Nucor Reports Results for the Third Quarter of 2024
Nucor (NYSE: NUE) reported consolidated net earnings of $249.9 million, or $1.05 per diluted share, for the third quarter of 2024. Excluding non-cash impairment charges, adjusted net earnings were $353.0 million, or $1.49 per diluted share. Net sales decreased 8% to $7.44 billion compared to Q2 2024 and 15% compared to Q3 2023.
The company shipped approximately 6,196,000 tons to outside customers, a 1% decrease from both Q2 2024 and Q3 2023. Steel mill shipments decreased 3% compared to Q2 2024. The average scrap and scrap substitute cost per gross ton used was $378, down 5% from Q2 2024.
Nucor expects Q4 2024 earnings to decrease compared to Q3 2024, primarily due to lower average selling prices and decreased volumes in the steel mills segment. The company repurchased approximately 2.5 million shares during Q3 2024 and declared a cash dividend of $0.54 per share.
Nucor (NYSE: NUE) ha riportato utili netti consolidati di 249,9 milioni di dollari, pari a 1,05 dollari per azione diluita, per il terzo trimestre del 2024. Escludendo le svalutazioni non monetarie, gli utili netti rettificati sono stati di 353,0 milioni di dollari, o 1,49 dollari per azione diluita. Le vendite nette sono diminuite dell'8% a 7,44 miliardi di dollari rispetto al secondo trimestre del 2024 e del 15% rispetto al terzo trimestre del 2023.
L'azienda ha spedito circa 6.196.000 tonnellate a clienti esterni, con una diminuzione dell'1% sia rispetto al secondo trimestre del 2024 che al terzo trimestre del 2023. Le spedizioni degli impianti siderurgici sono diminuite del 3% rispetto al secondo trimestre del 2024. Il costo medio per tonnellata grezza di rottami e sostituti dei rottami utilizzati era di 378 dollari, in calo del 5% rispetto al secondo trimestre del 2024.
Nucor prevede che gli utili del Q4 2024 diminuiranno rispetto al Q3 2024, principalmente a causa dei prezzi di vendita medi più bassi e dei volumi ridotti nel segmento degli impianti siderurgici. L'azienda ha riacquistato circa 2,5 milioni di azioni durante il terzo trimestre del 2024 e ha dichiarato un dividendo in contante di 0,54 dollari per azione.
Nucor (NYSE: NUE) reportó ganancias netas consolidadas de 249.9 millones de dólares, o 1.05 dólares por acción diluida, para el tercer trimestre de 2024. Excluyendo cargos por deterioro no monetarios, las ganancias netas ajustadas fueron de 353.0 millones de dólares, o 1.49 dólares por acción diluida. Las ventas netas disminuyeron un 8% a 7.44 mil millones de dólares en comparación con el Q2 2024 y un 15% en comparación con el Q3 2023.
La compañía despachó aproximadamente 6,196,000 toneladas a clientes externos, una disminución del 1% tanto en comparación con el Q2 2024 como con el Q3 2023. Los despachos de molinos de acero disminuyeron un 3% en comparación con el Q2 2024. El costo promedio de chatarra y sustitutos por tonelada bruta utilizada fue de 378 dólares, una baja del 5% respecto al Q2 2024.
Nucor espera que las ganancias del Q4 2024 disminuyan en comparación con el Q3 2024, principalmente debido a los precios de venta promedio más bajos y a la disminución de volúmenes en el segmento de los molinos de acero. La compañía recompró aproximadamente 2.5 millones de acciones durante el Q3 2024 y declaró un dividendo en efectivo de 0.54 dólares por acción.
Nucor (NYSE: NUE)는 연결 순이익으로 2억 4,990만 달러, 희석 주당 1.05달러를 기록했습니다. 2024년 3분기에 비해 비현금 손상 charges을 제외하면 조정된 순이익은 3억 5,300만 달러, 희석 주당 1.49달러였습니다. 순매출은 2024년 2분기 대비 8% 감소하여 74억 4천만 달러에 달하며, 2023년 3분기 대비 15% 감소했습니다.
