Nucor Earnings Call Transcripts
Fiscal Year 2026
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Q3 delivered approximately $2.3B EBITDA, $5.80 EPS and record mill shipments, supported by strong demand and investment contributions. Q4 earnings are expected flat to modestly higher; 2027 outlook is stronger as projects ramp and CapEx declines.
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Q2 saw record steel shipments, $1.2B net earnings, and robust demand across all segments. Growth projects are on track, with strong outlook for H2 and 2027, supported by multi-year demand drivers and disciplined capital allocation.
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The meeting covered director elections, auditor ratification, and executive compensation, all of which passed. Leadership reaffirmed a commitment to strong dividends and shareholder returns, with future increases under consideration as growth projects conclude.
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Q1 2026 saw record shipments, strong earnings, and robust backlogs, with all segments outperforming and guidance raised for higher earnings in Q2. Major capital projects are progressing, and demand remains strong across key markets, supporting optimism for 2026.
Fiscal Year 2025
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Delivered strong safety and operational results in 2025, with adjusted Q4 EPS of $1.73 and full-year EBITDA of $4.2B. 2026 outlook is positive, with lower CapEx, higher free cash flow, and robust demand driving shipment growth and improved earnings.
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Q3 results exceeded guidance with $1.3B EBITDA and $2.63 EPS, driven by strong steel mill shipments and favorable adjustments. Capital investments and market share gains in data centers and infrastructure support a positive long-term outlook, despite near-term seasonal headwinds.
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Q2 saw strong financial and operational performance, with significant earnings growth, record safety, and robust demand across key markets. Margin compression is expected in Q3 due to lagged pricing and tariffs, but demand and backlogs remain healthy.
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The meeting covered board elections, auditor ratification, executive compensation, and incentive plan approval, with all proposals passing. Leadership emphasized disciplined capital allocation and shareholder value. No questions were submitted by stockholders.
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Q1 2025 saw adjusted EPS of $0.77 and strong capital investment, with backlogs and order books at record levels. Earnings are expected to rise in Q2, supported by robust demand, ongoing project ramp-ups, and favorable trade policy changes.
Fiscal Year 2024
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Reported strong 2024 results with $2B net earnings, robust cash flow, and record safety. Major growth projects are on track, with $3B CapEx planned for 2025 and continued shareholder returns. Outlook for 2025 is optimistic amid stable demand and supportive trade policies.
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Q3 adjusted earnings reached $373 million, with strong cash flow and continued capital investment. Margins remain pressured by imports and soft demand, but key projects and acquisitions are progressing, and the company expects lower Q4 earnings before a potential rebound in 2025.
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Q2 earnings declined 23% sequentially due to lower steel prices, but strong cash flow enabled over $1.7B in shareholder returns year-to-date. Major capital projects and acquisitions are progressing, with stable demand expected in key segments despite margin pressure from imports and interest rates.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
Fiscal Year 2019
Fiscal Year 2018
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Record FY 2018 diluted EPS of $7.42 and operating cash flow of ~$2.4B supported growth investment and more than $1.3B in shareholder returns. The 2019 outlook remained strong, though Q1 sheet margins and raw-materials performance were expected to soften.
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Q3 EPS was $2.13, or $2.35–$2.40 excluding a $0.26 impairment; 9M net income reached $1.7B. Strong demand and a $2.2B growth program supported record-year prospects, while Louisiana DRI reliability remained a key execution focus.
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Q2 diluted EPS hit a record $2.13 as utilization reached 95% and all three segments improved. Q3 earnings are expected to rise, led by sheet and plate, while raw materials face margin pressure.
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Q1 diluted EPS was $1.10, with stronger steel margins and broad segment gains; Q2 earnings were expected to rise significantly. Robust demand and a $1.3 billion growth-project pipeline supported the outlook, alongside ongoing import and trade-policy uncertainty.
Fiscal Year 2017
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FY17 earnings reached their highest level since 2008, excluding a significant one-time tax benefit, as sheet and engineered bar results strengthened. FY18 brings higher growth investment and improving market sentiment, offset by cost pressures and Louisiana DRI uncertainty.
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Q3 diluted EPS fell to $0.83, while 9M EPS reached $2.94, the strongest comparable period since 2008. DRI reliability, import pressure and compressed plate margins weighed on results; Q4 earnings were expected near or slightly below Q3, excluding the tax benefit.
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Q2 EPS was $1.00, with H1 earnings at their strongest level since 2008, despite rising steel imports and pressure on downstream rebar. Growth investments, improved plate and SBQ performance, and new galvanizing capacity underpin a cautiously optimistic outlook.
