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Nucor(NUE) - 2025 Q2 - Quarterly Results

Q2 2025 Earnings Report Financial Highlights Nucor reported Q2 2025 net earnings of $603 million, showing strong sequential growth but a slight year-over-year decline Quarterly Earnings Comparison | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net Earnings (attributable to Nucor) | $603M | $156M | $645M | | Diluted EPS | $2.60 | $0.67 | $2.68 | First Half Earnings Comparison | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Earnings (attributable to Nucor) | $759M | $1.49B | | Diluted EPS | $3.26 | $6.14 | - Management is encouraged by resilient demand, a healthy order backlog, and favorable policies promoting American manufacturing4 Operational and Financial Review Consolidated net sales rose 8% sequentially to $8.46 billion, driven by the steel mills segment and improved operating rates Segment Performance The steel mills segment drove earnings growth, while all segments showed sequential improvement compared to Q1 2025 Earnings Before Income Taxes by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Steel mills | $843 | $645 | $1,074 | $1,748 | | Steel products | $392 | $442 | $680 | $953 | | Raw materials | $57 | $39 | $86 | $49 | - The earnings increase for the steel mills segment in Q2 2025 versus Q1 2025 was primarily due to higher average selling prices20 Financial and Operational Metrics Net sales increased to $8.46 billion, with higher sales prices, stable shipments, and improved steel mill operating rates Q2 2025 Key Metrics vs. Prior Periods | Metric | Q2 2025 | Change vs. Q1 2025 | Change vs. Q2 2024 | | :--- | :--- | :--- | :--- | | Net Sales | $8.46B | +8% | +5% | | Avg. Sales Price/Ton | - | +8% | -3% | | Outside Shipments | 6,820,000 tons | Comparable | +8% | - Overall operating rates at the company's steel mills increased to 85% in Q2 2025, up from 80% in Q1 2025 and 75% in Q2 202414 - The average scrap and scrap substitute cost per gross ton used in Q2 2025 was $403, a 2% increase compared to Q1 202511 Financial Strength Nucor ended the quarter with a strong balance sheet, ample liquidity, and the strongest credit ratings in its sector - At the end of Q2 2025, Nucor had $2.48 billion in cash, cash equivalents, and short-term investments15 - The company's $2.25 billion revolving credit facility remains undrawn and does not expire until March 203015 - Nucor maintains strong credit ratings of A- from S&P, A- from Fitch, and Baa1 from Moody's15 Shareholder Returns and Outlook The company continued share repurchases and dividend payments, but anticipates slightly lower earnings in Q3 2025 - During Q2 2025, Nucor repurchased approximately 1.8 million shares of its common stock at an average price of $111.89 per share18 - The Board of Directors declared a cash dividend of $0.55 per share, marking the 209th consecutive quarterly cash dividend19 - Nucor expects earnings in Q3 2025 to be nominally lower than Q2 2025, due to decreased earnings in the steel mills segment21 Company Information and Disclosures Nucor is North America's largest recycler and a major steel producer, utilizing non-GAAP measures and noting forward-looking risks - Nucor manufactures a wide range of steel products with facilities in the United States, Canada, and Mexico2325 - The company uses the non-GAAP financial measure EBITDA to provide additional insight for evaluating performance2628 - The report includes forward-looking statements subject to risks like competitive pressure, trade policies, and raw material costs2932 Financial Statements and Supplemental Data This section provides detailed unaudited financial statements and supplemental data for the second quarter and first half of 2025 Tonnage Data Total steel mill shipments rose 10% year-over-year, driven by strong growth in structural and plate steel categories Tonnage Data Highlights - Q2 2025 vs Q2 2024 (in thousands) | Category | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Steel Mills Total Shipments | 6,474 | 5,867 | 10% | | Sheet | 3,057 | 2,869 | 7% | | Bars | 2,148 | 2,005 | 7% | | Structural | 635 | 512 | 24% | | Plate | 606 | 448 | 35% | | Sales Tons to Outside Customers | 6,820 | 6,289 | 8% | Condensed Consolidated Statements of Earnings Net sales for Q2 2025 were $8.46 billion, yielding net earnings of $603 million, or $2.60 per diluted share Statement of Earnings Summary - Q2 2025 vs Q2 2024 (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $8,456 | $8,077 | | Earnings before income taxes | $899 | $898 | | Net earnings attributable to Nucor | $603 | $645 | | Diluted EPS | $2.60 | $2.68 | Condensed Consolidated Balance Sheets Total assets grew to $34.22 billion as of July 5, 2025, with total Nucor stockholders' equity at $20.39 billion Balance Sheet Summary (in millions) | Line Item | July 5, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | Total current assets | $11,719 | $12,475 | | Total assets | $34,217 | $33,940 | | Total current liabilities | $4,146 | $4,977 | | Total liabilities | $12,725 | $12,523 | | Total Nucor stockholders' equity | $20,389 | $20,294 | Condensed Consolidated Statements of Cash Flows Net cash from operations for H1 2025 was $1.10 billion, a decrease from $1.95 billion in the prior-year period Cash Flow Summary - H1 2025 vs H1 2024 (in millions) | Line Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cash provided by operating activities | $1,096 | $1,945 | | Cash used in investing activities | $(1,723) | $(1,601) | | Cash used in financing activities | $(996) | $(2,087) | | Decrease in cash and cash equivalents | $(1,612) | $(1,748) | | Cash and cash equivalents - end of period | $1,946 | $4,639 | Non-GAAP Reconciliation: EBITDA EBITDA for Q2 2025 was $1.30 billion, a slight increase from Q2 2024, while H1 2025 EBITDA decreased year-over-year Reconciliation of Net Earnings to EBITDA (in millions) | Period | Net earnings before noncontrolling interests | EBITDA | | :--- | :--- | :--- | | Q2 2025 | $706 | $1,295 | | Q2 2024 | $712 | $1,242 | | H1 2025 | $932 | $1,991 | | H1 2024 | $1,671 | $2,745 |