회사는 외부 고객에게 약 619만 6,000톤을 배송했으며, 2024년 2분기 및 2023년 3분기와 비교하여 1% 감소했습니다. 철강 밀 배송량은 2024년 2분기 대비 3% 감소했습니다. 사용된 평균 고형 스크랩 및 스크랩 대체품 비용은 톤당 378달러로 2024년 2분기 대비 5% 감소했습니다.
Nucor는 2024년 4분기 수익이 2024년 3분기 대비 감소할 것으로 예상하며, 이는 주로 평균 판매 가격 하락과 강철 밀 부문에서의 물량 감소로 인한 것입니다. 회사는 2024년 3분기 동안 약 250만 주를 재매입했으며, 주당 0.54달러의 현금 배당금을 선언했습니다.
Nucor (NYSE: NUE) a annoncé un résultat net consolidé de 249,9 millions de dollars, soit 1,05 dollar par action diluée, pour le troisième trimestre de 2024. En excluant les charges de dépréciation non monétaires, le résultat net ajusté était de 353,0 millions de dollars, ou 1,49 dollar par action diluée. Les ventes nettes ont diminué de 8 % pour atteindre 7,44 milliards de dollars par rapport au T2 2024 et de 15 % par rapport au T3 2023.
L'entreprise a expédié environ 6 196 000 tonnes à des clients externes, une diminution de 1 % par rapport à T2 2024 et à T3 2023. Les expéditions des usines d'acier ont diminué de 3 % par rapport à T2 2024. Le coût moyen par tonne brute de métal à recycler et de substituts de recyclage était de 378 dollars, en baisse de 5 % par rapport à T2 2024.
Nucor s'attend à ce que les bénéfices du T4 2024 diminuent par rapport au T3 2024, principalement en raison de la baisse des prix de vente moyens et de la diminution des volumes dans le segment des usines de sidérurgie. L'entreprise a racheté environ 2,5 millions d'actions au T3 2024 et a déclaré un dividende en espèces de 0,54 dollar par action.
Nucor (NYSE: NUE) hat konsolidierte Nettoerträge von 249,9 Millionen Dollar oder 1,05 Dollar pro verwässerter Aktie für das dritte Quartal 2024 gemeldet. Ohne nicht zahlungswirksame Wertminderungen betrugen die bereinigten Nettoerträge 353,0 Millionen Dollar oder 1,49 Dollar pro verwässerter Aktie. Die Nettoumsätze gingen im Vergleich zum Q2 2024 um 8% auf 7,44 Milliarden Dollar und im Vergleich zum Q3 2023 um 15% zurück.
Das Unternehmen hat ca. 6.196.000 Tonnen an externe Kunden ausgeliefert, was einem Rückgang von 1% im Vergleich zu sowohl dem Q2 2024 als auch dem Q3 2023 entspricht. Die Sendungen aus Stahlwerken gingen im Vergleich zu Q2 2024 um 3% zurück. Die durchschnittlichen Kosten für Schrott und Schrottsubstitute pro Bruttoton betrugen 378 Dollar, was einem Rückgang um 5% im Vergleich zu Q2 2024 entspricht.
Nucor erwartet, dass die Q4 2024-Erträge im Vergleich zu Q3 2024 sinken werden, hauptsächlich aufgrund von niedrigeren durchschnittlichen Verkaufspreisen und verringerten Volumina im Segment der Stahlwerke. Das Unternehmen hat im dritten Quartal 2024 etwa 2,5 Millionen Aktien zurückgekauft und eine Barausschüttung von 0,54 Dollar pro Aktie erklärt.
