Nucor Reports Results for the Fourth Quarter and Full Year 2024

Rhea-AI Summary

Nucor (NYSE: NUE) reported fourth quarter 2024 earnings of $287 million ($1.22 per diluted share), compared to $785 million ($3.16 per share) in Q4 2023. Full-year 2024 earnings were $2.03 billion ($8.46 per share), down from $4.53 billion ($18.00 per share) in 2023.

Q4 2024 net sales decreased 5% to $7.08 billion from Q3 2024, and fell 8% year-over-year. The company shipped approximately 6,058,000 tons to outside customers in Q4 2024, a 2% decrease from Q3 2024. Operating rates at steel mills were 74% in Q4 2024.

The company maintained strong financial position with $4.14 billion in cash and cash equivalents. During Q4 2024, Nucor repurchased 2.1 million shares at an average price of $149.81 per share and declared a quarterly dividend of $0.55 per share, marking its 207th consecutive quarterly dividend.

Positive

• Strong cash position of $4.14 billion
• 207th consecutive quarterly dividend payment
• 52 consecutive years of dividend increases
• Returned $2.74 billion to stockholders in 2024 through dividends and share repurchases
• Highest credit ratings in North American steel sector (A-/A-/Baa1)

Negative

• Q4 2024 earnings dropped to $287M from $785M in Q4 2023 (-63%)
• Full-year 2024 earnings decreased to $2.03B from $4.53B in 2023 (-55%)
• Q4 2024 net sales declined 8% year-over-year
• Average sales price per ton decreased 10% year-over-year
• Operating rates decreased to 76% in 2024 from 78% in 2023

Insights

Financial Analyst

Nucor's Q4 2024 results reveal both resilience and challenges in a softening steel market. The 54% YoY decline in quarterly earnings (from $3.16 to $1.22 per share) and 53% drop in full-year earnings (from $18.00 to $8.46 per share) reflect broader industry headwinds. However, several positive indicators suggest underlying strength:

The company's segment performance shows remarkable diversification benefits. While steel mills earnings declined significantly, the steel products segment contributed $329 million in Q4 earnings, demonstrating the value of Nucor's integrated business model. The 74% operating rate maintained through Q4 indicates disciplined production management despite market pressures.

Capital allocation remains exemplary. The 52-year streak of dividend increases - unmatched in the steel industry - continues, while the $2.74 billion returned to shareholders in 2024 demonstrates strong free cash flow generation. With $4.14 billion in cash and top-tier credit ratings, Nucor maintains significant financial flexibility for both growth investments and shareholder returns.

Forward-looking indicators are cautiously optimistic. Management's commentary about improving market conditions entering 2025, coupled with steel-intensive megatrends (likely infrastructure spending and renewable energy projects), positions Nucor well for recovery. The company's strategic growth projects, despite $594 million in start-up costs for 2024, are timing well with expected market improvement.

Most notably, Nucor achieved its safest year in company history while managing multiple construction projects, indicating strong operational execution. This operational excellence, combined with strategic positioning for steel-intensive growth sectors and robust financial strength, suggests the company is well-positioned to capitalize when market conditions improve.

• Fourth quarter and full year 2024 diluted EPS of $1.22 and $8.46, respectively.
• Fourth quarter and full year 2024 net sales of $7.08 billion and $30.73 billion, respectively.
• Fourth quarter and full year 2024 net earnings before noncontrolling interests of $345 million and $2.32 billion, respectively; EBITDA of $751 million and $4.37 billion, respectively.

CHARLOTTE, N.C., Jan. 27, 2025 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $250 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges taken during the quarter, Nucor's third quarter of 2024 adjusted net earnings attributable to Nucor stockholders were $353 million, or $1.49 per diluted share.

Nucor reported consolidated net earnings attributable to Nucor stockholders of $785 million, or $3.16 per diluted share, for the fourth quarter of 2023.

For the full year 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of $2.03 billion, or $8.46 per diluted share, compared with consolidated net earnings attributable to Nucor stockholders of $4.53 billion, or $18.00 per diluted share, in 2023.

"I want to thank our teammates for making 2024 the safest year in Nucor history, during an active year of construction projects and ramp-ups that are advancing our growth strategy," said Leon Topalian, Chair, President, and Chief Executive Officer. "While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several steel-intensive megatrends and as America's largest and most diversified steel producer, Nucor is well positioned to supply those needs."

