Financial Data and Key Metrics Changes - Adjusted earnings for Q4 were $1.73 per share, with full-year earnings at $7.71 per share, while EBITDA totaled $918 million for the quarter and approximately $4.2 billion for the year [7][20] - The company returned $1.2 billion to shareholders through dividends and share buybacks, representing about 70% of net earnings, and ended the year with $2.7 billion in cash [8][25] - The steel mill segment generated pretax earnings of $516 million in Q4, down roughly 35% from the prior quarter, with shipment volumes declining 8% [21] Business Line Data and Key Metrics Changes - The steel products segment generated pretax earnings of $230 million, down from $319 million in the previous quarter, with volume declines across the portfolio [22] - The raw material segment's pretax earnings were approximately $24 million, compared to $43 million in the prior quarter, primarily due to outages at DRI facilities [22] Market Data and Key Metrics Changes - The foreign import share of the U.S. finished steel market dropped from approximately 25% last year to 16% in October and an estimated 14% in November [15][16] - Domestic steel demand is expected to be slightly up relative to 2025, with historically strong backlogs, up nearly 40% year-over-year in the steel mill segment [18] Company Strategy and Development Direction - The company has invested approximately $20 billion since 2020 to grow core steelmaking capabilities and expand into downstream businesses, while returning nearly $14 billion to shareholders [14] - The growth strategy focuses on generating more value for customers and shareholders, with significant investments in higher-margin products and steel-adjacent businesses [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting strength in primary end markets such as infrastructure, data centers, and energy, while noting limited improvement in interest rate-sensitive markets like automotive and residential construction [17][18] - The company anticipates higher consolidated earnings in Q1 2026, driven by improved results across all operating segments [26] Other Important Information - The company achieved the lowest injury and illness rate in its history in 2025, marking the eighth consecutive year of improvement in safety performance [4] - Management announced a promotion for Steve Laxton to President and COO, while acknowledging the contributions of retiring COO Dave Sumoski [6] Q&A Session Questions and Answers Question: CapEx outlook for 2027 - Management indicated that CapEx for 2026 is expected to be approximately $2.5 billion, with a focus on growth-oriented investments [23][36] Question: Potential expansionary projects - Management highlighted growth opportunities in data centers, energy infrastructure, and towers and structures, emphasizing a focus on lower capital-intensive projects [40][41] Question: Domestic steel demand and capacity - Management noted that domestic mills are operating at about 85% utilization, providing opportunities to capture market share from imports [50] Question: Trade policy expectations - Management expressed support for strong enforcement of trade policies to prevent illegally dumped steel and emphasized the importance of maintaining tariffs [58][59]

