(Nucor, 20.Apr.2023) — Nucor Corporation (NYSE: NUE) announced net earnings attributable to Nucor stockholders of $1.14bn, or $4.45 per diluted share, for the first quarter of 2023. By comparison, Nucor reported net earnings attributable to Nucor stockholders of $1.26bn, or $4.89 per diluted share, for the fourth quarter of 2022 and $2.10bn, or $7.67 per diluted share, for the first quarter of 2022.
First Quarter of 2023 Highlights
- Net earnings attributable to Nucor stockholders of $1.14bn, or $4.45 per diluted share
- Net sales of $8.71bn
- Net earnings before noncontrolling interests of $1.23bn; EBITDA of $1.89bn
- Earnings expected to increase in the second quarter of 2023 on stronger steel mills segment earnings
Included in the results for the fourth quarter of 2022 was an after-tax net benefit of $60.4mn, or $0.24 per diluted share, related to state tax credits and an after-tax net benefit of $88mn, or $0.34 per diluted share, related to a change in the valuation allowance of a state deferred tax asset. Also included in the fourth quarter of 2022 results was a pre-tax $96mn, or $0.29 per diluted share, write-off of the remaining carrying value of the Company’s leasehold interest in unproved oil and gas properties that is included in the raw materials segment.
“We had a very strong quarter, driven by solid performance in our steel products segment and increased demand for steel at our mills,” said Leon Topalian, Nucor’s Chair, President, and Chief Executive Officer.
“Demand from nonresidential construction, our largest end market, continues to be robust driven by strength in infrastructure and manufacturing investment. Average steel mill utilization rates and profit margins were both up in the first quarter compared to the fourth quarter, with sheet and plate mills seeing some of the largest gains. This, coupled with year-over-year gains in automotive and stability in energy, gives us confidence that 2023 will be another very profitable year for Nucor. My thanks to our 31,000 teammates for their dedication to safely meeting our customers’ needs while executing our strategic growth agenda.”
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