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Nucor Corporation NUE reported earnings of $1.22 per share for fourth-quarter 2024, down from $3.16 in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 64 cents.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company recorded net sales of $7,076 million, down around 8.2% year over year. The figure topped the Zacks Consensus Estimate of $6,598 million.
Earnings declined primarily due to lower prices.
Nucor Corporation Price, Consensus and EPS Surprise
Nucor Corporation price-consensus-eps-surprise-chart | Nucor Corporation Quote
NUE's Operating Figures
Total sales tons to outside customers for steel mills in the fourth quarter were 4,580,000 tons, up 4% year over year. The figure beat our estimate of 4,202,000 tons.
The company's steel mills' overall operating rates were 74% in the fourth quarter of 2024, compared with 75% in the third quarter of 2024 and 74% in the fourth quarter of 2023.
NUE's Segment Highlights
Earnings for the company's steel mills unit declined 71% year on year in the reported quarter due to lower average selling prices and lower volumes.
In the fourth quarter, earnings in the steel products segment declined 49.8% year over year due to lower volumes and lower average selling prices.
The raw materials segment reported earnings of $57 million against a loss of $14 million a year ago.
NUE's Financial Position
Nucor's cash and cash equivalents and short-term investments were $4.14 billion at the end of the fourth quarter of 2024. Its $1.75 billion revolving credit facility remains undrawn and will not expire until November 2026.
NUE's FY24 Results
For 2024, Nucor reported net earnings of $2.03 billion or $8.46 per share. This compares with $4.52 billion in net earnings, or $18 per share in 2023.
Nucor recorded net sales of $30.73 billion for full-year 2024, down 11.5% from $34.71 billion reported in 2023. Total tons shipped to outside customers in 2024 amounted to approximately 24,767,000 tons, down 1.7% year over year.
NUE's Outlook
The company expects first-quarter 2025 earnings in the steel mills and steel products segments to be comparable to the fourth quarter of 2024. Earnings in the raw materials segment are predicted to decline sequentially in the first quarter. The company expects higher corporate, administrative, and tax impacts in the first quarter of 2025 than in the fourth quarter of 2024, potentially resulting in lower net earnings overall.
NUE's Stock Price Performance
Shares of Nucor have moved down 31% in a year compared with the industry’s 24.4% decline.