Financial Data and Key Metrics Changes - Adjusted earnings for Q4 2025 were $1.73 per share, with full-year earnings at $7.71 per share, reflecting a strong performance despite challenges [6][16] - EBITDA for Q4 totaled $918 million, with approximately $4.2 billion for the full year, indicating robust profitability [6][16] - The company returned $1.2 billion to shareholders through dividends and share buybacks, representing about 70% of net earnings [7] Business Line Data and Key Metrics Changes - The steel mill segment generated pretax earnings of $516 million in Q4, down roughly 35% from the prior quarter, with an 8% decline in shipment volumes [17] - Steel products segment earnings were $230 million, down from $319 million in Q3, with volume declines attributed to seasonal trends [17][18] - The raw material segment saw pretax earnings of approximately $24 million, down from $43 million, primarily due to scheduled outages [18] Market Data and Key Metrics Changes - The foreign import share of the U.S. finished steel market dropped from approximately 25% to 16% year-over-year, indicating a positive impact from trade policies [11][12] - Domestic steel demand is expected to be slightly up relative to 2025, supported by strong backlogs, which are up nearly 40% year-over-year in the steel mill segment [14][15] Company Strategy and Development Direction - The company is focused on balancing long-term growth with shareholder returns, having reinvested $3.4 billion in 2025 and planning for $2.5 billion in CapEx for 2026 [7][19] - Nucor aims to enhance its product mix towards higher-margin products and expand into steel-adjacent businesses, capitalizing on strong demand trends [8][11] - The company is committed to maintaining a strong balance sheet while pursuing disciplined capital allocation and growth strategies [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting higher consolidated earnings across all segments due to improved demand and seasonal trends [20][21] - The company anticipates that the full impact of Section 232 tariffs will continue to lower levels of imported steel, benefiting domestic producers [12][14] - Management highlighted the importance of trade policy and its role in supporting the U.S. steel industry, advocating for continued enforcement of existing tariffs [12][56] Other Important Information - Nucor achieved the lowest injury and illness rate in its history in 2025, marking eight consecutive years of improvement in safety performance [4] - The company has a strong liquidity position with $2.7 billion in cash, providing ample support for growth objectives [7] Q&A Session Summary Question: CapEx outlook for 2027 and ongoing non-expansionary CapEx - Management indicated that CapEx for 2027 is expected to be around $800 million for maintenance, with West Virginia's project absorbing most of the 2026 CapEx [26][34] Question: Potential expansionary projects - Management noted that growth opportunities are being explored in data centers, energy infrastructure, and towers and structures, with a focus on lower CapEx projects [35][36] Question: EBITDA expectations relative to previous guidance - Management clarified that while the $6.7 billion EBITDA target remains a long-term goal, it may not be achievable in 2027 due to ramp-up complexities [41][46] Question: Spare capacity and market share - Management stated that Nucor operates at about 85% utilization across sheet mills, providing opportunities to capture market share from imports [46] Question: Pricing policy and import risks - Management emphasized that pricing is driven by demand profiles and supply chain conditions, with a robust economy supporting current pricing levels [81][85] Question: M&A strategy and focus areas - Management confirmed that future M&A efforts will focus on adjacencies with steel centricity, targeting sectors like energy and data centers for growth [76][78]

Company Overview - Nucor Corporation is a leading producer of structural steel, steel bars, steel joists, steel deck, and cold finished bars in the United States, with 123 operating facilities primarily located in North America [12] - The company also produces direct reduced iron (DRI) used in its steel mills [12] Zacks Rank and Style Scores - Nucor has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid overall rating [13] - The Value Style Score for Nucor is B, supported by attractive valuation metrics such as a forward P/E ratio of 15.44, which may appeal to value investors [13] - Recent upward revisions in earnings estimates by three analysts for fiscal 2026 have increased the Zacks Consensus Estimate by $0.43 to $11.51 per share [13] - Nucor has an average earnings surprise of +7.5%, suggesting a positive trend in earnings performance [13] Investment Consideration - With a solid Zacks Rank and top-tier Value and VGM Style Scores, Nucor is recommended for investors' consideration [14]

Group 1: Earnings Reports Overview - Earnings season is likened to traveling, with excitement leading to overwhelming moments when results are released [1] - The focus is on monitoring a wide range of earnings reports, not just the high-profile companies [2] Group 2: Company-Specific Insights - **Celestica Inc (CLS)**: The stock is off its record high of $363.40 but has shown a positive trend with a 100-day moving average increase. It has posted four consecutive post-earnings gains, with an implied earnings deviation of 14.7% [4][6] - **Nucor Corp (NUE)**: The company benefits from tariff dynamics and increased demand in the infrastructure sector. Its implied earnings deviation is 3.5%, which is below its two-year historical average [6] - **NextEra Energy (NEE)**: As the largest electric utility by market capitalization, it has seen muted post-earnings moves, indicating a focus on dividends rather than volatility. The implied earnings deviation is 5.0% [7] - **UnitedHealth Group (UNH)**: The first major health insurer to report, with recent price action being flat. Historical volatility has been influenced by an earnings miss in April 2025, with an implied earnings deviation of 5.3% [8][13]

FOURTH QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair and CEO STEVE LAXTON President, COO and CFO January 27, 2026 FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words "anticipate," "believe," "expect," "intend," "may," "project," "will," "should," "could" and similar expressions are intended to identify forward-l ...

U.S. stock futures are presenting a mixed picture this Tuesday, January 27, 2026, as investors navigate a busy week dominated by corporate earnings reports, a crucial Federal Reserve policy meeting, and fresh geopolitical developments. While technology-focused futures show upward momentum, broader market indicators suggest a more cautious approach in premarket trading.Premarket Activity and Index FuturesAs of early Tuesday, premarket trading indicates a divergence among the major U.S. indexes. Nasdaq 100 fu ...

