Group 1: Overview of Nucor - Nucor is one of the largest steelmakers in North America, operating in a highly cyclical industry where demand and pricing significantly impact its financial performance [3][6] - The company is currently undergoing a $10 billion capital investment program aimed at improving its long-term profitability and resilience during industry downturns [5][11] Group 2: Business Model and Strategy - Nucor utilizes electric arc mini mills that primarily use scrap steel, allowing for greater flexibility in production compared to traditional blast furnaces [8] - The company is shifting towards higher margin products, including fabricated steel products, which helps enhance profit margins and provides some protection against cyclical downturns in the steel industry [9] Group 3: Financial Health - Nucor has a strong financial foundation, ending 2024 with a debt-to-equity ratio of approximately 0.33, the lowest among its peers, providing it with the capacity to manage challenges and continue its capital investment plans [11] Group 4: Investment Considerations - Nucor's stock has fallen over 40% from its early 2024 highs, presenting a potential buying opportunity as it is currently undervalued on Wall Street [2][12] - The company's status as a Dividend King, with five decades of annual dividend increases, underscores its strong business model and execution capabilities [6]

Financial Data and Key Metrics Changes - Nucor generated EBITDA of $696 million and earned $0.77 of adjusted EPS in Q1 2025, despite lower results compared to prior quarters [7] - Net earnings were $156 million or $0.67 per share, including pretax charges of $29 million related to facility closures [19] - The company returned nearly $430 million to shareholders during the quarter [7][28] Business Line Data and Key Metrics Changes - The steel mill segment generated adjusted pretax earnings of $241 million, increasing approximately 43% from the prior quarter, with volume increasing 14% [20] - The bar mill group saw shipments rise 21% compared to the prior quarter and 20% year over year [20] - The steel products segment generated adjusted pretax earnings of $37 million, with backlog growth of nearly 25% across all downstream products [22] Market Data and Key Metrics Changes - Backlogs rose over 30% in steel mill segments and nearly 25% in steel products [15] - The company noted steady to improving demand for steel among customers engaged in rebuilding American industry [16] - The structural backlog is at the highest levels in Nucor's history, indicating strong future demand [76] Company Strategy and Development Direction - Nucor is focused on long-term growth plans, reinvesting nearly $860 million into the company, with two-thirds allocated to projects commencing operations in the next two years [7][8] - The company is expanding its capabilities through acquisitions and organic growth investments, establishing four distinct platforms with higher growth potential [24] - Nucor aims to strengthen and diversify its earnings profile while addressing evolving customer needs [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust order book and healthy demand across various sectors, including advanced manufacturing and infrastructure projects [16][17] - The company is well-positioned to capture domestic steel demand growth, supported by favorable trade policies [32] - Management acknowledged macroeconomic uncertainties but emphasized Nucor's strong financial position and capabilities to navigate challenges [17] Other Important Information - Nucor's greenhouse gas emission intensity is among the lowest in the global steel industry, and the company is advancing cleaner energy sources [18] - The company has made significant progress in reducing injuries over the past several years [18] Q&A Session Summary Question: What are the expected startup costs for 2025? - Management indicated that startup costs for 2025 would be similar to previous years, around $160 million to $170 million [36] Question: What is the expected utilization at Brandenburg by year-end 2025? - Management expressed confidence in achieving EBITDA positive run rates by summer and highlighted significant production achievements at Brandenburg [39] Question: Can you provide clarity on second quarter guidance? - Management refrained from providing specific quantitative guidance but acknowledged strong order entry rates and backlogs [50] Question: How is Nucor mitigating tariff impacts? - Management stated that the impact of tariffs on raw materials is minimal due to diversified supply strategies and ongoing monitoring of market conditions [54] Question: What is the impact of Section 232 on downstream products? - Management noted that the extension of Section 232 is having a positive impact, with imports dropping below 20% for the first time in years [64] Question: What is the outlook for steel products pricing? - Management indicated that while pricing may decline in the short term, margins are expected to remain stable due to lower substrate costs [66] Question: How did the first quarter results compare to expectations? - Management attributed the earnings beat primarily to volume increases in the steel segment, particularly in bar and sheet products [87] Question: What is the current status of the West Virginia project? - Management confirmed that the West Virginia project is on track for a late 2026 startup, with significant progress made [111]

FIRST QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO April 29, 2025 FORWARD-LOOKING STATEMENTS 2 NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non- GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or ...

