Nucor (NUE) Q4 2024 earnings summary

Executive summary

• Achieved $2.03 billion net earnings and $4.4 billion EBITDA for 2024, with Q4 net earnings of $287 million and EBITDA of $751 million, both down from 2023.

• Returned over $2.7 billion to shareholders in 2024 through dividends and share repurchases, representing 135% of net income.

• Maintained industry-leading safety performance, achieving record-low injury rates and a 42% improvement over five years.

• Two-thirds through a decade-long, $10 billion growth plan, focusing on higher-margin, value-added products and steel-adjacent businesses.

• Maintained a strong balance sheet with $4.1 billion in cash at year-end.

Financial highlights

• FY 2024 diluted EPS was $8.46; Q4 2024 EPS was $1.22, both down from 2023.

• FY 2024 net sales were $30.73 billion, down 11% from 2023; Q4 net sales were $7.08 billion, down 8% year-over-year.

• FY 2024 capital expenditures totaled $3.2 billion; Q4 capex was $879 million.

• FY 2024 free cash flow was $806 million, with operating cash flow of $4.0 billion.

• Returned $2.74 billion to shareholders in 2024 via dividends and share repurchases.

Outlook and guidance

• Q1 2025 operating results for steel mills and products expected to be in line with Q4; raw materials segment contribution likely lower.

• Net earnings in Q1 may be slightly lower due to absence of Q4's discrete tax/corporate benefits and higher corporate/tax impacts.

• 2025 projected capex is ~$3.0 billion, with major projects in West Virginia, Indiana, and other regions.

• Steel demand expected to grow modestly in H1 2025, with stronger momentum in H2.

• Backlog tons increased 5% from Q3 to year-end; joist and deck backlogs extend well into Q2.