Market Overview - U.S. stock futures showed volatility, fluctuating between gains and losses following a higher close on Monday [1] - Major benchmark indices had mixed futures, with the Dow Jones down 0.11%, S&P 500 up 0.23%, and Nasdaq 100 up 0.52% [3][9] Federal Reserve Insights - The Federal Reserve is set to begin its first two-day policy meeting of the year, with a 97.2% likelihood of maintaining current interest rates [2] Company Earnings and Performance - General Motors (NYSE: GM) is projected to report quarterly earnings of $2.20 per share on revenue of $45.80 billion, with a premarket decline of 0.48% [7] - UnitedHealth Group (NYSE: UNH) is expected to report earnings of $2.10 per share on revenue of $113.82 billion, experiencing a premarket drop of 8.24% [7] - Nucor Corp. (NYSE: NUE) reported quarterly earnings of $1.73 per share and revenue of $7.687 billion, both missing analyst expectations, leading to a decline of 3.11% [7] - Humana Inc. (NYSE: HUM) shares fell 12.23% due to a proposal to keep payment rates for private Medicare plans flat [14] - Cloudflare Inc. (NYSE: NET) saw a rise of 7.73% amid social media excitement over an AI project [14] Analyst Insights - Professor Jeremy Siegel maintains an optimistic outlook for 2026, emphasizing a productivity revival driven by technology and a positive trajectory for the economy and markets [10][11] - Siegel notes that small-cap and value stocks are outperforming early in 2026, indicating a shift in market focus [11][12]

Core Viewpoint - U.S. stock futures are mixed, with several companies expected to report earnings that may attract investor attention today [1] Group 1: Earnings Reports - General Motors Co (NYSE:GM) is expected to report quarterly earnings of $2.20 per share on revenue of $45.80 billion, with shares falling 0.5% to $79.05 in after-hours trading [1] - W R Berkley Corp (NYSE:WRB) reported quarterly earnings of $1.13 per share, meeting analyst expectations, while sales of $3.721 billion exceeded estimates of $3.661 billion, leading to a 1.2% increase in shares to $67.71 [1] - Boeing Co (NYSE:BA) is anticipated to post a quarterly loss of 39 cents per share on revenue of $22.47 billion, with shares rising 0.1% to $248.52 in after-hours trading [1] - Nucor Corp (NYSE:NUE) reported quarterly earnings of $1.73 per share, missing the consensus estimate of $1.91 per share, and sales of $7.687 billion also fell short of the $7.868 billion estimate, resulting in a 3.1% decline in shares to $172.13 [1] - UnitedHealth Group Inc (NYSE:UNH) is expected to report quarterly earnings of $2.10 per share on revenue of $113.82 billion, with shares dropping 8.7% to $321.22 in after-hours trading [1]

分组1 - Nucor reported quarterly earnings of $1.73 per share, missing the Zacks Consensus Estimate of $1.82 per share, but showing an increase from $1.22 per share a year ago, resulting in an earnings surprise of -5.15% [1] - The company posted revenues of $7.69 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.10% and increasing from $7.08 billion year-over-year [2] - Nucor has outperformed the S&P 500 with a gain of about 11.4% since the beginning of the year, compared to the S&P 500's gain of 1% [3] 分组2 - The earnings outlook for Nucor is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Nucor was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $2.88 on revenues of $8.46 billion, and for the current fiscal year, it is $11.51 on revenues of $34.68 billion [7] 分组3 - The Steel - Producers industry, to which Nucor belongs, is currently in the top 9% of over 250 Zacks industries, indicating strong potential for performance [8] - Another company in the same industry, SSAB, is expected to report quarterly earnings of $0.03 per share, reflecting a year-over-year change of +50%, with revenues projected at $2.76 billion, up 26.1% from the previous year [9]