Selected Segment Data
Earnings (loss) before income taxes and noncontrolling interests by segment for the fourth quarter and full year 2024 and 2023 were as follows (in millions):

		Three Months (13 Weeks) Ended								Twelve Months (52 Weeks) Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Steel mills		$	169			$	588			$	2,226			$	3,712
Steel products			329				656				1,596				3,444
Raw materials			57				(14)				40				254
Corporate/eliminations			(165)				(152)				(960)				(1,137)
		$	390			$	1,078			$	2,902			$	6,273

Financial Review
Nucor's consolidated net sales decreased 5% to $7.08 billion in the fourth quarter of 2024 compared with $7.44 billion in the third quarter of 2024 and decreased 8% compared with $7.71 billion in the fourth quarter of 2023. Average sales price per ton in the fourth quarter of 2024 decreased 3% compared with the third quarter of 2024 and decreased 10% compared with the fourth quarter of 2023. Approximately 6,058,000 tons were shipped to outside customers in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024 and a 2% increase from the fourth quarter of 2023. Total steel mill shipments in the fourth quarter of 2024 decreased 1% compared to the third quarter of 2024 and increased 2% compared to the fourth quarter of 2023. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the fourth quarter of 2024, which was unchanged from the third quarter of 2024 and decreased from 20% in the fourth quarter of 2023. Downstream steel product shipments to outside customers in the fourth quarter of 2024 decreased 4% from the third quarter of 2024 and the fourth quarter of 2023.

For the full year 2024, Nucor's consolidated net sales of $30.73 billion decreased 11% compared with consolidated net sales of $34.71 billion reported for the full year 2023. Total tons shipped to outside customers in 2024 were approximately 24,767,000 tons, a decrease of 2% from 2023, while the average sales price per ton in 2024 decreased 10% from 2023.

The average scrap and scrap substitute cost per gross ton used in the fourth quarter of 2024 was $381, a 1% increase compared to $378 in the third quarter of 2024 and a 4% decrease compared to $397 in the fourth quarter of 2023. The average scrap and scrap substitute cost per gross ton used in the full year 2024 was $394, a 6% decrease compared to $421 in the full year 2023.

Pre-tax, pre-operating and start-up costs related to the Company's growth projects were approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024, compared with approximately $168 million, or $0.54 per diluted share, in the third quarter of 2024 and approximately $127 million, or $0.39 per diluted share, in the fourth quarter of 2023.

In the full year 2024, pre-tax, pre-operating and start-up costs related to the Company's growth projects were approximately $594 million, or $1.89 per diluted share, compared with approximately $400 million, or $1.21 per diluted share, in the full year 2023.

Overall operating rates at the Company's steel mills were 74% in the fourth quarter of 2024 as compared to 75% in the third quarter of 2024 and 74% in the fourth quarter of 2023. Operating rates for the full year 2024 decreased to 76% as compared to 78% for the full year 2023.

Financial Strength 
At the end of the fourth quarter of 2024, Nucor had $4.14 billion in cash and cash equivalents and short-term investments on hand. The Company's $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor's, Fitch Ratings and a positive outlook at Moody's.

Commitment to Returning Capital to Stockholders
On December 11, 2024, Nucor's Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on February 11, 2025 to stockholders of record as of December 31, 2024 and is Nucor's 207^th consecutive quarterly cash dividend. Nucor has increased its regular, or base, dividend for 52 consecutive years – every year since it first began paying dividends in 1973.

During the fourth quarter of 2024, Nucor repurchased approximately 2.1 million shares of its common stock at an average price of $149.81 per share (approximately 13.1 million shares during the full year 2024 at an average price of $168.75 per share). As of December 31, 2024, Nucor had approximately $1.11 billion remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

For the full year 2024, Nucor returned approximately $2.74 billion to stockholders in the form of share repurchases and dividend payments.

Fourth Quarter of 2024 Analysis
Earnings in the steel mills segment decreased in the fourth quarter of 2024 as compared to the third quarter of 2024 due to lower average selling prices and decreased volumes. Earnings in the steel products segment decreased in the fourth quarter of 2024 as compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024) due to decreased volumes and lower average selling prices. Earnings in the raw materials segment increased in the fourth quarter of 2024 as compared to the third quarter of 2024 (excluding the impairment charge taken during the third quarter of 2024). Lower corporate, administrative and tax expenses positively impacted fourth quarter net earnings.

First Quarter of 2025 Outlook
We expect earnings in the steel mills and steel products segments to be similar in the first quarter of 2025 as compared to the fourth quarter of 2024. Earnings in the raw materials segment are expected to decrease in the first quarter of 2025 relative to the fourth quarter of 2024. We expect higher corporate, administrative and tax impacts in the first quarter of 2025 than realized in the fourth quarter of 2024 which may result in lower net earnings overall.

