Nucor (NUE) Q3 2024 earnings summary

Executive summary

• Q3 2024 net earnings were $249.9 million ($1.05 per diluted share GAAP), with adjusted EPS of $1.49 after excluding $123 million in non-cash impairment charges.

• EBITDA for Q3 2024 was $869 million, and cash from operations exceeded $1.3 billion.

• Net sales for Q3 2024 were $7.44 billion, down 15% year-over-year, with declines across all segments.

• $2.3 billion was returned to shareholders YTD via buybacks and dividends; $2.3 billion in capital expenditures funded by operating cash flow and cash on hand.

• Safety performance improved, with a YTD injury & illness rate of 0.77, on track for the safest year in company history.

Financial highlights

• Q3 2024 adjusted EPS was $1.49, with net sales of $7.44 billion and EBITDA of $869 million.

• Steel mill segment pretax earnings were $309 million, down over 50% from prior year due to lower realized pricing and shipments.

• Steel products segment adjusted pretax earnings were $354 million, down 20% sequentially; volumes down 6% from prior quarter.

• Raw materials segment adjusted pretax earnings were $17 million, with a reported loss before tax of $66 million due to impairment charges.

• Q3 2024 capital expenditures were $0.82 billion; YTD capex at $2.29 billion.

Outlook and guidance

• Q4 2024 consolidated net earnings are expected to be lower than Q3, mainly due to lower realized pricing and seasonally lower volumes in steel mills and products.

• Raw materials segment earnings are expected to increase in Q4, excluding Q3 impairment charges.

• Full-year 2024 CapEx is now expected at ~$3.2 billion, slightly below the initial $3.5 billion estimate.

• Large capital projects and recent acquisitions are progressing on schedule for 2025 completion.

• Expect incremental demand from infrastructure and manufacturing spending, though flow-through has been slower than anticipated.