Nucor Corporation announced second quarter of 2018 consolidated net earnings of $683.2 million, or $2.13 per diluted share, which are the highest second quarter earnings in the company’s history. By comparison, Nucor reported consolidated net earnings of $354.2 million, or $1.10 per diluted share, for the first quarter of 2018 and $323.0 million, or $1.00 per diluted share, for the second quarter of 2017.
In the first half of 2018, Nucor reported consolidated net earnings of $1.04 billion, or $3.23 per diluted share, compared with consolidated net earnings of $679.9 million, or $2.11 per diluted share, in the first half of last year.
Nucor’s consolidated net sales increased 16 percent to $6.50 billion in the second quarter of 2018 compared with $5.57 billion in the first quarter of 2018 and increased 25 percent compared with $5.17 billion in the second quarter of 2017. Average sales price per ton in the second quarter of 2018 increased 12 percent compared with the first quarter of 2018 and increased 17 percent compared with the second quarter of 2017. Total tons shipped to outside customers were 7,197,000 tons in the second quarter of 2018, a 3 percent increase from the first quarter of 2018 and a 7 percent increase from the second quarter of 2017. Total steel mill shipments in the second quarter of 2018 increased 3 percent from the first quarter of 2018 and increased 6 percent from the second quarter of 2017. Downstream steel products shipments to outside customers in the second quarter of 2018 increased 11 percent from the first quarter of 2018 and increased 17 percent from the second quarter of 2017.
The average scrap and scrap substitute cost per ton used during the second quarter of 2018 was $373, an 11 percent increase compared to $337 in the first quarter of 2018 and an increase of 19 percent compared to $313 in the second quarter of 2017. The average scrap and scrap substitute cost per ton used in the first half of 2018 was $355, an increase of 19 percent from $298 in the first half of 2017.
In May 2018, Nucor announced plans to build a galvanizing line at the company’s sheet mill in Arkansas to support Nucor’s growth into a wider and more diverse set of strategic end-market applications. The new galvanizing line is a $240 million investment with an annual capacity of approximately 500,000 tons. It is expected to be operational in the first half of 2021.
In June 2018, Nucor’s board of directors declared a cash dividend of $0.38 per share payable on August 10, 2018 to stockholders of record on June 29, 2018. This dividend is Nucor’s 181st consecutive quarterly cash dividend, a record they expect to continue.
Published in the September 2018 Edition