Nucor announced second quarter of 2018 consolidated net earnings of $683.2 million, the highest second quarter earnings in the company's history. By comparison, Nucor reported consolidated net earnings of $354.2 million for the first quarter of 2018, and $323.0 million for the second quarter of 2017.
Nucor's consolidated net sales increased 16 percent to $6.50 billion in the second quarter of 2018 compared with $5.57 billion in the first quarter of 2018 and increased 25 percent compared with $5.17 billion in the second quarter of 2017.
Average sales price per ton in the second quarter of 2018 increased 12 percent compared with the first quarter of 2018 and increased 17 percent compared with the second quarter of 2017.
Total tons shipped to outside customers were 7,197,000 tons in the second quarter of 2018, a 3 percent increase from the first quarter of 2018 and a 7 percent increase from the second quarter of 2017. Total steel mill shipments in the second quarter of 2018 increased 3 percent from the first quarter of 2018 and increased 6 percent from the second quarter of 2017. Downstream steel products shipments to outside customers in the second quarter of 2018 increased 11 percent from the first quarter of 2018 and increased 17 percent from the second quarter of 2017.
Overall operating rates at Nucor’s steel mills increased to 95 percent in the second quarter of 2018 as compared to 92 percent in the first quarter of 2018 and 89 percent in the second quarter of 2017.
As for a Q3 outlook, Nucor said in a press release that earnings in the third quarter of 2018 are expected to further improve compared to the second quarter of 2018. The performance of the steel mills segment is expected to remain strong in the third quarter of 2018 as compared to the second quarter of 2018, with margin expansion expected primarily at our sheet and plate mills.
“Based on the current steel market fundamentals and communications with our customers, we believe there is sustainable strength in steel end-use markets,” the company said. “We expect third quarter of 2018 performance of our steel products segment to be similar to the second quarter of 2018. The performance of our raw materials segment is expected to decrease in the third quarter of 2018 as compared to the second quarter of 2018 due to margin compression.”