Nucor Corporation announced today consolidated net earnings of $356.9 million for the first quarter of 2017. By comparison, Nucor reported net earnings of $159.6 million for the fourth quarter of 2016 and net earnings of $87.6 million for the first quarter of 2016.
Nucor's consolidated net sales increased 22 percent to $4.82 billion in the first quarter of 2017 from $3.96 billion in the fourth quarter of 2016 and increased 30 percent compared with $3.72 billion in the first quarter of 2016.
Total tons shipped to outside customers were 6,584,000 tons in the first quarter of 2017, a 13 percent increase from the fourth quarter of 2016 and a 7 percent increase from the first quarter of 2016. Total steel mill shipments in the first quarter of 2017 increased 19 percent from the fourth quarter of 2016 and increased 9 percent from the first quarter of 2016. Downstream steel products shipments to outside customers in the first quarter of 2017 decreased 3 percent from the fourth quarter of 2016 and increased 3 percent from the first quarter of 2016.
Commenting on the results, Nucor said “earnings in the first quarter of 2017 were the highest Nucor has had in recent years, and we expect earnings in the second quarter of 2017 to improve compared to the first quarter of 2017. Performance of the steel mills segment is expected to improve in the second quarter of 2017 as compared to the first quarter of 2017 as metal margins are expected to expand at our sheet mills due to the delayed impact of contract pricing.”
Nucor expects increased profitability for the downstream products segment in the second quarter of 2017 as compared to the first quarter of 2017 due to seasonal factors as improving weather conditions benefit nonresidential construction markets. The performance of the raw materials segment is expected to improve in the second quarter of 2017 as compared to the first quarter of 2017 due to the improved profitability of the company’s DRI facilities.
Nucor said it also continues to be encouraged by the renewed growth in demand seen in the energy, nonresidential construction, and automotive markets.