Nucor Corporation announced record quarterly consolidated net earnings of $2.13 billion, or $7.28 per diluted share, for the third quarter of 2021. By comparison, Nucor reported consolidated net earnings of $1.51 billion, or $5.04 per diluted share, for the second quarter of 2021 and $193.4 million, or $0.63 per diluted share, for the third quarter of 2020.
In the first 9 months of 2021, Nucor reported consolidated net earnings of $4.58 billion, or $15.34 per diluted share, compared with consolidated net earnings of $322.6 million, or $1.06 per diluted share, in the first nine months of 2020.
“During the third quarter, we once again achieved record results, with earnings per share of $7.28. Our third quarter performance surpassed our previous record of $5.04 set in the second quarter of this year and almost matched our full year earnings record of $7.42 that we set back in 2018,” said Leon Topalian, Nucor’s president and chief executive officer.
The average scrap and scrap substitute cost per gross ton used in the third quarter of 2021 was $511, a 12 percent increase compared to $457 in the second quarter of 2021 and an 84 percent increase compared to $277 in the third quarter of 2020. The average scrap and scrap substitute cost per gross ton used in the first nine months of 2021 was $457, a 60 percent increase compared to $285 in the first nine months of 2020.
Included in the second quarter of 2021 earnings is a $42.0 million, or $0.11 per diluted share, non-cash impairment charge related to our leasehold interest in unproved oil and natural gas properties. This charge is included in the raw materials segment. Included in earnings for the third quarter of 2020 is a restructuring charge of $16.4 million, or $0.04 per diluted share, related to the realignment of Nucor’s metal buildings business. This charge is included in the steel products segment.
Pre-operating and start-up costs related to the company’s growth projects were approximately $36 million, or $0.09 per diluted share, in the third quarter of 2021, compared with approximately $22 million, or $0.06 per diluted share, in the second quarter of 2021 and approximately $22 million, or $0.06 per diluted share, in the third quarter of 2020.
In the first 9 months of 2021, pre-operating and start-up costs related to the company’s growth projects were approximately $76 million, or $0.19 per diluted share, compared with approximately $73 million, or $0.18 per diluted share, in the first 9 months of 2020.
Overall operating rates at the company’s steel mills decreased to 96 percent in the third quarter of 2021 as compared to 97 percent in the second quarter of 2021 and increased from 83 percent in the third quarter of 2020. Operating rates in the first nine months of 2021 increased to 96 percent as compared to 80 percent in the first nine months of 2020.
Published in the December 2021 Edition
