Nucor reports strong surge in Q4, full-year 2017 earnings

Tuesday, 30 January 2018 22:29:44 (GMT+3)   |   San Diego
       

Nucor Corporation announced today consolidated net earnings of $383.9 million for the fourth quarter of 2017. By comparison, Nucor reported consolidated net earnings of $254.9 million for the third quarter of 2017 and $159.6 million for the fourth quarter of 2016.

Nucor's consolidated net sales decreased 2 percent to $5.09 billion in the fourth quarter of 2017 compared with $5.17 billion in the third quarter of 2017 and increased 29 percent compared with $3.96 billion in the fourth quarter of 2016. Average sales price per ton was comparable with the third quarter of 2017 and increased 14 percent compared to the fourth quarter of 2016.

Total tons shipped to outside customers were 6,542,000 tons in the fourth quarter of 2017, a 1 percent decrease from the third quarter of 2017 and an increase of 13 percent from the fourth quarter of 2016. Total fourth quarter steel mill shipments decreased 2 percent from the third quarter of 2017 and increased 18 percent from the fourth quarter of 2016. Fourth quarter downstream steel products shipments to outside customers decreased 3 percent from the third quarter of 2017 and increased 13 percent from the fourth quarter of 2016.

As for fiscal 2017, Nucor reported consolidated net earnings of $1.32 billion compared to $796.3 million for fiscal 2016.

For fiscal 2017, Nucor's consolidated net sales increased 25 percent to $20.25 billion, compared with $16.21 billion for fiscal 2016. Total tons shipped to outside customers in fiscal 2017 were 26,492,000, an increase of 9 percent from fiscal 2016, while average sales price per ton increased 15 percent.

As for an outlook on Q1 2018, Nucor said earnings in the first quarter of 2018 are expected to increase compared to the fourth quarter of 2017, exclusive of the benefit recorded in the fourth quarter of 2017 related to tax reform.

“We believe there is significant optimism in steel end use markets and are encouraged by positive pricing momentum building throughout the quarter for all of our steel mill products,” Nucor said in a press release. “Coupled with these positive trends, first quarter of 2018 results will be negatively impacted by higher scrap prices and weather-related interruptions at some of our sheet mills. We expect decreased earnings in the steel products segment due to typical seasonality. We expect earnings in our raw materials segment in the first quarter of 2018 to improve compared to the fourth quarter of 2017.”


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