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Q1 diluted EPS reached $1.11, the strongest quarterly earnings since Q3 2008, with improved steel-mill and raw-material performance. Q2 earnings are expected to rise, supported by stronger demand, pricing and recent trade actions.
Fiscal Year 2016
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Q4 adjusted earnings slightly exceeded guidance, while management projected stronger 2017 profitability. Tubular acquisitions, value-added investments and trade actions were expected to support growth, amid ongoing global oversupply and policy uncertainty.
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Q3 diluted EPS was $0.84, pressured by LIFO expense and one-time items, while sheet mills and DRI improved QoQ. Q4 earnings are expected to fall notably; investment in specialty products and disciplined growth remain priorities.
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Q2 EPS beat guidance as steel mill shipments and metal margins improved. Stronger Q3 earnings were expected, supported by sheet contract resets, positive downstream momentum, and improving DRI performance.
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Q1 diluted EPS was $0.22, within guidance, as steel pricing and margins improved late in the quarter. Q2 earnings were expected to improve significantly, supported by stronger sheet volumes, better margins, and seasonal demand.
Fiscal Year 2015
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Adjusted Q4 EPS of $0.46 beat guidance despite $237 million in impairments, while FY operating cash flow reached ~$2.2 billion. Management expected 2016 improvement in downstream performance and demand, while global oversupply and imports remained major pressures.
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Q3 EPS of $0.71 exceeded guidance, aided by stronger September results and one-time credits. Global overcapacity and imports pressured the outlook, while downstream records, automotive growth, and strong liquidity supported long-term plans.
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Q2 diluted EPS of $0.39 exceeded guidance, supported by stronger steel mill shipments and margins, while H1 operating cash flow reached $1.2 billion. Heavy imports remained the key market headwind; Q3 earnings were expected to improve.
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Q1 EPS fell to $0.21 as imports, lower steel prices and energy-sector destocking weakened mill results. Management expected sequential earnings improvement, supported by lower scrap costs and stronger construction demand.
Fiscal Year 2014
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FY 2014 net income rose 46% to $714 million, with strong operating cash flow and higher steel shipments. Q1 2015 faced import pressure and oil-related destocking, partly offset by construction demand and expected lower raw-material costs.
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Q3 diluted EPS rose 65% YoY to $0.76, beating guidance, as steel and fabricated products improved. Gallatin expands sheet capacity, while DRI startup costs and dumped imports remain key challenges; Q4 earnings are expected to moderate seasonally.
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Q2 diluted EPS reached $0.46, beating guidance, with H1 earnings up 52% YoY. Q3 earnings were expected to improve, while import pressure and global overcapacity remained key risks.
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Q1 diluted EPS was $0.35 despite severe weather and import pressure. Q2 earnings were expected to improve, while Louisiana DRI startup gains and higher-margin product investments supported the longer-term outlook.
Fiscal Year 2013
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Q4 diluted EPS was $0.53, including favorable tax and LIFO effects; adjusted results exceeded guidance. Lower 2014 capex, Louisiana DRI ramp-up and higher-value products support the outlook, while weather and global overcapacity remain risks.
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Q3 diluted EPS increased to $0.46, beating guidance as sheet mills benefited from supply disruptions. Investment in DRI, lower-cost gas, and value-added products supports long-term growth, while imports and weak steel markets remain headwinds.
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Q2 diluted EPS was $0.27, within guidance, while steel-mill profitability declined sequentially and fabricated products returned to profit. Q3 earnings were expected to improve modestly as strategic investment and Louisiana DRI startup continued amid weak markets and import pressure.
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Q1 diluted EPS was $0.26, above guidance but down YoY as steel mill results weakened. Q2 earnings were expected to improve across most businesses, while sheet markets remained pressured by oversupply and imports; growth investment continued, including the delayed Louisiana DRI startup.
Fiscal Year 2012
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Q4 diluted EPS was $0.43, ahead of guidance, supported by a larger LIFO credit and stronger mill profits. Cash generation and liquidity funded debt retirement and growth investment, while weak demand, imports, and excess steel capacity kept the outlook cautious.
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Q3 diluted EPS of $0.35 reached the high end of guidance despite non-cash charges and softer steel markets. Operating cash flow rose more than 60% YoY to $1.1 billion, while Q4 earnings were expected to decline excluding one-time items.
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Q2 EPS was $0.35 amid imports, weak markets and one-time charges, while operating cash flow rose to $446 million in H1. Q3 earnings were expected modestly lower; growth plans focused on Skyline, Louisiana DRI and higher-value products.
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Q1 diluted EPS of $0.46 beat guidance, aided by stronger March shipments and tax adjustments. Import pressure and weak construction constrained margins, while management expected modest Q2 improvement and continued investment in growth projects.