Nucor reports third quarter 2010 results

Nucor Corporation reported consolidated net earnings of $23.5 million, or $0.07 per diluted share, for the third quarter of 2010. By comparison, Nucor reported net earnings of $91.0 million, or $0.29 per diluted share, in the second quarter of 2010 and a net loss of $29.5 million, or $0.10 per diluted share, in the third quarter of 2009.

In the first nine months of 2010, Nucor reported consolidated net earnings of $145.5 million, or $0.46 per diluted share, compared with a net loss of $352.5 million, or $1.12 per diluted share, in the first nine months of 2009.

In the third quarter of 2010, Nucor’s consolidated net sales decreased 1 percent to $4.14 billion compared with $4.20 billion in the second quarter of 2010 and increased 33 percent compared with $3.12 billion in the third quarter of 2009. Average sales price per ton decreased 3 percent from the second quarter of 2010 and increased 20 percent over the third quarter of 2009. Total tons shipped to outside customers were 5,633,000 tons in the third quarter of 2010, an increase of 1 percent over the second quarter of 2010 and an increase of 10 percent over the third quarter of 2009. Total third quarter steel mill shipments increased 9 percent over the third quarter of 2009 and increased 2 percent over the second quarter of 2010. Third quarter downstream steel products shipments to outside customers increased 13 percent over the third quarter of 2009 and 5 percent over the second quarter of 2010.

In the first nine months of 2010, Nucor’s consolidated net sales increased 45 percent to $11.99 billion, compared with $8.25 billion in last year’s first nine months. