Nucor Corporation (NYSE:NUE) Q2 2023 Earnings Conference Call July 25, 2023 10:00 AM ET Corporate Participants Jack Sullivan - General Manager-Investor Relations Leon Topalian - Chair, President and Chief Executive Officer Steve Laxton - Executive Vice President and Chief Financial Officer Al Behr - Executive Vice President-Plate and Structural Products John Hollatz - Executive Vice President-Bar, Engineered Bar and Rebar Fabrication Products Rex Query - Executive Vice President-Sheet and Tubular Products D ...

Nucor Corporation (NYSE:NUE) Q1 2023 Earnings Conference Call April 20, 2023 2:00 PM ET Company Participants Jack Sullivan – General Manager-Investor Relations Leon Topalian – Chair, President and Chief Executive Officer Steve Laxton – Executive Vice President and Chief Financial Officer Chad Utermark – Executive Vice President-New Markets and Innovation Al Behr – Executive Vice President-Plate and Structural Products John Hollatz – Executive Vice President-Bar, Engineered Bar and Rebar Fabrication Products ...

FIRST QUARTER 2023 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO FORWARD-LOOKING STATEMENTS Certainstatementsmadeinthispresentationmayconstituteforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReform Act of 1995. These statements invo ...

Financial Performance - Nucor reported consolidated net earnings of $7.61 billion, or $28.79 per diluted share, in 2022, marking the most profitable year in the company's history, surpassing the previous record of $6.83 billion in 2021 [179]. - Total net sales increased by 14% from $36.48 billion in 2021 to $41.51 billion in 2022, driven by a 26% increase in average sales price per ton from $1,292 to $1,626 [183]. - Steel products segment earnings more than tripled in 2022 compared to 2021, primarily due to strong demand in nonresidential construction markets [179]. - Joist sales decreased by 4% to $671 million in 2022 from $702 million in 2021, while total steel products sales increased by 1% to $5.015 billion [188]. - Nucor reported net earnings of $7.61 billion, or $28.79 per diluted share, in 2022, compared to $6.83 billion, or $23.16 per diluted share, in 2021 [207]. - Gross margins increased to $12.50 billion (30%) in 2022, up from $11.03 billion (30%) in 2021, driven by strong demand in nonresidential construction markets [190]. Sales and Production - Total tons shipped to outside customers decreased by 10% from 28.25 million tons in 2021 to 25.52 million tons in 2022 [183]. - The steel mills segment experienced an 11% increase in average sales price per ton, from $1,195 in 2021 to $1,324 in 2022, despite a 10% decrease in tons sold [187]. - Operating rates at Nucor's steel mills decreased to 77% in 2022 from 94% in 2021, contributing to a decrease in earnings for the steel mills segment [181]. Raw Materials and Costs - The raw materials segment's earnings decreased due to lower volumes and a $96 million write-off related to unproved oil and gas properties [181]. - Nucor's investment in DRI production and scrap brokerage provides significant flexibility in optimizing raw material costs, reducing risks associated with global sourcing [172]. - Average selling price per ton for steel products increased by 54% from $1,954 in 2021 to $3,003 in 2022, contributing to a 55% increase in net sales for the steel products segment [188]. Cash Flow and Investments - Cash provided by operating activities increased to $10.07 billion in 2022, up from $6.23 billion in 2021, driven by changes in operating assets and liabilities and an increase in net earnings of $957.3 million [220]. - Cash used in investing activities rose to $5.70 billion in 2022 from $2.87 billion in 2021, primarily due to $3.55 billion spent on acquisitions, including CHI and a 51% stake in CSI [221]. - Nucor returned approximately $3.30 billion to stockholders in 2022 through dividends and share repurchases, with a minimum of 40% of net earnings intended for return to stockholders [218]. Debt and Equity - Nucor's long-term debt was $6.67 billion as of December 31, 2022, with a funded debt to total capital ratio of 25% [231]. - Return on average stockholders' equity was 46.9% in 2022, down from 55.0% in 2021 [207]. - The current ratio improved to 3.4 at year-end 2022 from 2.5 at year-end 2021, influenced by higher cash and cash equivalents [215]. Future Outlook - The company anticipates that funding from the Infrastructure Investment & Jobs Act will significantly impact the market in 2023, enhancing demand for domestically produced steel [164]. - Capital expenditures for 2023 are projected to be approximately $3.0 billion, an increase from $2.0 billion in 2022, focusing on ongoing expansions and new projects [221]. - The profitability of the steel mills segment is expected to increase in Q1 2023 compared to Q4 2022, driven by higher margins and volumes [232]. Impairments and Risks - Nucor recorded a $27.0 million non-cash impairment charge in 2020 due to new regulatory rules in Colorado affecting drilling setback distances [242]. - The carrying value of remaining unproved oil and natural gas properties of $96.0 million was written off in the fourth quarter of 2022 [243]. - Nucor's forward-looking statements are subject to various risks, including competitive pressure, market demand fluctuations, and regulatory changes [257]. Currency and Market Sensitivity - Nucor is exposed to foreign currency risk primarily through operations in Canada, Europe, and Mexico, and uses derivative contracts to mitigate this risk [268]. - A hypothetical 10% change in the market price of natural gas could negatively affect pre-tax earnings by $14.18 million, while a 25% change could result in a $35.44 million impact [266]. - A 10% change in the market price of aluminum could negatively affect pre-tax earnings by $6.34 million, and a 25% change could result in a $15.85 million impact [266]. - A 10% change in the market price of copper could negatively affect pre-tax earnings by $2.04 million, while a 25% change could result in a $5.12 million impact [266].

