Nucor Reports Results for the First Quarter of 2025

First Quarter of 2025 Highlights Net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share. Adjusted net earnings attributable to Nucor stockholders of $179 million, or $0.77 per diluted share. Net sales of $7.83 billion. Net earnings before noncontrolling interests of $226 million; EBITDA of $696 million. , /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025. Excluding certain one-time charges taken during the quarter, Nucor's first quarter of 2025 adjusted net earnings attributable to Nucor stockholders was $179 million, or $0.77 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024 and $845 million, or $3.46 per diluted share, for the first quarter of 2024. Reflected in the first quarter of 2025 losses and impairments of assets are certain one-time charges totaling $29 million, or $0.10 per diluted share, related to the closure or repurposing of certain facilities. "Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture. Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times," said Leon Topalian, Chair, President and Chief Executive Officer. "Our investment strategy continues to position Nucor as the premier North American steel producer, creating long-term economic value for our customers and shareholders." Selected Segment DataEarnings (loss) before income taxes and noncontrolling interests by segment for the first quarter of 2025 and 2024 were as follows (in millions): Three Months (13 Weeks) Ended April 5, 2025 March 30, 2024 Steel mills $ 231 $ 1,102 Steel products 288 512 Raw materials 29 9 Corporate/eliminations (263) (398) $ 285 $ 1,225 Financial ReviewNucor's consolidated net sales were $7.83 billion in the first quarter of 2025, an 11% increase compared to $7.08 billion in the fourth quarter of 2024 and a 4% decrease compared to $8.14 billion in the first quarter of 2024. Average sales price per ton in the first quarter of 2025 decreased 2% compared to the fourth quarter of 2024 and decreased 12% compared to the first quarter of 2024. A total of 6,830,000 tons were shipped to outside customers in the first quarter of 2025, an increase of 13% compared to the fourth quarter of 2024 and an increase of 10% compared to the first quarter of 2024. Total steel mill shipments in the first quarter of 2025 increased 14% compared to the fourth quarter of 2024 and increased 10% compared to the first quarter of 2024. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the first quarter of 2025, compared to 19% in the fourth quarter of 2024 and 21% in the first quarter of 2024. Downstream steel product shipments to outside customers in the first quarter of 2025 increased 8% from the fourth quarter of 2024 and increased 9% from the first quarter of 2024. The average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 3% increase compared to $381 in the fourth quarter of 2024 and a 6% decrease compared to $421 in the first quarter of 2024. Pre-operating and start-up costs related to the Company's growth projects were approximately $170 million, or $0.56 per diluted share, in the first quarter of 2025, compared with approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024 and approximately $125 million, or $0.39 per diluted share, in the first quarter of 2024. Overall operating rates at the Company's steel mills were 80% in the first quarter of 2025, compared to 74% in the fourth quarter of 2024 and 82% in the first quarter of 2024. Financial StrengthAt the end of the first quarter of 2025, we had $4.06 billion in cash and cash equivalents and short-term investments on hand. On March 11, 2025, the Company amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030. The facility remains undrawn. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor's and Fitch Ratings and a positive outlook at Moody's. Commitment to Returning Capital to StockholdersDuring the first quarter of 2025, Nucor repurchased approximately 2.3 million shares of its common stock at an average price of $133.17 per share. As of April 5, 2025, Nucor had approximately $806 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date. On February 18, 2025, Nucor's Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on May 12, 2025 to stockholders of record as of March 31, 2025 and is Nucor's 208th consecutive quarterly cash dividend. First Quarter of 2025 AnalysisSteel mills segment earnings in the first quarter of 2025 increased from the fourth quarter of 2024, primarily due to increased volumes. Earnings in the steel products segment decreased in the first quarter of 2025 as compared to the fourth quarter of 2024 due to lower average selling prices. Earnings in the raw materials segment decreased in the first quarter of 2025 as compared to the fourth quarter of 2024 due to lower margins at our scrap processing operations and direct reduced iron facilities. Second Quarter of 2025 OutlookWe expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025. Earnings in the second quarter of 2025 are expected to increase across all three of our operating segments, with the largest increase in the steel mills segment. The expected increase in the steel mills segment earnings is primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment are expected to increase in the second quarter of 2025 as compared to the first quarter of 2025 due to increased volumes. The raw materials segment is expected to have increased earnings in the second quarter of 2025. Earnings Conference CallAn earnings call is scheduled for April 29, 2025 at 10:00 a.m. Eastern Time to review Nucor's first quarter of 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event. About NucorNucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler. Non-GAAP Financial