Financial Data and Key Metrics Changes - Nucor generated EBITDA of $696 million and earned $0.77 of adjusted EPS in Q1 2025, despite lower results compared to prior quarters [7] - Net earnings were $156 million or $0.67 per share, including pretax charges of $29 million related to facility closures [19] - The company incurred $170 million in pre-operating and startup costs during the quarter [20] Business Line Data and Key Metrics Changes - The steel mill segment generated adjusted pretax earnings of $241 million, increasing approximately 43% from the prior quarter, with a volume increase of 14% [20] - The bar mill group saw shipments rise 21% compared to the prior quarter and 20% year over year [20] - The steel products segment generated adjusted pretax earnings of $37 million, with backlog growth of nearly 25% across all downstream products [22] Market Data and Key Metrics Changes - Backlogs rose over 30% in the steel mill segments and nearly 25% in steel products [15] - The company noted steady to improving demand for steel among customers engaged in rebuilding American industry [16] - The structural backlog is at the highest levels in Nucor's history, indicating strong future demand [76] Company Strategy and Development Direction - Nucor is focused on long-term growth plans, reinvesting nearly $860 million into the company, with two-thirds allocated to projects commencing operations in the next two years [7] - The company is advancing its "expand beyond" strategy and driving key acquisitions to strengthen and diversify its earnings profile [8] - Nucor aims to maintain a strong investment-grade credit quality and has raised $1 billion in senior notes to pre-fund upcoming debt maturities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust order book and healthy demand across various sectors, including advanced manufacturing and infrastructure projects [16][78] - The company is well-positioned to capture domestic steel demand growth, with expectations for earnings to be meaningfully higher in Q2 2025 compared to Q1 [31] - Management acknowledged macroeconomic uncertainties but emphasized Nucor's strong capabilities and financial strength to navigate these challenges [17] Other Important Information - Nucor's greenhouse gas emission intensity is among the lowest in the global steel industry, and the company is advancing cleaner energy sources [18] - The company has made several acquisitions since 2022 to expand its construction products capabilities, establishing four distinct platforms with higher growth potential [24] Q&A Session Summary Question: Can you provide clarity on the magnitude of startup costs for 2025? - Management indicated that startup costs for the balance of the year would be similar to previous quarters, around $160 million to $170 million [36] Question: What are the expected utilization rates for the Brandenburg mill by year-end 2025? - Management expressed confidence in achieving EBITDA positive run rates by summer and highlighted significant production achievements [39] Question: Can you provide guidance on the second quarter outlook? - Management refrained from providing specific quantitative guidance but acknowledged strong order entry rates and backlogs [50] Question: How is Nucor mitigating tariff impacts on raw materials? - Management emphasized a diversified raw material supply strategy and noted that the impact of tariffs on raw materials is minimal [54] Question: What is the impact of Section 232 on downstream products? - Management noted that the extension of Section 232 is having a positive impact, with imports dropping below 20% for the first time in years [64] Question: Can you clarify the adjusted EPS compared to guidance? - The beat in adjusted EPS was driven primarily by volume increases in the steel segment, particularly in bar and sheet products [87] Question: What contributed to the gross margin squeeze? - Management identified higher energy costs and increased scrap costs as contributing factors to the margin squeeze [90] Question: Is there any speculation for tariffs included in the $3 billion CapEx? - Management confirmed that the CapEx does not include any speculation for tariffs [94]