Nucor Corporation (NYSE:NUE) Q4 2022 Results Conference Call January 26, 2023 2:00 PM ET Company Participants Jack Sullivan - General Manager, Investor Relations Leon Topalian - President and Chief Executive Officer Steve Laxton - Executive Vice President and Chief Financial Officer Dan Needham - Commercial Strategy Al Behr - Executive Vice President of Plate & Structural Products Noah Hanners - Executive Vice President of Raw Materials David Sumoski - Chief Operating Officer Rex Query - Executive Vice Pres ...

Nucor Corporation (NYSE:NUE) Q3 2022 Earnings Conference Call October 20, 2022 2:00 PM ET Company Participants Leon Topalian - President and Chief Executive Officer Dave Sumoski - Chief Operating Officer Steve Laxton - Chief Financial Officer Al Behr - Executive Vice President, Plate and Structural Products Rex Query - Executive Vice President, Sheet and Tubular Products Chad Utermark - Executive Vice President, New Markets and Innovation Conference Call Participants Carlos De Alba - Morgan Stanley Timna Ta ...

Financial Performance - Nucor achieved record second quarter earnings per share of $9.67 and record first half earnings of $17.30, driven by strength across its diversified portfolio of businesses [8][17] - The company has grown revenues by more than 13% per year since its listing, reaching a record of $36.5 billion last year [9] - Cash provided by operating activities during the quarter was $2.3 billion, enabling significant investments and returning approximately $900 million to shareholders via dividends and share repurchases [20][21] Business Segment Performance - The steel products segment generated $1.1 billion in operating profits, with strong contributions from joist and deck, tubular products, and metal buildings [18] - Shipping volumes in the steel mills segment increased by 10%, primarily in sheet and plate, benefiting from strong demand and attractive pricing [19] - The raw materials segment outperformed first quarter results due to increasing selling prices for DRI and scrap [20] Market Conditions - Demand appears stable and resilient across key end-use markets, although prices in the steel segment have softened due to import pressures and commodity pricing declines [25] - Nonresidential construction remains a strong market, with expectations for continued robust performance in 2023 [36] Company Strategy and Development - Nucor is focused on organic growth projects, with several completed projects already contributing to profitability, including the modernization of Nucor Steel Gallatin and the new plate mill in Brandenburg, Kentucky [10][22] - The company is committed to expanding beyond its core steelmaking business, with recent acquisitions aimed at diversifying its portfolio and enhancing its market position [11][69] Management Commentary on Future Outlook - Management expressed confidence in Nucor's ability to grow and create value for shareholders despite economic uncertainties, citing a sustainable and flexible business model [16][25] - The company anticipates that earnings per share will establish a new annual record for 2022, with a strong outlook for the long term [25] Other Important Information - Nucor's capital allocation priorities include deploying capital to create long-term value, maintaining a regular quarterly dividend, and returning at least 40% of net earnings to shareholders [21][24] - The company has a strong balance sheet with a debt to capital ratio of 29% and ample liquidity [24] Q&A Session Summary Question: Insights on plate and structural markets - Management noted that while utilization rates have been soft, pricing remains strong, and they expect continued robust markets in nonresidential construction [28][36] Question: Update on Gallatin and commercial expectations - Gallatin is expected to ramp up to nameplate capacity by the fourth quarter, with significant production increases anticipated [39][66] Question: Raw material strategy and DRI pricing - Management discussed the reduction in pig iron use and stable DRI pricing, with expectations for a decline in pig prices in the fourth quarter [42][43] Question: Outlook for steel product business - The steel products segment is expected to maintain strong performance, with backlogs still significantly higher than pre-pandemic levels [47][50] Question: Infrastructure package demand - Management indicated that while there is dialogue around the infrastructure package, significant material orders are not expected until early 2023 [55] Question: M&A opportunities - The company has a rich pipeline for potential acquisitions, focusing on businesses that provide differentiated value propositions and enhance construction solutions [68][69]

Nucor Corp. (NYSE:NUE) Q1 2022 Earnings Conference Call April 21, 2022 2:00 PM ET Company Participants Leon Topalian - President, CEO & Director Stephen Laxton - CFO, Treasurer & EVP Rex Query - EVP, Sheet & Tubular Products Allen Behr - EVP, Plate & Structural Products Chad Utermark - EVP, Fabricated Construction Products Douglas Jellison - EVP, Raw Materials Conference Call Participants Emily Chieng - Goldman Sachs Group Carlos De Alba - Morgan Stanley Timna Tanners - Wolfe Research Seth Rosenfeld - BNP P ...