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Nucor Corporation (NYSE: NUE) is a leading manufacturer of steel and steel products headquartered in Charlotte, North Carolina. With operations spanning the United States, Canada, and Mexico, Nucor is North America's largest recycler, having recycled approximately 19.2 million tons of scrap steel in 2012 alone.
Nucor's core business segments include steel mills, steel products, and raw materials. The steel mills segment, which generates the majority of the company's revenue, produces carbon and alloy steel in sheet, bars, structural, and plate forms. Besides steel manufacturing, Nucor operates international trading companies that buy and sell steel products globally.
In 2023, Nucor reported consolidated net earnings of $4.52 billion and demonstrated strong financial performance with a commitment to returning capital to stockholders. The company maintains a robust cash position, with $6.73 billion in liquidity at the end of the third quarter of 2023.
Nucor has made strategic acquisitions to expand its market presence and capabilities. Notable acquisitions include Skyline Steel LLC, Southwest Data Products, and Rytec Corporation. These acquisitions enable Nucor to diversify its product offerings, such as high-performance commercial doors and data center infrastructure, while enhancing its core steelmaking business.
On the sustainability front, Nucor has introduced Econiq™-RE, a steel product made with 100% renewable energy, aligning with its commitment to reducing greenhouse gas emissions. This innovation supports strategic partnerships, like the one with Mercedes-Benz, to deliver lower-embodied carbon steel.
Nucor's forward-looking growth strategy emphasizes investment in new product lines, maintaining high safety standards, and leveraging its market position to capitalize on steel-intensive megatrends. The company's ongoing projects and financial health position it well for sustained success and resilience in the evolving steel industry.
Nucor (NYSE: NUE) has announced guidance for its third quarter of 2024, expecting earnings to be in the range of $0.87 to $0.97 per diluted share. After adding back one-time non-cash charges of approximately $0.43 per diluted share, adjusted earnings are expected to be $1.30 to $1.40 per diluted share. This represents a significant decrease from $2.68 in Q2 2024 and $4.57 in Q3 2023.
The decrease is primarily due to lower average selling prices in the steel mills and steel products segments, as well as lower volumes in the steel products segment. Nucor has repurchased approximately 2.5 million shares at an average price of $156.07 per share during Q3, bringing the year-to-date total to 11.0 million shares at an average price of $172.36.
Nucor (NYSE: NUE) has announced its 206th consecutive quarterly cash dividend. The Board of Directors declared a regular quarterly cash dividend of $0.54 per share on Nucor's common stock. This dividend will be payable on November 8, 2024, to stockholders of record on September 27, 2024.
Nucor is a leading manufacturer of steel and steel products, with operations in the United States, Canada, and Mexico. The company produces a wide range of steel products, including carbon and alloy steel in various forms, as well as related products like steel fasteners and metal building systems. Notably, Nucor is recognized as North America's largest recycler.
Nucor (NYSE: NUE) reported consolidated net earnings of $645.2 million, or $2.68 per diluted share, for Q2 2024. This represents a decrease from $844.8 million in Q1 2024 and $1.46 billion in Q2 2023. Net sales decreased 1% to $8.08 billion compared to Q1 2024 and 15% compared to Q2 2023. The company's average sales price per ton decreased 2% from Q1 2024 and 11% from Q2 2023. Nucor shipped approximately 6,289,000 tons to outside customers, a 1% increase from Q1 2024 but a 5% decrease from Q2 2023. The company's cash position remains strong with $5.43 billion in cash and cash equivalents. Nucor continues to focus on its long-term growth strategy and has returned over $1.7 billion to investors through June 2024.
Nucor (NYSE: NUE), North America's largest recycler and a leading steel manufacturer, has announced its second quarter earnings conference call for 2024. The event, hosted by Chair, President, and CEO Leon Topalian, is scheduled for July 23, 2024, at 10:00 a.m. Eastern Time.
The call will review Nucor's results for the quarter ended June 29, 2024, followed by a Q&A session. Investors and interested parties can access the live webcast through Nucor's website or a dedicated webinar link. An archived version will be available for those unable to attend the live event.
Nucor operates facilities across the United States, Canada, and Mexico, producing a wide range of steel products including bars, beams, sheet, plate, tubing, and more. The company also engages in metal brokerage and scrap processing through its subsidiaries.
Nucor (NYSE: NUE) invites stakeholders to its live conference call on July 23, 2024, at 10:00 a.m. Eastern Time, hosted by CEO Leon Topalian. The call will review Nucor's financial results for the second quarter ending June 29, 2024, and will include a Q&A session. Participants can access the event online via the provided links. An archived version will be available for those who cannot attend live. Nucor, North America's largest recycler, manufactures a wide range of steel products and operates in the U.S., Canada, and Mexico. The company also brokers ferrous and nonferrous metals and processes scrap material.
Nucor (NYSE: NUE) has issued guidance for Q2 2024, projecting earnings between $2.20 and $2.30 per diluted share. This is a decline from $3.46 in Q1 2024 and $5.81 in Q2 2023. The primary cause is reduced earnings from the steel mills segment due to lower selling prices and volumes. The steel products segment also expects reduced earnings from lower selling prices, partially offset by higher volumes. However, raw materials segment earnings are expected to rise due to increased profitability in direct reduced iron facilities. During Q2, Nucor repurchased 2.9M shares at an average of $170.70 each, totaling 8.5M shares year-to-date at $177.30. The company returned over $1.76B to stockholders through share repurchases and dividends. Nucor will release its full Q2 earnings after markets close on July 22, 2024, followed by a conference call on July 23, 2024.
The Board of Directors of Nucor (NYSE: NUE) has declared a regular quarterly cash dividend of $0.54 per share on its common stock. This marks the company's 205th consecutive quarterly cash dividend. The dividend will be payable on August 9, 2024, to shareholders of record as of June 28, 2024. Nucor is a leading manufacturer of steel and steel products, with operations in the US, Canada, and Mexico. The company produces a wide range of products including carbon and alloy steel, steel joists, and metal building systems. Nucor is also North America's largest recycler, processing both ferrous and nonferrous scrap metal.
Nucor (NYSE: NUE) announced an agreement to acquire Rytec , a leading manufacturer of high-performance commercial doors, for $565 million. This all-cash transaction reflects approximately 12.5x Rytec's estimated 2024 EBITDA. Rytec, with over 300 employees across two Wisconsin facilities, is known for producing high-speed, high-performance doors for various commercial applications, including warehouses, auto dealerships, and cold storage. The acquisition aligns with Nucor's strategy to diversify beyond core steelmaking into related downstream businesses. This move aims to foster cross-selling opportunities and enhance Nucor's product offerings. Nucor's leadership emphasized the cultural fit and the potential for growth through the integration of Rytec's products with Nucor's existing operations.
Nucor announced the retirement of Executive Vice President Douglas J. Jellison after 33 years of service and the promotion of Randy J. Spicer to Executive Vice President. Jellison's retirement is effective June 8, 2024, while Spicer's promotion will be effective May 12, 2024. Jellison held various key positions within Nucor, while Spicer brings 20 years of experience to his new role. The succession planning process at Nucor has been described as robust and thoughtful, ensuring a smooth transition in leadership.
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