- 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 207th 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
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nucor-reports-results-for-the-fourth-quarter-and-full-year-2024-302361217.html
SOURCE Nucor Corporation