Nucor Reports Results for the Fourth Quarter and Full Year 2024

Core Insights - Nucor Corporation reported consolidated net earnings of $287 million, or$1.22 per diluted share, for Q4 2024, an increase from $250 million, or$1.05 per diluted share, in Q3 2024 [1][2] - For the full year 2024, Nucor's consolidated net earnings were $2.03 billion, or$8.46 per diluted share, down from $4.53 billion, or$18.00 per diluted share, in 2023 [2] - The company experienced a decrease in steel demand throughout 2024 but anticipates improving market conditions moving into 2025 [3] Financial Performance - Nucor's consolidated net sales for Q4 2024 were $7.08 billion, a decrease of 5$7.44 billion in Q3 2024 and an 8% decline from $7.71 billion in Q4 2023 [5][6] - The average sales price per ton in Q4 2024 decreased by 3$169 million, down from $588 million in Q4 2023, while steel products segment earnings were$329 million, down from $656 million [4] - The raw materials segment saw earnings of$57 million in Q4 2024, compared to a loss of $14 million in Q4 2023 [4] - Overall operating rates at Nucor's steel mills were 74$381, a 1% increase from Q3 2024 but a 4% decrease from Q4 2023 [7] - Pre-tax, pre-operating, and start-up costs related to growth projects were approximately $164 million in Q4 2024, slightly down from$168 million in Q3 2024 [8][9] Capital Management - Nucor had $4.14 billion in cash and cash equivalents at the end of Q4 2024, with a$1.75 billion revolving credit facility remaining undrawn [11] - The company declared a cash dividend of $0.55 per share, marking its 207th consecutive quarterly cash dividend [13] - Nucor repurchased approximately 2.1 million shares of common stock at an average price of$149.81 per share during Q4 2024 [14] Outlook - Earnings in the steel mills and steel products segments are expected to remain similar in Q1 2025 compared to Q4 2024, while earnings in the raw materials segment are anticipated to decrease [17]