3rd Quarter of 2024 Highlights

• Consolidated web income because of Nucor stockholders of $249.9 million, or $1.05 consistent with diluted proportion.
• Adjusted web income because of Nucor stockholders of $353.0 million, or $1.49 consistent with diluted proportion.
• Internet gross sales of $7.44 billion.
• Internet income prior to noncontrolling pursuits of $302.8 million; EBITDA of $869.0 million.

CHARLOTTE, N.C., Oct. 21, 2024 /PRNewswire/ — Nucor Company (NYSE: NUE) these days introduced consolidated web income because of Nucor stockholders of $249.9 million, or $1.05 consistent with diluted proportion, for the 3rd quarter of 2024. Except for non-cash impairment fees taken throughout the quarter, Nucor’s 3rd quarter of 2024 adjusted web income because of Nucor stockholders had been $353.0 million, or $1.49 consistent with diluted proportion. Via comparability, Nucor reported consolidated web income because of Nucor stockholders of $645.2 million, or $2.68 consistent with diluted proportion, for the second one quarter of 2024 and $1.14 billion, or $4.57 consistent with diluted proportion, for the 3rd quarter of 2023.  

Mirrored within the 3rd quarter of 2024 losses and impairments of belongings are non-cash fees of $83.0 million, or $0.27 consistent with diluted proportion, and $40.0 million, or $0.17 consistent with diluted proportion, homogeneous to the impairment of positive non-current belongings within the uncooked fabrics and metal merchandise branchs, respectively.

Within the first 9 months of 2024, Nucor reported consolidated web income because of Nucor stockholders of $1.74 billion, or $7.22 consistent with diluted proportion, when compared with consolidated web income because of Nucor stockholders of $3.74 billion, or $14.83 consistent with diluted proportion, within the first 9 months of 2023.

“Thank you to our Nucor teammates for continuing to set new records for safety performance while generating over $1.30 billion of cash from operations for the quarter,” stated Leon Topalian, Nucor’s Chair, President and Well-known Government Officer. “Nucor’s market leadership, product diversity, and strong balance sheet enable us to provide meaningful returns to shareholders and execute our growth strategy even in the face of market uncertainty.”

Decided on Section Knowledge
Profits (loss) prior to source of revenue taxes and noncontrolling pursuits by means of area for the 3rd quarter and primary 9 months of 2024 and 2023 had been as follows (in hundreds):

Monetary Overview
Nucor’s consolidated web gross sales diminished 8% to $7.44 billion within the 3rd quarter of 2024 when compared with $8.08 billion in the second one quarter of 2024 and diminished 15% when compared with $8.78 billion within the 3rd quarter of 2023. Reasonable gross sales value consistent with ton within the 3rd quarter of 2024 diminished 6% when compared with the second one quarter of 2024 and diminished 15% when compared with the 3rd quarter of 2023. A complete of roughly 6,196,000 heaps had been shipped to outdoor shoppers within the 3rd quarter of 2024, a 1% trim when compared with each the second one quarter of 2024 and the 3rd quarter of 2023. Overall metal mill shipments within the 3rd quarter of 2024 diminished 3% when compared with the second one quarter of 2024 and had been related to the 3rd quarter of 2023. Metal mill shipments to interior shoppers represented 19% of overall metal mill shipments within the 3rd quarter of 2024, when compared with 21% in the second one quarter of 2024 and 20% within the 3rd quarter of 2023. Downstream metal product shipments to outdoor shoppers within the 3rd quarter of 2024 diminished 6% when compared with the second one quarter of 2024 and diminished 11% when compared with the 3rd quarter of 2023.

Within the first 9 months of 2024, Nucor’s consolidated web gross sales of $23.66 billion diminished 12% when compared with consolidated web gross sales of $27.01 billion within the first 9 months of 2023. Overall heaps shipped to outdoor shoppers within the first 9 months of 2024 had been roughly 18,709,000 heaps, a trim of three% when compared with the primary 9 months of 2023, and the typical gross sales value consistent with ton within the first 9 months of 2024 diminished 10% when compared with the primary 9 months of 2023.

The typical scrap and scrap replace value consistent with improper ton worn within the 3rd quarter of 2024 used to be $378, a 5% trim in comparison to $396 in the second one quarter of 2024 and a 9% trim in comparison to $415 within the 3rd quarter of 2023. The typical scrap and scrap replace value consistent with improper ton worn within the first 9 months of 2024 used to be $399, a 7% trim in comparison to $429 within the first 9 months of 2023.

