Nucor (NUE) Q1 2025 earnings summary

Executive summary

• Q1 2025 net earnings were $156 million ($0.67 per share), with adjusted net earnings of $179 million ($0.77 per share) after $29 million in one-time charges for facility closures or repurposing.

• EBITDA for Q1 2025 was $696 million, down from $1.5 billion in Q1 2024 and $751 million in Q4 2024.

• Net sales reached $7.83 billion, up 11% sequentially but down 4% year-over-year.

• Capital expenditures were $859 million, with $300 million in share repurchases and $129 million in dividends returned to shareholders.

• Multiple growth initiatives and major capex projects advanced, including new greenfield sites and facility ramp-ups.

Financial highlights

• Q1 2025 revenue was $7.83 billion, with consolidated shipments of 6.83 million tons; net earnings were $156 million, and adjusted EPS was $0.77.

• Gross margin dropped to 8% ($605 million) from 19% ($1.52 billion) year-over-year.

• Free cash flow was negative at $(495) million in Q1 2025, reflecting high capex.

• Cash and short-term investments totaled $4.06 billion at quarter-end.

• Average external sales price for steel mills was $938/ton, down from $1,108/ton in Q1 2024.

Outlook and guidance

• Q2 2025 earnings are expected to increase across all segments, led by higher selling prices at sheet and plate mills and improved volumes.

• Steel products and raw materials segments are also expected to see higher earnings in Q2 2025.

• Capital expenditures for 2025 are estimated at ~$3.0 billion, focused on new sheet mill and NTS expansion.

• Market catalysts include lower imports, trade case outcomes, and mega project demand.

• Startup costs for new projects expected to remain similar to recent quarters, reflecting heavy capital spending and ramp-up.