Earnings Conference Call
An earnings call is scheduled for January 28, 2025 at 10:00 a.m. Eastern Time to review Nucor's fourth quarter and full year 2024 financial results and business update. The call can be accessed via webcast from the Investor Relations section of Nucor's website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor's Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.

About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel - in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.

Non-GAAP Financial Measures
Nucor uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a company's performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.

We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest (income) expense, net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax. We define adjusted earnings per diluted share as earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax. Please note that other companies might define their non-GAAP financial measures differently than we do.

Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted earnings per diluted share in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company's financial and operational performance by providing a consistent basis of comparison across periods.

Forward-Looking Statements
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words "anticipate," "believe," "expect," "intend," "project," "may," "will," "should," "could" and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company's best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company's actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor's regulatory filings with the United States Securities and Exchange Commission, including those in "Item 1A. Risk Factors" of Nucor's most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

Tonnage Data
(In thousands)
		Three Months (13 Weeks) Ended												Twelve Months (52 Weeks) Ended
		December 31, 2024				December 31, 2023				Percent Change				December 31, 2024				December 31, 2023				Percent Change
Steel mills total shipments:
Sheet			2,714				2,675				1	%			11,394				11,003				4	%
Bars			1,887				1,901				-1	%			7,730				8,193				-6	%
Structural			508				542				-6	%			2,063				2,113				-2	%
Plate			502				373				35	%			1,797				1,807				-1	%
Other			39				22				77	%			142				157				-10	%
			5,650				5,513				2	%			23,126				23,273				-1	%
Sales tons to outside customers:
Steel mills			4,580				4,396				4	%			18,480				18,552			-
Joist			99				106				-7	%			391				510				-23	%
Deck			79				91				-13	%			321				401				-20	%
Rebar fabrication products			239				251				-5	%			1,020				1,169				-13	%
Tubular products			221				212				4	%			856				949				-10	%
Building systems			57				63				-10	%			238				248				-4	%
Other steel products			273				288				-5	%			1,192				1,209				-1	%
Raw materials			510				527				-3	%			2,269				2,167				5	%
			6,058				5,934				2	%			24,767				25,205				-2	%

 

Condensed Consolidated Statements of Earnings (Unaudited)
(In millions, except per share data)
		Three Months (13 Weeks) Ended								Twelve Months (52 Weeks) Ended
		Dec. 31, 2024				Dec. 31, 2023				Dec. 31, 2024				Dec. 31, 2023
Net sales		$	7,076			$	7,705			$	30,734			$	34,714
Costs, expenses and other:
Cost of products sold			6,449				6,311				26,632				26,899
Marketing, administrative and other expenses			240				355				1,123				1,585
Equity in (earnings) losses of unconsolidated affiliates			(6)				(9)				(30)				(13)
Losses and impairments of assets			-				-				137				-
Interest (income) expense, net			3				(30)				(30)				(30)
			6,686				6,627				27,832				28,441
Earnings before income taxes and noncontrolling interests			390				1,078				2,902				6,273
Provision for income taxes			45				205				583				1,360
Net earnings before noncontrolling interests			345				873				2,319				4,913
Earnings attributable to noncontrolling interests			58				88				292				388
Net earnings attributable to Nucor stockholders		$	287			$	785			$	2,027			$	4,525
Net earnings per share:
Basic		$	1.22			$	3.17			$	8.47			$	18.05
Diluted		$	1.22			$	3.16			$	8.46			$	18.00
Average shares outstanding:
Basic			234.0				246.9				238.3				249.8
Diluted			234.3				247.2				238.5				250.4

 

Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
		December 31,
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	3,558			$	6,383
Short-term investments			581				747
Accounts receivable, net			2,675				2,953
Inventories, net			5,106				5,578
Other current assets			555				725
Total current assets			12,475				16,386
Property, plant and equipment, net			13,243				11,050
Restricted cash and cash equivalents			—				4
Goodwill			4,288				3,969
Other intangible assets, net			3,134				3,108
Other assets			800				823
Total assets		$	33,940			$	35,340
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt		$	225			$	119
Current portion of long-term debt and finance lease obligations			1,042				74
Accounts payable			1,832				2,020
Salaries, wages and related accruals			903				1,326
Accrued expenses and other current liabilities			975				1,056
Total current liabilities			4,977				4,595
Long-term debt and finance lease obligations due after one year			5,683				6,649
Deferred credits and other liabilities			1,863				1,973
Total liabilities			12,523				13,217
Commitments and contingencies
Equity
Nucor stockholders' equity:
Common stock			152				152
Additional paid-in capital			2,223				2,176
Retained earnings			30,271				28,762
Accumulated other comprehensive loss, net of income taxes			(208)				(162)
Treasury stock			(12,144)				(9,988)
Total Nucor stockholders' equity			20,294				20,940
Noncontrolling interests			1,123				1,183
Total equity			21,417				22,123
Total liabilities and equity		$	33,940			$	35,340

