Earnings declined for Charlotte, North Carolina-based Nucor Corp. in the
first quarter of the year compared with both the fourth quarter of 2022 and the
first quarter of 2022.
In the first quarter, Nucor reports that it achieved net earnings
attributable to its stockholders of $1.14 billion, or $4.45 per diluted share.
By comparison, Nucor achieved net earnings attributable to its stockholders of
$1.26 billion, or $4.89 per diluted share, for the fourth quarter of 2022 and
$2.10 billion, or $7.67 per diluted share, for the first quarter of 2022.
According to Nucor’s first-quarter earnings report, steel mill segment
earnings in the first quarter of the year increased from the fourth quarter of
2022, primarily due to higher margins and volumes. The steel products segment
earnings in the first quarter of the year decreased relative to the fourth
quarter of 2022 primarily due to reductions in realized pricing.
Additionally, earnings for the raw materials segment increased in the
first quarter of the year compared with the fourth quarter of 2022 due to
higher volumes at Nucor’s direct-reduced iron (DRI) facilities and scrap
recycling and brokerage operations.
“We had a very strong quarter, driven by solid performance in our steel
products segment and increased demand for steel at our mills,” says Leon
Topalian, Nucor’s chair, president and CEO. “Demand from nonresidential
construction, our largest end market, continues to be robust driven by strength
in infrastructure and manufacturing investment. Average steel mill utilization
rates and profit margins were both up in the first quarter compared to the
fourth quarter, with sheet and plate mills seeing some of the largest gains.
This, coupled with year-over-year gains in automotive and stability in energy,
gives us confidence that 2023 will be another very profitable year for
Nucor. My thanks to our 31,000 teammates for their dedication to safely
meeting our customers' needs while executing our strategic growth agenda.”
According to Nucor’s first-quarter earnings report, the company’s net
sales were $8.71 billion in the first quarter of the year, similar to the $8.72
billion achieved in the fourth quarter of 2022 and 17 percent lower than the
$10.49 billion recorded in the first quarter of 2022. Average sales per ton decreased
11 percent in the first quarter of the year compared with the fourth quarter of
2022 and decreased 18 percent compared with the first quarter of 2022.