Financial Performance - Nucor reported consolidated net earnings of $378 million, or $1.64 per diluted share, for Q4 2025, down from $607 million, or $2.63 per diluted share, in Q3 2025[2]. - Adjusted net earnings for Q4 2025 were $400 million, or $1.73 per diluted share, after excluding impairment charges of $21 million related to facility closures[2][3]. - Net earnings attributable to Nucor stockholders for the year ended December 31, 2025, were $1,744 million, down from $2,027 million in 2024, reflecting a decrease of 14%[34]. - Net earnings attributable to Nucor stockholders for Q4 2025 were $378 million, or $1.64 per diluted share, down from $1.74 billion, or $7.52 per diluted share in Q4 2024[44]. - Adjusted net earnings attributable to Nucor stockholders for the full year 2025 were $1,789 million, or $7.71 per diluted share, compared to $2,130 million, or $8.90 per diluted share in 2024[44]. Sales and Revenue - Net sales for Q4 2025 totaled $7.69 billion, reflecting a decrease compared to previous quarters[6]. - Net sales for Q4 2025 were $7,687 million, a decrease of 10% from $8,521 million in Q3 2025, but an increase of 9% compared to $7,076 million in Q4 2024[37]. - The average sales price per ton for external customers in Q4 2025 was $1,242, a 1% decrease from $1,258 in Q3 2025, but a 6% increase from $1,168 in Q4 2024[37]. Segment Performance - The steel mills segment earnings decreased to $516 million in Q4 2025 from $793 million in Q3 2025, primarily due to lower volumes and margin compression[5][8]. - Steel mills segment total shipments in Q4 2025 were 5,906 thousand tons, an 8% decrease from 6,428 thousand tons in Q3 2025, but a 5% increase from 5,650 thousand tons in Q4 2024[37]. - Total shipments from steel mills decreased by 8% to 5,906 thousand tons in Q4 2025 compared to 6,428 thousand tons in Q3 2025, but increased by 9% from 5,650 thousand tons in Q4 2024[39]. - Steel mill shipments of sheet products decreased by 7% to 2,804 thousand tons in Q4 2025 compared to 3,030 thousand tons in Q3 2025, while shipments increased by 3% from 2,714 thousand tons in Q4 2024[39]. - The company reported a 12% increase in bar shipments for the full year 2025, totaling 8,635 thousand tons compared to 7,730 thousand tons in 2024[39]. - The company experienced a 30% increase in plate shipments for the full year 2025, totaling 2,329 thousand tons compared to 1,797 thousand tons in 2024[39]. Cash and Assets - Nucor had $2.70 billion in cash and cash equivalents at the end of Q4 2025, with a $2.25 billion undrawn revolving credit facility[9]. - Total current assets decreased to $11,765 million in 2025 from $12,475 million in 2024, primarily due to a reduction in cash and cash equivalents[31]. - Nucor's total assets increased to $35,104 million in 2025 from $33,940 million in 2024, reflecting growth in property, plant, and equipment[31]. Liabilities and Expenses - Total liabilities increased to $12,980 million in 2025 from $12,523 million in 2024, driven by an increase in long-term debt and finance lease obligations[31]. - Cash provided by operating activities for the year was $3,234 million, down from $3,979 million in 2024, indicating a decrease of 19%[34]. - Capital expenditures for 2025 were $3,422 million, an increase from $3,173 million in 2024, reflecting ongoing investments in growth[34]. - Nucor's depreciation expense for Q4 2025 was $316 million, up from $304 million in Q3 2025 and $285 million in Q4 2024[42]. - Interest expense for the full year 2025 was $59 million, compared to a net income of $30 million in 2024, indicating a significant change in financial costs[42]. Future Outlook - Looking ahead to Q1 2026, Nucor expects earnings to increase across all segments, driven by higher volumes and prices in the steel mills segment[13]. - The company continues to focus on executing growth projects and maintaining strong returns for shareholders amid robust demand in key markets[5]. Shareholder Returns - The company repurchased approximately 0.7 million shares at an average price of $145.23 per share during Q4 2025, totaling about 5.4 million shares for the full year[10]. - Nucor declared a cash dividend of $0.56 per share, marking its 211th consecutive quarterly cash dividend, with a history of increasing dividends for 53 consecutive years[11]. - For the full year 2025, Nucor returned approximately $1.2 billion to stockholders through share repurchases and dividends[12].