Nucor Corporation announced Thursday consolidated net earnings of $245.4 million for the third quarter of 2014. By comparison, Nucor reported net earnings of $147.0 million in the second quarter of 2014 and net earnings of $147.6 million in the third quarter of 2013. Third quarter net earnings were above the guidance range due to better than forecasted performance in the steel mills segment partially offset by a larger than expected loss in the raw materials segment.
Nucor's consolidated net sales increased 8 percent to $5.70 billion in the third quarter of 2014 compared with $5.29 billion in the second quarter of 2014 and increased 15 percent compared with $4.94 billion in the third quarter of 2013. Average sales price per ton increased 1 percent over the second quarter of 2014 and increased 5 percent over the third quarter of 2013. Total tons shipped to outside customers were 6,784,000 tons in the third quarter of 2014, a 6 percent increase over the second quarter of 2014 and an increase of 10 percent over the third quarter of 2013. Total third quarter steel mill shipments increased 5 percent over the second quarter of 2014 and 7 percent over the third quarter of 2013. Third quarter downstream steel products shipments to outside customers increased 9 percent over the second quarter of 2014 and increased 18 percent over the third quarter of 2013.
“We currently expect to see a moderate decrease in earnings for the fourth quarter of 2014,” Nucor said in a statement. “The profitability of the steel mills and downstream products segments is expected to be impacted by end of year seasonality that is typical in the fourth quarter.”