 

Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
		Year Ended December 31,
		2024				2023
Operating activities:
Net earnings before noncontrolling interests		$	2,319			$	4,913
Adjustments:
Depreciation			1,094				931
Amortization			262				238
Stock-based compensation			132				130
Deferred income taxes			(116)				21
Distributions from affiliates			25				34
Equity in earnings of unconsolidated affiliates			(30)				(13)
Losses and impairments of assets			137				—
Changes in assets and liabilities (exclusive of acquisitions and dispositions):
Accounts receivable			319				664
Inventories			518				(75)
Accounts payable			(321)				361
Federal income taxes			97				188
Salaries, wages and related accruals			(385)				(291)
Other operating activities			(72)				11
Cash provided by operating activities			3,979				7,112
Investing activities:
Capital expenditures			(3,173)				(2,214)
Investment in and advances to affiliates			1				(35)
Sale of business			1				—
Disposition of plant and equipment			17				15
Acquisitions (net of cash acquired)			(758)				(71)
Purchases of investments			(1,296)				(1,472)
Proceeds from the sale of investments			1,487				1,317
Other investing activities			(13)				(36)
Cash used in investing activities			(3,734)				(2,496)
Financing activities:
Net change in short-term debt			105				(25)
Proceeds from issuance of long-term debt, net of discount			—				—
Repayment of long-term debt			(10)				(10)
Bond issuance costs			—				—
Proceeds from exercise of stock options			4				12
Payment of tax withholdings on certain stock-based compensation			(53)				(49)
Distributions to noncontrolling interests			(352)				(435)
Cash dividends			(522)				(515)
Acquisition of treasury stock			(2,217)				(1,554)
Proceeds from government incentives			—				—
Other financing activities			(13)				(17)
Cash used in financing activities			(3,058)				(2,593)
Effect of exchange rate changes on cash			(16)				3
Decrease (increase) in cash and cash equivalents and restricted cash and cash equivalents			(2,829)				2,026
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year			6,387				4,361
Cash and cash equivalents and restricted cash and cash equivalents - end of year		$	3,558			$	6,387
Non-cash investing activity:
Change in accrued plant and equipment purchases		$	115			$	1

 

Non-GAAP Financial Measures
Reconciliation of EBITDA (Unaudited)
(In millions)
		Three Months (13 Weeks) Ended								12 Months (52 Weeks) Ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Net earnings before noncontrolling interests		$	345			$	873			$	2,319			$	4,913
Depreciation			285				250				1,094				931
Amortization			73				62				262				238
Losses and impairments of assets			-				-				137				-
Interest (income) expense, net			3				(30)				(30)				(30)
Provision for income taxes			45				205				583				1,360
EBITDA		$	751			$	1,360			$	4,365			$	7,412

 

Reconciliation of Adjusted net earnings attributable to Nucor stockholders (Unaudited)
(In millions, except per share data)
		Three Months (13 Weeks) Ended September 28, 2024
						Diluted EPS
Net earnings attributable to Nucor stockholders		$	250			$	1.05
Losses and impairments of assets, net of tax			103				0.44
Adjusted net earnings attributable to Nucor stockholders		$	353			$	1.49

 

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SOURCE Nucor Corporation

FAQ

What was Nucor's (NUE) earnings per share for Q4 2024?

Nucor reported earnings of $1.22 per diluted share for Q4 2024.

How much did Nucor's (NUE) net sales decline in Q4 2024?

Nucor's net sales decreased 5% to $7.08 billion in Q4 2024 compared to Q3 2024, and decreased 8% compared to Q4 2023.

How many shares did Nucor (NUE) repurchase in Q4 2024?

Nucor repurchased approximately 2.1 million shares at an average price of $149.81 per share in Q4 2024.

What was Nucor's (NUE) operating rate at steel mills in Q4 2024?

Nucor's operating rates at steel mills were 74% in Q4 2024.

How much cash did Nucor (NUE) return to shareholders in 2024?

Nucor returned approximately $2.74 billion to stockholders through share repurchases and dividend payments in 2024.