Nucor Posted the Most Profitable First Quarter in its History

SEATTLE (Scrap Monster): Charlotte, North Carolina-based Nucor Corporation announced the most profitable first quarter in its history during Q1 this year.

The company reported consolidated net earnings of $2.10 billion, or $7.67 per diluted share, for the first quarter of 2022. This compares with consolidated net earnings of $2.25 billion, or $7.97 per diluted share, for the fourth quarter of 2021 and $942.4 million, or $3.10 per diluted share, for the first quarter of 2021.

The company’s consolidated net sales increased 1% to $10.49 billion in Q1 2022 compared with $10.36 billion in the fourth quarter of 2021 and increased 50% compared with $7.02 billion in the first quarter of 2021. The average sales price per ton increased by 2% from Q4 2021 and by 68% from Q1 2021.

Nucor shipped a total of 6.394 million tons to outside customers during the quarter. The total steel mill shipments reported year-on-year decline by 11%. The shipments to internal customers represented 22% of the total steel mill shipments during the quarter. Meantime, the downstream steel product shipments to outside customers too increased month-on-month and year-on-year.

Leon Topalian, Nucor's President and Chief Executive Officer congratulated Nucor team on delivering world class performance during Q1 this year. The key forward looking indicators for 2022 remain favorable and the company expects another strong year in both earnings and cash generation, he added.

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