MeasuresThe Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest (income) expense, net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods. Forward-Looking StatementsCertain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law. Tonnage Data (In thousands) Three Months (13 Weeks) Ended April 5, 2025 March 30, 2024 Percent Change Steel mills total shipments: Sheet 2,981 2,974 - Bars 2,290 1,912 20 % Structural 577 550 5 % Plate 577 412 40 % Other 38 42 -10 % 6,463 5,890 10 % Sales tons to outside customers: Steel mills 5,226 4,676 12 % Joist and deck 182 180 1 % Rebar fabrication products 247 238 4 % Tubular products 270 208 30 % Building systems 48 55 -13 % Other steel products 301 284 6 % Raw materials 556 583 -5 % 6,830 6,224 10 % Condensed Consolidated Statements of Earnings (Unaudited) (In millions, except per share data) Three Months (13 Weeks) Ended April 5, 2025 March 30, 2024 Net sales $ 7,830 $ 8,137 Costs, expenses and other: Cost of products sold 7,225 6,614 Marketing, administrative and other expenses 281 345 Equity in earnings of unconsolidated affiliates (4) (9) Losses and impairments of assets 29 - Interest expense (income), net 14 (38) 7,545 6,912 Earnings before income taxes and noncontrolling interests 285 1,225 Provision for income taxes 59 266 Net earnings before noncontrolling interests 226 959 Earnings attributable to noncontrolling interests 70 114 Net earnings attributable to Nucor stockholders $ 156 $ 845 Net earnings per share: Basic $ 0.67 $ 3.46 Diluted $ 0.67 $ 3.46 Average shares outstanding: Basic 232.7 243.1 Diluted 232.9 243.5 Condensed Consolidated Balance Sheets (Unaudited) (In millions) April 5, 2025 Dec. 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 3,156 $ 3,558 Short-term investments 905 581 Accounts receivable, net 2,965 2,675 Inventories, net 5,256 5,106 Other current assets 478 555 Total current assets 12,760 12,475 Property, plant and equipment, net 13,759 13,243 Goodwill 4,287 4,288 Other intangible assets, net 3,069 3,134 Other assets 824 800 Total assets $ 34,699 $ 33,940 LIABILITIES Current liabilities: Short-term debt $ 160 $ 225 Current portion of long-term debt and finance lease obligations 1,031 1,042 Accounts payable 2,272 1,832 Salaries, wages and related accruals 574 903 Accrued expenses and other current liabilities 1,022 975 Total current liabilities 5,059 4,977 Long-term debt and finance lease obligations due after one year 6,689 5,683 Deferred credits and other liabilities 1,836 1,863 Total liabilities 13,584 12,523 Commitments and contingencies EQUITY Nucor stockholders' equity: Common stock 152 152 Additional paid-in capital 2,245 2,223 Retained earnings 30,300 30,271 Accumulated other comprehensive loss, net of income taxes (198) (208) Treasury stock (12,430) (12,144) Total Nucor stockholders' equity 20,069 20,294 Noncontrolling interests 1,046 1,123 Total equity 21,115 21,417 Total liabilities and equity $ 34,699 $ 33,940 Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months (13 Weeks) Ended April 5, 2025 March 30, 2024 Operating activities: Net earnings before noncontrolling interests $ 226 $ 959 Adjustments: Depreciation 303 257 Amortization 65 59 Impairment of assets 12 - Stock-based compensation 26 21 Deferred income taxes (31) (40) Distributions from affiliates 6 7 Equity in (earnings) losses of unconsolidated affiliates (4) (9) Changes in assets and liabilities (exclusive of acquisitions and dispositions): Accounts receivable (291) (208) Inventories (150) (14) Accounts payable 378 (392) Federal income taxes 72 248 Salaries, wages and related accruals (308) (596) Other operating activities 60 168 Cash provided by operating activities 364 460 Investing activities: Capital expenditures (859) (670) Investment in and advances to affiliates - - Disposition of plant and equipment 3 4 Acquisitions (net of cash acquired) (1) 1 Purchases of investments (452) (647) Proceeds from the sale of investments 127 422 Other investing activities 2 - Cash used in investing activities (1,180) (890) Financing activities: Net change in short-term debt (65) 11 Proceeds from issuance of long-term debt, net of discount 997 - Bond issuance costs (9) - Repayment of long-term debt (4) (3) Proceeds from exercise of stock options - 3 Payment of tax withholdings on certain stock-based compensation - (3) Distributions to noncontrolling interests (172) (265) Cash dividends (129) (134) Acquisition of treasury stock (300) (1,001) Proceeds from government grants 75 - Other financing activities 21 (4) Cash provided by (used in) financing activities 414 (1,396) Effect of exchange rate changes on cash - (3) Decrease in cash and cash equivalents (402) (1,829) Cash and cash equivalents - beginning of year 3,558 6,387 Cash and cash equivalents - end of three months $ 3,156 $ 4,558 Non-cash investing activity: Change in accrued plant and equipment purchases $ 62 $ (11) Non-GAAP Financial Measures Reconciliation of EBITDA (Unaudited) (In millions) Three Months (13 Weeks) Ended April 5, 2025 March 30, 2024 Net earnings before noncontrolling interests $ 226 $ 959 Depreciation 303 257 Amortization 65 59 Losses and impairments of assets 29 - Interest (income) expense, net 14 (38) Provision for income taxes 59 266 EBITDA $ 696 $ 1,503 Reconciliation of adjusted net earnings attributable to Nucor stockholders (Unaudited) (In millions, except per share data) Three Months (13 Weeks) Ended April 5, 2025 Diluted EPS Net earnings attributable to Nucor stockholders $ 156 $ 0.67 Losses and impairments of assets, net of tax 23 0.10 Adjusted net earnings attributable to Nucor stockholders $ 179 $ 0.77 SOURCE Nucor Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Nucor Reports Results for the First Quarter of 2025

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