Nucor reports ‘most profitable first quarter in company’s history’

Nucor Corporation announced consolidated net earnings of $2.10 billion, or $7.67 per diluted share, for the first quarter of 2022, making it the most profitable first quarter in the company’s history.
By comparison, Nucor reported consolidated net earnings of $2.25 billion, or $7.97 per diluted share, for the fourth quarter of 2021 and $942.4 million, or $3.10 per diluted share, for the first quarter of 2021.
“I’m incredibly proud of the Nucor Team’s exceptional focus on delivering world class performance in the first quarter of 2022, especially our record results in safety and first quarter profitability. We are grateful for the trust our customers place in the Nucor Team with every order as we strive to offer exceptional value by delivering the cleanest and most sustainable steel solutions in the world. Our key forward looking indicators for 2022 remain favorable and we expect another strong year in both earnings and cash generation,” said Leon Topalian, Nucor’s president and CEO.
Nucor’s consolidated net sales increased 1 percent to $10.49 billion in the first quarter of 2022 compared with $10.36 billion in the fourth quarter of 2021 and increased 50 percent compared with $7.02 billion in the first quarter of 2021.
Average sales price per ton in the first quarter of 2022 increased 2 percent compared with the fourth quarter of 2021 and increased 68 percent compared with the first quarter of 2021.
A total of 6,394,000 tons were shipped to outside customers in the first quarter of 2022, which was similar to the fourth quarter of 2021 and decreased 11 percent as compared to the first quarter of 2021.
Total steel mill shipments in the first quarter of 2022 decreased 1 percent as compared to the fourth quarter of 2021 and decreased 11 percent as compared to the first quarter of 2021.
Steel mill shipments to internal customers represented 22 percent of total steel mill shipments in the first quarter of 2022, compared with 22 percent in the fourth quarter of 2021 and 21 percent in the first quarter of 2021.
Overall operating rates at the company’s steel mills decreased to 77 percent in the first quarter of 2022 as compared to 89 percent in the fourth quarter of 2021 and 95 percent in the first quarter of 2021.
At the end of the first quarter of 2022, Nucor had $4.26 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand.
End use market demand remains strong for steel and steel products, and we remain confident that 2022 will be another year of very strong earnings and cash flow for Nucor, officials said. “We expect that the second quarter of 2022 will be the most profitable quarter in Nucor’s history, surpassing the previous record set in the fourth quarter of 2021.”

Author: Stephan Drew

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