- Strong cash flow generation with over $1.30 billion from operations in Q3 2024
- Robust financial position with $4.86 billion in cash and cash equivalents
- Continued commitment to returning capital to stockholders through share repurchases and dividends
- Maintained strong credit ratings in the North American steel sector
- Consolidated net earnings decreased significantly compared to Q3 2023 ($249.9 million vs $1.14 billion)
- Net sales decreased 8% compared to Q2 2024 and 15% compared to Q3 2023
- Average sales price per ton decreased 6% compared to Q2 2024 and 15% compared to Q3 2023
- Steel mill shipments decreased 3% compared to Q2 2024
- Expected decrease in earnings for Q4 2024 due to lower average selling prices and decreased volumes
Insights
Nucor's Q3 2024 results show a significant decline in performance compared to both the previous quarter and the same period last year. Key points:
- Net earnings of
$249.9 million ($1.05 per diluted share), down from$645.2 million in Q2 2024 and$1.14 billion in Q3 2023 - Adjusted earnings of
$353.0 million ($1.49 per diluted share) excluding impairment charges - Net sales decreased
8% quarter-over-quarter and15% year-over-year to$7.44 billion - Average sales price per ton down
6% from Q2 and15% from Q3 2023
The decline is primarily due to lower average selling prices and decreased volumes in both steel mills and steel products segments. However, Nucor maintains a strong financial position with
Nucor's Q3 results reflect broader market trends in the steel industry:
- Declining steel prices impacting revenue and profitability
- Softening demand, with total shipments down
1% year-over-year - Operational efficiency remains strong, with a
75% utilization rate at steel mills
The company's diversified product portfolio and strong balance sheet are helping to mitigate market challenges. Nucor's continued investment in growth projects (
Third Quarter of 2024 Highlights
- Consolidated net earnings attributable to Nucor stockholders of
$249.9 million $1.05 - Adjusted net earnings attributable to Nucor stockholders of
$353.0 million $1.49 - Net sales of
$7.44 billion - Net earnings before noncontrolling interests of
$302.8 million $869.0 million
Reflected in the third quarter of 2024 losses and impairments of assets are non-cash charges of
In the first nine months of 2024, Nucor reported consolidated net earnings attributable to Nucor stockholders of
"Thank you to our Nucor teammates for continuing to set new records for safety performance while generating over
Selected Segment Data
Earnings (loss) before income taxes and noncontrolling interests by segment for the third quarter and first nine months of 2024 and 2023 were as follows (in thousands):
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||
Steel mills | $ | 309,123 | $ | 882,614 | $ | 2,056,689 | $ | 3,124,549 | ||||||||
Steel products | 313,972 | 806,731 | 1,266,922 | 2,788,322 | ||||||||||||
Raw materials | (66,332) | 71,367 | (17,355) | 267,918 | ||||||||||||
Corporate/eliminations | (168,490) | (212,630) | (794,479) | (986,141) | ||||||||||||
$ | 388,273 | $ | 1,548,082 | $ | 2,511,777 | $ | 5,194,648 | |||||||||
Financial Review
Nucor's consolidated net sales decreased
In the first nine months of 2024, Nucor's consolidated net sales of
The average scrap and scrap substitute cost per gross ton used in the third quarter of 2024 was
Pre-operating and start-up costs related to the Company's growth projects were approximately
In the first nine months of 2024, pre-operating and start-up costs related to the Company's growth projects were approximately
Overall operating rates at the Company's steel mills were
Financial Strength
At the end of the third quarter of 2024, we had
Commitment to Returning Capital to Stockholders
Nucor repurchased approximately 2.5 million shares of its common stock during the third quarter of 2024 at an average price of
On September 12, 2024, Nucor's Board of Directors declared a cash dividend of
Third Quarter of 2024 Analysis
The largest driver for the decrease in earnings in the third quarter of 2024 as compared to the second quarter of 2024 is the decreased earnings of the steel mills segment, due primarily to lower average selling prices. The steel products segment's earnings decreased in the third quarter of 2024 as compared to the second quarter of 2024 due to lower average selling prices and lower volumes. Earnings in the raw materials segment are lower in the third quarter of 2024 as compared to the second quarter of 2024 due primarily to the non-cash impairment charge taken in the third quarter of 2024.
