In its earnings release, Nucor Corporation reported third-quarter net earnings attributable to Nucor stockholders of $1.32 billion, more than double a year earlier, while net sales climbed to $11.25 billion from $8.52 billion.
Diluted earnings per share reached $5.80, compared with $2.63 in the year-earlier quarter. The steel mills segment recorded $1.79 billion in earnings before income taxes and noncontrolling interests, up from $793 million. Steel products posted $465 million in earnings before income taxes and noncontrolling interests, compared with $319 million. Raw materials recorded $105 million in earnings before income taxes and noncontrolling interests, versus $43 million.
All three segments posted higher results than a year earlier, though their latest quarter-to-quarter performance varied. Nucor said steel mills earnings improved from the second quarter as higher selling prices and volumes partly offset higher product costs. Steel products benefited from higher volumes and realized prices, while lower prices and shipments reduced raw materials earnings.
Second-quarter costs had been reduced by $130 million in refunds for earlier raw-material purchases, which did not recur in the third quarter. Nucor projected fourth-quarter earnings would stay near the third-quarter level, with a modest increase possible. It expected stable earnings in steel mills and steel products despite seasonally lower volumes, and slightly lower raw materials earnings because of lower realized direct-reduced iron prices.
Third-quarter buybacks and dividends totaled about $629 million. Nucor bought back roughly 2.03 million shares at an average of $247.04 each. The company declared its 214th consecutive quarterly cash dividend.
The U.S. Securities and Exchange Commission filing index records Oct. 26 as the filing date and lists disclosures covering results of operations and financial condition, Regulation FD and financial statements and exhibits. Nucor's earnings release was included as Exhibit 99.1 in the Form 8-K. The company scheduled a results call for 10 a.m. ET Tuesday, Oct. 27.
