Nucor reports year end results
Nucor Corporation announced consolidated net earnings
of $364.8 million ($1.26 per diluted share) for the fourth quarter of
2007, a decrease of 10% compared with $405.1 million ($1.34 per diluted
share) earned in the fourth quarter of 2006 and a decrease of 4% from
the $381.2 million ($1.29 per diluted share) earned in the third quarter
For the full year 2007, consolidated net earnings were $1.47 billion
($4.94 per diluted share), compared with the record net earnings of $1.76
billion ($5.68 per diluted share) in 2006. Although net earnings decreased
16% from 2006 levels, 2007 was their second-best earnings year.
Nucor’s consolidated net sales for 2007 increased 12% to a record $16.59
billion, compared with $14.75 billion in 2006. Average sales price per
ton increased 8% while total tons shipped to outside customers increased
In the steel mill segment, steel production decreased 1% to 22,089,000
tons in 2007, compared with 22,382,000 tons produced in 2006.
Total steel shipments remained flat at 22,347,000 tons in 2007, compared
with 22,346,000 tons in 2006. Steel shipments to outside customers decreased
2% to 20,235,000 tons in 2007, compared with 20,649,000 tons in 2006.
In December 2007, Nucor’s board of directors increased the base dividend
from $0.11 to $0.30 per share and declared a supplemental dividend of
$0.31 per share. The total dividend of $0.61 per share was payable on
February 11, 2008 to stockholders of record on December 31, 2007.
The board of directors stated that the 173% increase in the quarterly
base dividend reflects the company’s success in building long-term earnings
power and the company’s belief that the business cycle for steel will
see both higher highs and higher lows in the future.
During 2007, Nucor repurchased approximately 14.1 million shares of its
common stock at a cost of approximately $754.0 million under a publicly
announced stock repurchase program (none in the fourth quarter of 2007).