Fourth Quarter of 2024 Outlook
We expect consolidated net earnings attributable to Nucor stockholders in the fourth quarter of 2024 to decrease compared to earnings per diluted share of
Earnings Conference Call
You are invited to listen to the live broadcast of Nucor's conference call during which management will discuss Nucor's third quarter results on October 22, 2024, at 10:00 a.m. Eastern Time. 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
Non-GAAP Financial Measures
The Company 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 Annual Report on Form 10-K for the year ended December 31, 2023. 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 | Nine Months (39 Weeks) Ended | |||||||||||||||||||||||
September | September | Percent | September | September | Percent | |||||||||||||||||||
Steel mills total shipments: | ||||||||||||||||||||||||
Sheet | 2,837 | 2,723 | 4 | % | 8,680 | 8,328 | 4 | % | ||||||||||||||||
Bars | 1,926 | 2,001 | -4 | % | 5,843 | 6,292 | -7 | % | ||||||||||||||||
Structural | 493 | 530 | -7 | % | 1,555 | 1,571 | -1 | % | ||||||||||||||||
Plate | 435 | 460 | -5 | % | 1,295 | 1,434 | -10 | % | ||||||||||||||||
Other | 28 | 32 | -13 | % | 103 | 135 | -24 | % | ||||||||||||||||
5,719 | 5,746 | - | 17,476 | 17,760 | -2 | % | ||||||||||||||||||
Sales tons to outside customers: | ||||||||||||||||||||||||
Steel mills | 4,607 | 4,578 | 1 | % | 13,900 | 14,156 | -2 | % | ||||||||||||||||
Joist | 90 | 127 | -29 | % | 292 | 404 | -28 | % | ||||||||||||||||
Deck | 79 | 104 | -24 | % | 242 | 310 | -22 | % | ||||||||||||||||
Rebar fabrication products | 278 | 307 | -9 | % | 781 | 918 | -15 | % | ||||||||||||||||
Tubular products | 213 | 223 | -4 | % | 635 | 737 | -14 | % | ||||||||||||||||
Building systems | 60 | 71 | -15 | % | 181 | 185 | -2 | % | ||||||||||||||||
Other steel products | 291 | 309 | -6 | % | 919 | 921 | - | |||||||||||||||||
Raw materials | 578 | 521 | 11 | % | 1,759 | 1,640 | 7 | % | ||||||||||||||||
6,196 | 6,240 | -1 | % | 18,709 | 19,271 | -3 | % | |||||||||||||||||
Condensed Consolidated Statements of Earnings (Unaudited) (In thousands, except per share data) | ||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | |||||||||||||||
September 28, | September 30, | September 28, | September 30, | |||||||||||||
Net sales | $ | 7,444,160 | $ | 8,775,734 | $ | 23,658,415 | $ | 27,008,970 | ||||||||
Costs, expenses and other: | ||||||||||||||||
Cost of products sold | 6,686,226 | 6,854,934 | 20,183,246 | 20,588,294 | ||||||||||||
Marketing, administrative and other expenses | 244,657 | 385,768 | 883,132 | 1,229,051 | ||||||||||||
Equity in (earnings) losses of unconsolidated affiliates | (5,278) | 1,083 | (24,079) | (3,671) | ||||||||||||
Losses and impairments of assets | 123,000 | - | 137,150 | - | ||||||||||||
Interest expense (income), net | 7,282 | (14,133) | (32,811) | 648 | ||||||||||||
7,055,887 | 7,227,652 | 21,146,638 | 21,814,322 | |||||||||||||
Earnings before income taxes and noncontrolling interests | 388,273 | 1,548,082 | 2,511,777 | 5,194,648 | ||||||||||||
Provision for income taxes | 85,448 | 326,827 | 537,847 | 1,154,689 | ||||||||||||
Net earnings before noncontrolling interests | 302,825 | 1,221,255 | 1,973,930 | 4,039,959 | ||||||||||||
Earnings attributable to noncontrolling interests | 52,915 | 79,749 | 233,962 | 300,557 | ||||||||||||
