Nucor Corporation today announced third quarter of 2018 consolidated net earnings of $676.7 million, compared to consolidated net earnings of $683.2 million for the second quarter of 2018 and $254.9 million for the third quarter of 2017.
Nucor's consolidated net sales increased 4 percent to $6.74 billion in the third quarter of 2018 compared with $6.46 billion in the second quarter of 2018 and increased 30 percent compared with $5.17 billion in the third quarter of 2017.
Average sales price per ton in the third quarter of 2018 increased 7 percent compared with the second quarter of 2018 and increased 23 percent compared with the third quarter of 2017.
Total tons shipped to outside customers were 7,048,000 tons in the third quarter of 2018, a 2 percent decrease from the second quarter of 2018 and a 6 percent increase from the third quarter of 2017. Total steel mill shipments in the third quarter of 2018 decreased 2 percent from the second quarter of 2018 and increased 7 percent from the third quarter of 2017. Downstream steel products shipments to outside customers in the third quarter of 2018 decreased 1 percent from the second quarter of 2018 and increased 6 percent from the third quarter of 2017.
The overall operating rate at Nucor’s steel mills was 92 percent in the third quarter of 2018, which decreased compared to 95 percent in the second quarter of 2018 and increased compared to 84 percent in the third quarter of 2017.
In a statement, Nucor attributed Q3 results to higher earnings at the company’s sheet and plate mills. As for a Q4 outlook, the company said earnings are expected to decrease across all operating segments compared to Q3, due primarily to “typical seasonality experienced in our fourth quarter.” However, the company expects Q4 2018 earnings to outpace earnings in Q4 2017, citing a belief in “sustainable strength in steel end use markets.”