Core Viewpoint - Nucor Corporation reported a significant decline in earnings for the first quarter of 2025, with earnings per share dropping to 67 cents from $3.46 in the same quarter last year, although it surpassed the Zacks Consensus Estimate of 68 cents [1]. Financial Performance - Net sales for Nucor in the first quarter were $7,830 million, a decrease of approximately 4% year over year, but exceeded the Zacks Consensus Estimate of $7,215.4 million [2]. - The average sales price per ton fell by 12% compared to the prior-year quarter and decreased by 2% sequentially [3]. - Total sales tons to outside customers for steel mills increased by 12% year over year, reaching 5,226,000 tons, surpassing the estimate of 4,609,000 tons [2]. Segment Performance - Earnings from the steel mills unit increased sequentially due to higher volumes, while earnings in the steel products segment declined due to lower average selling prices [4]. - The raw materials segment experienced lower earnings compared to the fourth quarter of 2024, attributed to reduced margins in scrap processing operations and direct reduced iron facilities [4]. Financial Position - At the end of the reported quarter, Nucor had cash and cash equivalents and short-term investments totaling $4.06 billion [5]. - The company amended its revolving credit facility to increase borrowing capacity to $2.25 billion from $1.75 billion and extended the maturity date to March 11, 2030, with the facility remaining undrawn [5]. Outlook - Nucor anticipates an increase in earnings for the second quarter of 2025 across all segments, with the steel mills unit expected to see the largest increase due to higher average selling prices at its sheet and plate mills [6]. Stock Performance - Nucor's shares have declined by 30.8% over the past year, compared to a 35.7% decline in the Zacks Steel Producers industry [7].

作者 | Seeking Profits 编译 | 华尔街大事件 纽柯钢铁 (NYSE： NUE )的股价 在过去一年中表现不佳，市值缩水约三分之一。尽管该公司受益于钢铁关税，但对大范围征收关税将导致美国 经济衰退的担忧拖累了股价。第一季度业绩好坏参半，但分析师 预计业绩将环比改善。 纽柯公司 第一季度 盈利0.77美元，高于 市场预期0.11美元， 尽管营收较上年下降4%至78亿美元。早在 3月份 ，纽柯公司就预先公布了第一季 度业绩指引，预计盈利0.50-0.60美元，低于当时市场预期的1.06美元。考虑到其最新的业绩指引，这些业绩好于目前的预期，但仍低于一个月 前的市场预期。需要指出的是，纽柯公司通常会在公布业绩前约一个月发布中期业绩更新，这与大多数公司在极端情况下不提供更新业绩指引 的做法不同。 虽然纽柯的盈利能力略好于预期，但由于钢铁价格下跌，其盈利能力大幅下降。其盈利低于上季度的1.22美元和去年同期的3.46美元。纽柯的息 税折旧摊销前利润（EBITDA）为6.96亿美元，低于去年的15亿美元。我们看到该公司的投入成本有所改善；每吨成本为394美元，低于去年的 421美元。但这未能抵消销售价格下 ...

Core Viewpoint - Nucor's shares have significantly underperformed over the past year, losing approximately one-third of their value, primarily due to concerns over potential economic downturns linked to widespread steel tariffs [1] Financial Performance - The Q1 results for Nucor were mixed, indicating variability in performance despite the benefits from steel tariffs [1]

Financial Performance - For the quarter ended March 2025, Nucor reported revenue of $7.83 billion, a decrease of 3.8% compared to the same period last year [1] - Earnings per share (EPS) was $0.77, down from $3.46 in the year-ago quarter [1] - The reported revenue exceeded the Zacks Consensus Estimate of $7.22 billion by +8.52%, while the EPS surpassed the consensus estimate of $0.68 by +13.24% [1] Key Metrics - Total steel products sales amounted to 1,048 KTon, exceeding the average estimate of 972.77 KTon by four analysts [4] - The average steel product price per ton was $2,294, slightly below the average estimate of $2,338.66 [4] - Sales tons to outside customers for total steel mills reached 5,226 KTon, surpassing the average estimate of 4,751.93 KTon [4] Stock Performance - Nucor's shares have returned -5.1% over the past month, compared to a -4.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance against the broader market in the near term [3]