Pre-operating and start-up prices homogeneous to the Corporate’s expansion tasks had been roughly $168 million, or $0.54 consistent with diluted proportion, within the 3rd quarter of 2024, when compared with roughly $137 million, or $0.43 consistent with diluted proportion, in the second one quarter of 2024 and roughly $101 million, or $0.31 consistent with diluted proportion, within the 3rd quarter of 2023.

Within the first 9 months of 2024, pre-operating and start-up prices homogeneous to the Corporate’s expansion tasks had been roughly $430 million, or $1.36 consistent with diluted proportion, when compared with roughly $273 million, or $0.83 consistent with diluted proportion, within the first 9 months of 2023.

Total working charges on the Corporate’s metal turbines had been 75% in each the 3rd quarter and 2nd quarter of 2024 and 77% within the 3rd quarter of 2023. Running charges within the first 9 months of 2024 diminished to 77% as in comparison to 80% within the first 9 months of 2023.

Monetary Power
On the finish of the 3rd quarter of 2024, we had $4.86 billion in coins and coins equivalents and momentary investments readily available. The Corporate’s $1.75 billion revolving credit score facility rest undrawn and does no longer expire till November 2026.  Nucor continues to have the most powerful credit score rankings within the North American metal sector (A-/A-/Baa1) with solid outlooks at Usual & Beggarly’s and Fitch Scores and a good outlook at Moody’s.

Loyalty to Returning Capital to Stockholders
Nucor repurchased roughly 2.5 million stocks of its familiar inventory throughout the 3rd quarter of 2024 at a median value of $156.07 consistent with proportion (roughly 11.0 million stocks year-to-date at a median value of $172.36 consistent with proportion). Nucor has returned roughly $2.29 billion to stockholders within the mode of proportion repurchases and dividend bills throughout the primary 9 months of 2024. As of September 28, 2024, Nucor had roughly $1.42 billion difference approved and to be had for repurchases below its proportion repurchase program. This proportion repurchase authorization is discretionary and has incorrect scheduled expiration hour.  

On September 12, 2024, Nucor’s Board of Administrators declared a coins dividend of $0.54 consistent with proportion. This coins dividend is payable on November 8, 2024, to stockholders of file as of September 27, 2024, and is Nucor’s 206^th consecutive quarterly coins dividend.

3rd Quarter of 2024 Research
The biggest motive force for the trim in income within the 3rd quarter of 2024 as in comparison to the second one quarter of 2024 is the diminished income of the metal turbines area, due essentially to decrease moderate promoting costs. The metal merchandise area’s income diminished within the 3rd quarter of 2024 as in comparison to the second one quarter of 2024 because of decrease moderate promoting costs and decrease volumes. Profits within the uncooked fabrics area are decrease within the 3rd quarter of 2024 as in comparison to the second one quarter of 2024 due essentially to the non-cash impairment fee taken within the 3rd quarter of 2024.

Fourth Quarter of 2024 Outlook
We think consolidated web income because of Nucor stockholders within the fourth quarter of 2024 to trim in comparison to income consistent with diluted proportion of $1.05 reported for the 3rd quarter of 2024. The biggest motive force for the anticipated trim in income within the fourth quarter of 2024 is the diminished income of the metal turbines area brought about by means of decrease moderate promoting costs and diminished volumes. We think income within the metal merchandise area to trim within the fourth quarter of 2024 as in comparison to the 3rd quarter of 2024 because of decrease moderate promoting costs and diminished volumes. The income of the uncooked fabrics area are anticipated to extend within the fourth quarter of 2024 as in comparison to the 3rd quarter of 2024 (with the exception of the impairment fee taken throughout the 3rd quarter of 2024).

Profits Convention Name
You might be invited to hear the are living broadcast of Nucor’s convention name throughout which control will speak about Nucor’s 3rd quarter effects on October 22, 2024, at 10:00 a.m. Jap Day. The decision may also be accessed by means of webcast from the Investor Family members category of Nucor’s web page (nucor.com/buyers). A presentation with supplemental data to accompany the decision has been posted to Nucor’s Investor Family members web page. A playback of the webcast will likely be posted to the similar website inside of one hour of the are living match.

About Nucor
Nucor and its associates are producers of metal and metal merchandise, with working amenities in the USA, Canada and Mexico. Merchandise produced come with: carbon and alloy metal — in bars, beams, sheet and plate; hole structural category tubing; electric conduit; metal racking; metal piling; metal joists and joist girders; metal deck; fabricated concrete reinforcing metal; chilly completed metal; precision castings; metal fasteners; steel development methods; insulated steel panels; overhead doorways; metal grating; twine and twine mesh; and virtue constructions. Nucor, via The David J. Joseph Corporate and its associates, additionally agents ferrous and nonferrous metals, pig iron and scorching briquetted iron / direct lowered iron; provides ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North The united states’s greatest recycler. 