Net earnings attributable to Nucor stockholders | $ | 249,910 | $ | 1,141,506 | $ | 1,739,968 | $ | 3,739,402 | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | 1.05 | $ | 4.58 | $ | 7.23 | $ | 14.86 | ||||||||
Diluted | $ | 1.05 | $ | 4.57 | $ | 7.22 | $ | 14.83 | ||||||||
Average shares outstanding: | ||||||||||||||||
Basic | 236,462 | 248,504 | 239,701 | 250,752 | ||||||||||||
Diluted | 236,768 | 248,916 | 239,800 | 251,179 | ||||||||||||
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) | ||||||||
September 28, 2024 | December 31, 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4,262,799 | $ | 6,383,298 | ||||
Short-term investments | 595,650 | 747,479 | ||||||
Accounts receivable, net | 2,949,190 | 2,953,311 | ||||||
Inventories, net | 5,126,493 | 5,577,758 | ||||||
Other current assets | 587,085 | 724,012 | ||||||
Total current assets | 13,521,217 | 16,385,858 | ||||||
Property, plant and equipment, net | 12,580,243 | 11,049,767 | ||||||
Restricted cash and cash equivalents | - | 3,494 | ||||||
Goodwill | 4,273,610 | 3,968,847 | ||||||
Other intangible assets, net | 3,194,261 | 3,108,015 | ||||||
Other assets | 776,860 | 824,518 | ||||||
Total assets | $ | 34,346,191 | $ | 35,340,499 | ||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 213,751 | $ | 119,211 | ||||
Current portion of long-term debt and finance lease obligations | 1,040,380 | 74,102 | ||||||
Accounts payable | 1,902,927 | 2,020,289 | ||||||
Salaries, wages and related accruals | 974,568 | 1,326,390 | ||||||
Accrued expenses and other current liabilities | 1,085,160 | 1,054,517 | ||||||
Total current liabilities | 5,216,786 | 4,594,509 | ||||||
Long-term debt and finance lease obligations due after one year | 5,684,936 | 6,648,873 | ||||||
Deferred credits and other liabilities | 1,887,928 | 1,973,363 | ||||||
Total liabilities | 12,789,650 | 13,216,745 | ||||||
Commitments and contingencies | ||||||||
EQUITY | ||||||||
Nucor stockholders' equity: | ||||||||
Common stock | 152,061 | 152,061 | ||||||
Additional paid-in capital | 2,207,928 | 2,176,243 | ||||||
Retained earnings | 30,113,666 | 28,762,045 | ||||||
Accumulated other comprehensive loss, net of income taxes | (168,233) | (162,072) | ||||||
Treasury stock | (11,832,564) | (9,987,643) | ||||||
Total Nucor stockholders' equity | 20,472,858 | 20,940,634 | ||||||
Noncontrolling interests | 1,083,683 | 1,183,120 | ||||||
Total equity | 21,556,541 | 22,123,754 | ||||||
Total liabilities and equity | $ | 34,346,191 | $ | 35,340,499 | ||||
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | ||||||||
Nine Months (39 Weeks) Ended | ||||||||
September 28, 2024 | September 30, 2023 | |||||||
Operating activities: | ||||||||
Net earnings before noncontrolling interests | $ | 1,973,930 | $ | 4,039,959 | ||||
Adjustments: | ||||||||
Depreciation | 808,791 | 681,153 | ||||||
Amortization | 189,146 | 175,701 | ||||||
Loss on assets | 137,150 | - | ||||||
Stock-based compensation | 114,280 | 101,107 | ||||||
Deferred income taxes | (92,468) | (25,750) | ||||||
Distributions from affiliates | 7,997 | 18,621 | ||||||
Equity in earnings of unconsolidated affiliates | (24,079) | (3,671) | ||||||
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||||||||
Accounts receivable | 46,823 | 171,621 | ||||||
Inventories | 496,048 | 209,056 | ||||||
Accounts payable | (206,730) | 164,479 | ||||||
Federal income taxes | 16,535 | 240,667 | ||||||
