, 2024, were $4,262,799, compared to $5,868,782 at the end of the same period in 2023[31] Operating Rates and Efficiency - Nucor's operating rates at steel mills were 75% in both Q3 and Q2 2024, compared to 77% in Q3 2023, with a decrease to 77% in the first nine months of 2024 compared to 80% in the same period of 2023[9] Balance Sheet and Equity - Total assets as of September 28, 2024 were $34.35 billion, a decrease of 2.8% compared to $35.34 billion as of December 31, 2023[29] - Long-term debt and finance lease obligations due after one year decreased by 14.5% to $5.68 billion as of September 28, 2024 compared to $6.65 billion as of December 31, 2023[29] - Retained earnings increased by 4.7% to $30.11 billion as of September 28, 2024 compared to $28.76 billion as of December 31, 2023[29] - Total equity decreased by 2.6% to $21.56 billion as of September 28, 2024 compared to $22.12 billion as of December 31, 2023[29] Cash Flow and Capital Expenditures - Cash provided by operating activities for the nine months ended September 28, 2024, was $3,245,632, down from $5,591,609 in the same period in 2023[31] - Capital expenditures for the nine months ended September 28, 2024, were $2,293,859, compared to $1,496,248 in the same period in 2023[31] - Acquisitions (net of cash acquired) for the nine months ended September 28, 2024, were $672,193, with no acquisitions reported in the same period in 2023[31] EBITDA - EBITDA for the nine months ended September 28, 2024, was $3,614,053, compared to $6,052,150 in the same period in 2023[32]

Third Quarter of 2024 HighlightsConsolidated net earnings attributable to Nucor stockholders of $249.9 million, or $1.05 per diluted share.Adjusted net earnings attributable to Nucor stockholders of $353.0 million, or $1.49 per diluted share.Net sales of $7.44 billion.Net earnings before noncontrolling interests of $302.8 million; EBITDA of $869.0 million.CHARLOTTE, N.C., Oct. 21, 2024 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders ...

Nucor Corporation (NUE) is set to release third-quarter 2024 results after the closing bell on Oct. 21.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The U.S. steel giant surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing once. NUE has a trailing four-quarter earnings surprise of 7.6%, on average. It posted an earnings surprise of 16% in the last reported quarter. Lower earnings in the steel mills segment on weaker selling prices are likely ...