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EVENTS: $869 million for the third quarter.
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Adjusted Earnings per Share: $1.49 per share, excluding non-cash pre-tax charges.
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Net Earnings: $250 million, or $1.5 per share on a GAAP basis.
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Non-Cash Pre-Tax Charges: $123 million, impacting earnings by $0.44 per share.
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Shareholder Returns: $2.3 billion returned through share repurchases and dividends year-to-date.
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Capital Expenditures: $2.3 billion completed through September; full-year expectation of approximately $3.2 billion.
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Operating Cash Flow: $1.3 billion generated in the third quarter.
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Cash on Hand: Approximately $4.9 billion at the end of the quarter.
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Steel Mills Segment Pre-Tax Earnings: $309 million, a 50% decrease from the prior quarter.
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Steel Products Segment Adjusted Pre-Tax Earnings: $354 million, a 20% decline from the second quarter.
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Raw Materials Segment Adjusted Pre-Tax Earnings: $17 million, down $22 million from the second quarter.
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Leverage: Total leverage at roughly 1.4 times trailing 12-month EBITDA.
Release Date: October 22, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Nucor Corp (NYSE:NUE) achieved a significant milestone in safety performance, on track for the safest year in the company’s history.
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The company generated EBITDA of $869 million and adjusted earnings of $1.49 per share in the third quarter.
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Nucor Corp (NYSE:NUE) returned $2.3 billion to shareholders through share repurchases and dividends, funded by operating cash flow and cash on hand.
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The company is making progress on several large capital projects, including new facilities in Arizona, North Carolina, Indiana, and West Virginia, aimed at long-term earnings growth.
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Nucor Corp (NYSE:NUE) is integrating recent acquisitions, such as Rytec and Southwest Data products, which present growth opportunities in overhead door and racking platforms.
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Decreased steel demand from several end-use markets and higher import volumes have pressured margins throughout the year.
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The steel mills segment saw a 50% decrease in pre-tax earnings compared to the prior quarter, driven by lower realized pricing.
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The steel products segment experienced a 20% decline in adjusted pre-tax earnings, with volumes 6% lower than the previous quarter.
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Nucor Corp (NYSE:NUE) expects consolidated net earnings to be lower in the fourth quarter due to anticipated declines in the steel mills and steel products segments.
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The company faces challenges from high emissions imported steel affecting domestic prices and mill utilization rates, prompting trade cases against imports.