Core Viewpoint - Nucor (NUE) reported quarterly earnings of $0.77 per share, exceeding the Zacks Consensus Estimate of $0.68 per share, but down from $3.46 per share a year ago, indicating a significant decline in profitability [1][2] Financial Performance - The company achieved revenues of $7.83 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.52%, although this represents a decrease from $8.14 billion in the same quarter last year [2] - Nucor has consistently outperformed consensus EPS estimates over the last four quarters, achieving earnings surprises of 13.24% in the latest quarter and 90.63% in the previous quarter [1][2] Stock Performance and Outlook - Nucor shares have declined approximately 0.9% since the beginning of the year, contrasting with the S&P 500's decline of 6.1% [3] - The company's earnings outlook is favorable, with a current consensus EPS estimate of $2.31 on revenues of $8.03 billion for the upcoming quarter and $8.06 on revenues of $31.04 billion for the current fiscal year [7] Industry Context - The Steel - Producers industry, to which Nucor belongs, is currently ranked in the top 17% of over 250 Zacks industries, suggesting a positive industry outlook that could influence Nucor's stock performance [8] - The correlation between near-term stock movements and earnings estimate revisions is noted, indicating that tracking these revisions can provide insights into future stock performance [5][6]

Financial Performance - Nucor reported consolidated net earnings of $156 million, or $0.67 per diluted share, for Q1 2025, down from $845 million, or $3.46 per diluted share, in Q1 2024[2][5]. - Adjusted net earnings for Q1 2025 were $179 million, or $0.77 per diluted share, compared to $287 million, or $1.22 per diluted share, in Q4 2024[2][5]. - Net sales for the first quarter of 2025 were $7,830 million, a decrease of 3.8% from $8,137 million in the same period last year[34]. - Cost of products sold increased to $7,225 million, up 9.2% from $6,614 million year-over-year[34]. - Net earnings attributable to Nucor stockholders were $156 million, down 81.5% from $845 million in the prior year[34]. - Basic and diluted earnings per share were both $0.67, compared to $3.46 in the same quarter last year[34]. - EBITDA for the first quarter of 2025 was $696 million, a decline of 53.7% from $1,503 million in the previous year[43]. Sales and Shipments - Consolidated net sales for Q1 2025 were $7.83 billion, an 11% increase from $7.08 billion in Q4 2024 but a 4% decrease from $8.14 billion in Q1 2024[7]. - Total shipments to outside customers in Q1 2025 were 6,830,000 tons, a 10% increase compared to Q1 2024[7][31]. - The average sales price per ton in Q1 2025 decreased by 12% compared to Q1 2024, while the average scrap cost per gross ton used was $394, a 6% decrease from Q1 2024[7][8]. Costs and Expenditures - Pre-operating and start-up costs for growth projects were approximately $170 million in Q1 2025, up from $125 million in Q1 2024[9]. - Capital expenditures for the quarter were $859 million, an increase from $670 million in the same period last year[40]. Assets and Liabilities - Total assets increased to $34,699 million, up from $33,940 million at the end of 2024[37]. - Total liabilities rose to $13,584 million, compared to $12,523 million at the end of the previous year[37]. - Cash and cash equivalents decreased to $3,156 million from $4,558 million at the end of the previous quarter[40]. Shareholder Actions - Nucor repurchased approximately 2.3 million shares at an average price of $133.17 per share during Q1 2025, with $806 million remaining for future repurchases[12]. Future Outlook - The company expects earnings in Q2 2025 to increase across all segments, with the largest increase anticipated in the steel mills segment[17].