Non-GAAP Monetary Measures
The Corporate makes use of positive non-GAAP (Normally Approved Accounting Ideas) monetary measures on this information leave, together with EBITDA, adjusted web income because of Nucor stockholders and altered income consistent with diluted proportion. Normally, a non-GAAP monetary measure is a numerical measure of an organization’s efficiency or monetary place that both excludes or comprises quantities that aren’t generally excluded or integrated in essentially the most at once related monetary measure calculated and introduced in keeping with GAAP.

We outline EBITDA as web income prior to noncontrolling pursuits, including again please see pieces: hobby (source of revenue) expense, web; provision for source of revenue taxes; losses and impairments of belongings; depreciation; and amortization. We outline adjusted web income because of Nucor stockholders as web income because of Nucor stockholders including again losses and impairments of belongings, web of tax. We outline adjusted income consistent with diluted proportion as income consistent with diluted proportion including again the consistent with diluted proportion affect of losses and impairments of belongings, web of tax. Please be aware that alternative corporations would possibly outline their non-GAAP monetary measures otherwise than we do.

Control gifts the non-GAAP monetary measures of EBITDA, adjusted web income because of Nucor stockholders and altered income consistent with diluted proportion on this information leave as it considers them to be impressive supplemental measures of efficiency. Control believes that those non-GAAP monetary measures grant backup perception for analysts and buyers comparing the Corporate’s monetary and operational efficiency by means of offering a constant foundation of comparability throughout sessions.

Ahead-Having a look Statements
Positive statements contained on this information leave are “forward-looking statements” that contain dangers and uncertainties which we think will or might happen going forward and might affect our trade, monetary status and result of operations. The phrases “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and related expressions are meant to spot the ones forward-looking statements. Those forward-looking statements replicate the Corporate’s easiest judgment in line with up-to-date data, and, even if we bottom those statements on cases that we consider to be cheap when made, there may also be incorrect commitment that year occasions won’t have an effect on the accuracy of such forward-looking data. As such, the forward-looking statements aren’t promises of year efficiency, and original effects might range materially from the projected effects and expectancies mentioned on this information leave. Elements that would possibly purpose the Corporate’s original effects to range materially from the ones expected in forward-looking statements come with, however aren’t restricted to: (1) aggressive drive on gross sales and pricing, together with drive from imports and replace fabrics; (2) U.S. and international industry insurance policies affecting metal imports or exports; (3) the sensitivity of the result of our operations to basic marketplace situations, and particularly, common marketplace metal costs and adjustments within the provide and value of uncooked fabrics, together with pig iron, iron ore and scrap metal; (4) the provision and value of electrical energy and herbal gasoline, which might negatively have an effect on our value of metal manufacturing or lead to a extend or cancellation of present or year drilling inside of our herbal gasoline drilling systems; (5) vital apparatus disasters and trade interruptions; (6) marketplace call for for metal merchandise, which, with regards to a lot of our merchandise, is pushed by means of the extent of nonresidential building process in the United States; (7) impairment within the recorded price of stock, fairness investments, fastened belongings, favor or alternative long-lived belongings; (8) uncertainties and volatility environment the worldwide financial system, together with profusion international capability for metal manufacturing, inflation and rate of interest adjustments; (9) fluctuations in forex conversion charges; (10) substantial alterations in rules or govt rules affecting environmental compliance, together with regulation and rules that lead to higher legislation of greenhouse gasoline emissions that might building up our power prices, capital expenditures and working prices or purpose a number of of our allows to be revoked or put together it harder to acquire allow adjustments; (11) the cyclical nature of the metal trade; (12) capital investments and their affect on our efficiency; (13) our protection efficiency; (14) our skill to combine companies we achieve; and (15) the affect of any pandemic or people condition condition. Those and alternative components are mentioned in Nucor’s regulatory filings with the United States Securities and Trade Fee, together with the ones in “Item 1A. Risk Factors” of Nucor’s Annual Document on Method 10-Ok for the yr ended December 31, 2023. The forward-looking statements contained on this information leave discuss best as of this hour, and Nucor does no longer suppose any legal responsibility to replace them, except for as is also required by means of appropriate legislation.

SOURCE Nucor Company

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