Nucor announced today consolidated net earnings of $270.0 million for the third quarter of 2016. By comparison, Nucor reported net earnings of $233.8 million for the second quarter of 2016 and net earnings of $227.1 million, for the third quarter of 2015.
Nucor's consolidated net sales increased 1 percent to $4.29 billion in the third quarter of 2016 from $4.25 billion in the second quarter of 2016 and increased 2 percent compared with $4.23 billion in the third quarter of 2015. Average sales price per ton in the third quarter of 2016 increased 11 percent from the second quarter of 2016 and increased 2 percent from the third quarter of 2015.
Total tons shipped to outside customers were 5,889,000 tons in the third quarter of 2016, a 9 percent decrease from the second quarter of 2016 and flat with the third quarter of 2015. Total third quarter steel mill shipments decreased 12 percent from the second quarter of 2016 and increased 1 percent from the third quarter of 2015. Third quarter downstream steel products shipments to outside customers increased 8 percent from the second quarter of 2016 and decreased 3 percent from the third quarter of 2015.
In a statement, the company commented on the outlook for Q4: “Earnings in the fourth quarter of 2016 are expected to decrease notably compared to the third quarter of 2016 primarily due to lower margins in the steel mills segment, with the most significant impact being on the sheet mills. We expect the raw materials segment to return to a loss position due to the impact of lower transfer prices at our DRI facilities in the fourth quarter. The performance of our steel products segment is expected to decrease due to end of year seasonality that is typical in the fourth quarter.”