Nucor Steel Mills Segment Earnings Surged Higher in Third Quarter

SEATTLE (Scrap Monster): Charlotte, North Carolina- headquartered Nucor Corporation announced results for the third quarter and first nine months of 2018. The company reported consolidated net earnings of $2.13 per diluted share, more or less flat when compared with the prior quarter. The consolidated net earnings during the initial nine-month period surged higher from $2.90 per diluted share in 2017 to $5.35 per diluted share this year.

Nucor’s consolidated net sales surged higher by 30% over the previous year to total $6.74 billion in Q3 this year. It must be noted that the sales had totaled only $5.17 billion during the third quarter in 2017. The average sales price per ton registered 23% jump over the previous year. The total steel mill shipments in the third quarter of 2018 increased 7% from the year-ago quarter. The overall operating rate at Nucor steel mills increased from 84% in Q3 last year to 92% in Q3 ’18.

John Ferriola, Chairman, Chief Executive Officer and President, Nucor noted that the company has continued strong financial performance in Q3. The company is on track to report a record year of earnings in 2018.

The company reported higher earnings at its sheet and plate mills, despite planned outages and weather-related disruptions at certain mills during the quarter, thereby resulting in improved performance of steel mills segment. On the contrary, earnings from steel products segment and raw materials segment decreased over the year.

Commenting on the outlook for Q4 this year, Nucor stated that the earnings are expected to decrease across all the above three operating segments.