Salaries, wages and related accruals | (313,770) | (347,026) | ||||||
Other operating activities | 91,979 | 165,692 | ||||||
Cash provided by operating activities | 3,245,632 | 5,591,609 | ||||||
Investing activities: | ||||||||
Capital expenditures | (2,293,859) | (1,496,248) | ||||||
Investment in and advances to affiliates | (79) | (35,106) | ||||||
Sale of business | 1,438 | - | ||||||
Disposition of plant and equipment | 11,834 | 8,617 | ||||||
Acquisitions (net of cash acquired) | (672,193) | - | ||||||
Purchases of investments | (1,036,908) | (1,200,136) | ||||||
Proceeds from the sale of investments | 1,209,944 | 917,332 | ||||||
Other investing activities | 9,607 | (35,001) | ||||||
Cash used in investing activities | (2,770,216) | (1,840,542) | ||||||
Financing activities: | ||||||||
Net change in short-term debt | 94,540 | (13,142) | ||||||
Repayment of long-term debt | (5,000) | (7,500) | ||||||
Proceeds from exercise of stock options | 3,357 | 10,350 | ||||||
Payment of tax withholdings on certain stock-based compensation | (50,213) | (44,456) | ||||||
Distributions to noncontrolling interests | (333,399) | (412,404) | ||||||
Cash dividends | (393,837) | (387,996) | ||||||
Acquisition of treasury stock | (1,901,574) | (1,376,757) | ||||||
Other financing activities | (10,724) | (12,437) | ||||||
Cash used in financing activities | (2,596,850) | (2,244,342) | ||||||
Effect of exchange rate changes on cash | (2,559) | 837 | ||||||
(Decrease) Increase in cash and cash equivalents and restricted cash and cash equivalents | (2,123,993) | 1,507,562 | ||||||
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year | 6,386,792 | 4,361,220 | ||||||
Cash and cash equivalents and restricted cash and cash equivalents - end of nine months | $ | 4,262,799 | $ | 5,868,782 | ||||
Non-cash investing activity: | ||||||||
Change in accrued plant and equipment purchases | $ | 70,077 | $ | 40,126 | ||||
Non-GAAP Financial Measures | ||||||||||||||||
Reconciliation of EBITDA (Unaudited) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Three Months (13 Weeks) Ended | 9 Months (39 Weeks) Ended | |||||||||||||||
September 28, | September 30, | September 28, | September 30, | |||||||||||||
Net earnings before noncontrolling interests | $ | 302,825 | $ | 1,221,255 | $ | 1,973,930 | $ | 4,039,959 | ||||||||
Depreciation | 281,165 | 232,317 | 808,791 | 681,153 | ||||||||||||
Amortization | 69,296 | 58,470 | 189,146 | 175,701 | ||||||||||||
Losses and impairments of assets | 123,000 | - | 137,150 | - | ||||||||||||
Interest (income) expense, net | 7,282 | (14,133) | (32,811) | 648 | ||||||||||||
Provision for income taxes | 85,448 | 326,827 | 537,847 | 1,154,689 | ||||||||||||
EBITDA | $ | 869,016 | $ | 1,824,736 | $ | 3,614,053 | $ | 6,052,150 | ||||||||
Reconciliation of Adjusted net earnings attributable to Nucor stockholders (Unaudited) (In thousands, except per share data) | ||||||||
Three Months (13 Weeks) Ended September 28, 2024 | ||||||||
Diluted EPS | ||||||||
Net earnings attributable to Nucor stockholders | $ | 249,910 | $ | 1.05 | ||||
Losses and impairments of assets, net of tax | 103,080 | 0.44 | ||||||
Adjusted net earnings attributable to Nucor stockholders | $ | 352,990 | $ | 1.49 | ||||
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SOURCE Nucor Corporation
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