Nucor Reports Consolidated Net Earnings of $1.69 Billion in Q3

Nucor Corporation today announced quarterly consolidated net earnings of $1.69 billion for the third quarter of 2022. By comparison, Nucor reported consolidated net earnings of $2.56 billion for the second quarter of 2022 and $2.13 billion for the third quarter of 2021.
In the first nine months of 2022, Nucor reported consolidated net earnings of $6.35 billion, or $23.85 per diluted share, compared with consolidated net earnings of $4.58 billion, or $15.34 per diluted share, in the first nine months of 2021.
“Nucor has already achieved a record-breaking year for earnings per share through the first nine months of 2022 and we continue to believe that we will set a new record for full-year earnings in 2022. ” said Leon Topalian, Nucor’s Chair, President and Chief Executive Officer.

Financial Review
Nucor’s consolidated net sales decreased 11% to $10.50 billion in the third quarter of 2022 compared with $11.79 billion in the second quarter of 2022 and increased 2% compared with $10.31 billion in the third quarter of 2021. Average sales price per ton in the third quarter of 2022 decreased 3% compared with the second quarter of 2022 and increased 14% compared with the third quarter of 2021. A total of 6,415,000 tons were shipped to outside customers in the third quarter of 2022, an 8% decrease from the second quarter of 2022 and an 11% decrease from the third quarter of 2021. Total steel mill shipments in the third quarter of 2022 decreased 9% as compared to the second quarter of 2022 and decreased 10% as compared to the third quarter of 2021. Steel mill shipments to internal customers represented 22% of total steel mill shipments in the third quarter of 2022, compared with 22% in the second quarter of 2022 and 21% in the third quarter of 2021. Downstream steel product shipments to outside customers in the third quarter of 2022 decreased 2% from the second quarter of 2022 and decreased 1% compared to the third quarter of 2021.

In the first nine months of 2022, Nucor’s consolidated net sales of $32.79 billion were an increase of 26% compared with consolidated net sales of $26.12 billion reported in the first nine months of 2021. Total tons shipped to outside customers in the first nine months of 2022 were 19,786,000, a decrease of 9% from the first nine months of 2021, while the average sales price per ton in the first nine months of 2022 increased 39% from the first nine months of 2021.
The average scrap and scrap substitute cost per gross ton used in the third quarter of 2022 was $502, a 6% decrease compared to $534 in the second quarter of 2022 and a 2% decrease compared to $511 in the third quarter of 2021. The average scrap and scrap substitute cost per gross ton used in the first nine months of 2022 was $511, a 12% increase compared to $457 in the first nine months of 2021.

Source: Steeldata

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