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Nucor Reports Strong Earnings in Q1 2024 Despite Market Volatility
CHARLOTTE, N.C. — April 22, 2024 — Nucor Corporation (NYSE: NUE), a leader in the steel industry, announced its financial results for the first quarter of 2024 today, showcasing solid performance despite fluctuating market conditions.
Q1 2024 Financial Highlights
Nucor reported net earnings of $844.8 million, or $3.46 per diluted share, a notable increase from $785.4 million, or $3.16 per diluted share, in the previous quarter. However, this marks a decrease from $1.14 billion, or $4.45 per diluted share, in the first quarter of 2023.
The company's net sales reached $8.14 billion, representing a 6% increase from the fourth quarter of 2023 but a 7% decrease from $8.71 billion in the same period last year. The average sales price per ton saw a slight increase of 1% quarter-over-quarter but decreased by 3% year-over-year.
Operational and Segment Performance
Nucor's steel mills segment significantly outperformed with earnings of $1.1 billion, compared to $838 million in the first quarter of the previous year. However, the steel products segment saw a decline, earning $511.6 million, down from $970.8 million year-over-year. The raw materials segment reported earnings of $9.6 million, significantly lower than $58.1 million in the first quarter of 2023.
Strategic Growth and Market Positioning
Leon Topalian, Chair, President, and CEO of Nucor, highlighted the company's strategic advancements, including expanding into the data center market and forming new partnerships to supply low carbon steel. These initiatives are part of Nucor's broader strategy to navigate post-pandemic market shifts and focus on sustainable growth.
Financial Stability and Shareholder Returns
As of the end of the first quarter, Nucor maintained strong financial health with $5.54 billion in cash, cash equivalents, and short-term investments. The company also continued its commitment to returning capital to shareholders, repurchasing approximately 5.5 million shares at an average price of $180.79 per share. Furthermore, a quarterly cash dividend of $0.54 per share was declared, marking the 204th consecutive quarterly cash dividend.
Market Response and Outlook
Despite these strong results, Nucor's stock experienced a 6% drop in response to the earnings release, potentially due to market reactions to the mixed performance across its segments and cautious outlook for the steel industry.
Looking ahead to the second quarter of 2024, Nucor anticipates a decrease in earnings, particularly in the steel mills segment, due to lower average selling prices. However, modest volume increases are expected to partially offset these declines. The steel products segment is projected to see moderately decreased earnings, while the raw materials segment is expected to perform better due to increased profitability in direct reduced iron facilities and scrap processing operations.
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