Nucor Corporation announced Thursday consolidated net earnings of $111.0 million, or $0.35 per diluted share, for the first quarter of 2014. By comparison, Nucor reported net earnings of $84.8 million, or $0.26 per diluted share, for the first quarter of 2013 and net earnings of $170.5 million, or $0.53 per diluted share, in the fourth quarter of 2013.
Nucor's consolidated net sales increased 12 percent to $5.11 billion in the first quarter of 2014 from $4.55 billion in the first quarter of 2013 and increased 4 percent compared with $4.89 billion in the fourth quarter of 2013. Average sales price per ton increased 3 percent over the first quarter of 2013 and increased 1 percent over the fourth quarter of 2013. Total tons shipped to outside customers were 6,189,000 tons in the first quarter of 2014, an 8 percent increase over the first quarter of 2013 and a 3 percent increase over the fourth quarter of 2013, despite severe weather conditions. Total first quarter steel mill shipments increased 5 percent from the fourth quarter of 2013 and increased 7 percent over the first quarter of 2013. First quarter downstream steel products shipments to outside customers decreased 1 percent from the fourth quarter of 2013 and increased 13 percent over the first quarter of 2013.
Looking forward, Nucor expects some improvement in second quarter of 2014 earnings from the first quarter of 2014, excluding the impact of the tax and disposal of assets charges incurred in the first quarter. The company anticipates improved performance at both steel mills and fabricated construction product businesses (rebar fabrication, joist and decking and pre-engineered metal buildings), although imports are expected to continue to pressure pricing and margins at steel mills. Additionally, the company remains cautiously optimistic about the small but noticeable improvement in the nonresidential construction markets in 2014.