Steel Mills

Nucor posts lower Q2 earnings, predicts tough Q3
Written by Michael Cowden
July 22, 2024
Nucor
Second quarter ended June 29 | 2024 | 2023 | % Change |
---|---|---|---|
Net sales | $8,077.2 | $9,523.3 | -15.2% |
Net earnings | $645.2 | $1,461.4 | -55.9% |
Per diluted share | $2.68 | $5.81 | -53.9% |
Six months ended June 29 | |||
Net sales | $16,214.3 | $18,233.2 | -11.1% |
Net earnings | $1,490.1 | $2,597.9 | -42.6% |
Per diluted share | $6.14 | $10.26 | -40.2% |
Nucor recorded lower second-quarter earnings on falling steel prices.
And the Charlotte, N.C.-based steelmaker predicted that profits would be lower still in the third quarter, primarily because of weaker results from its steel mills divisions.
Recall that Nucor has three business units: steel mills, raw materials, and downstream steel products.
“While market conditions have softened compared to recent record-setting years, Nucor remains focused on its long-term growth strategy,” company Chair, President, and CEO Leon Topalian said in a statement.
That statement was released with earnings data after the close of markets on Monday.
All told, Nucor posted net earnings of $645.2 million in Q2’24, down nearly 56% from $1.46 million in the Q2’23. Revenue fell 15.2% to approximately $8.08 billion in the same comparison.
Average sales prices per ton slipped 2% in Q2’24 compared to Q1’24 and were down 5% compared to Q2’23, Nucor said.
The company partially offset those declines with increased sales volumes. Nucor said it shipped roughly 6.29 million tons to outside customers in Q2’24, up 1% from the first quarter. But that figure was nonetheless off 5% compared to Q2’23.
Meanwhile, operating rates at Nucor’s mills fell to 75% in Q2’24, down from 82% in Q1’24 and down from 84% in Q2’23.
On the raw materials side, Nucor recorded average prices for scrap and scrap substitutes (DRI, for example) of $396 per gross ton (gt) in Q2’24. That’s down 6% from $421/gt in Q1’24 and down 13% versus $455/gt in Q2’23.

Michael Cowden
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