Nucor(NUE) - 2024 Q3 - Quarterly Results

Financial Performance - Consolidated net earnings attributable to Nucor stockholders for Q3 2024 were $249.9 million, or$1.05 per diluted share, with adjusted net earnings of $353.0 million, or$1.49 per diluted share[1][2] - Net earnings attributable to Nucor stockholders for Q3 2024 were $249.91 million, a significant decrease of 78.1$1.14 billion in Q3 2023[26] - Net earnings before noncontrolling interests for the nine months ended September 28, 2024, were $1,973,930, compared to$4,039,959 for the same period in 2023[31] - Net earnings attributable to Nucor stockholders for the three months ended September 28, 2024, were $249,910, with a diluted EPS of$1.05[33] - Adjusted net earnings attributable to Nucor stockholders for the three months ended September 28, 2024, were $352,990, with a diluted EPS of$1.49[33] Sales and Revenue - Net sales for Q3 2024 were $7.44 billion, an 8$7.44 billion, a decrease of 15.2% compared to $8.78 billion in Q3 2023[26] Shipments and Volumes - Total tons shipped to outside customers in Q3 2024 were approximately 6,196,000 tons, a 1$378, a 5% decrease compared to Q2 2024 and a 9% decrease compared to Q3 2023[8] - Pre-operating and start-up costs related to growth projects were approximately $168 million in Q3 2024, compared to$137 million in Q2 2024 and $101 million in Q3 2023[9] - Losses and impairments of assets for the nine months ended September 28, 2024, were$137,150, with no losses reported in the same period in 2023[31] - Depreciation for the nine months ended September 28, 2024, was $808,791, compared to$681,153 in the same period in 2023[31] Share Repurchases and Stockholder Returns - Nucor repurchased approximately 2.5 million shares of its common stock during Q3 2024 at an average price of $156.07 per share, totaling approximately$2.29 billion returned to stockholders in the first nine months of 2024[11] Segment Performance - The steel mills segment's earnings decreased in Q3 2024 compared to Q2 2024 due to lower average selling prices, while the steel products segment also saw decreased earnings due to lower prices and volumes[12] Future Outlook - Nucor expects consolidated net earnings attributable to stockholders in Q4 2024 to decrease compared to Q3 2024, primarily due to lower average selling prices and decreased volumes in the steel mills segment[13] Cash and Liquidity - At the end of Q3 2024, Nucor had $4.86 billion in cash and cash equivalents and short-term investments, with a$1.75 billion revolving credit facility remaining undrawn[10] - Cash and cash equivalents decreased by 33.2% to $4.26 billion as of September 28, 2024 compared to$6.38 billion as of December 31, 2023[29] - Cash and cash equivalents and restricted cash and cash equivalents at the end of the nine months ended September 28, 2024, were $4,262,799, compared to$5,868,782 at the end of the same period in 2023[31] Operating Rates and Efficiency - Nucor's operating rates at steel mills were 75% in both Q3 and Q2 2024, compared to 77% in Q3 2023, with a decrease to 77% in the first nine months of 2024 compared to 80% in the same period of 2023[9] Balance Sheet and Equity - Total assets as of September 28, 2024 were $34.35 billion, a decrease of 2.8$35.34 billion as of December 31, 2023[29] - Long-term debt and finance lease obligations due after one year decreased by 14.5% to $5.68 billion as of September 28, 2024 compared to$6.65 billion as of December 31, 2023[29] - Retained earnings increased by 4.7% to $30.11 billion as of September 28, 2024 compared to$28.76 billion as of December 31, 2023[29] - Total equity decreased by 2.6% to $21.56 billion as of September 28, 2024 compared to$22.12 billion as of December 31, 2023[29] Cash Flow and Capital Expenditures - Cash provided by operating activities for the nine months ended September 28, 2024, was $3,245,632, down from$5,591,609 in the same period in 2023[31] - Capital expenditures for the nine months ended September 28, 2024, were $2,293,859, compared to$1,496,248 in the same period in 2023[31] - Acquisitions (net of cash acquired) for the nine months ended September 28, 2024, were $672,193, with no acquisitions reported in the same period in 2023[31] EBITDA - EBITDA for the nine months ended September 28, 2024, was$3,614,053, compared to $6,052,150 in the same period in 2023[32]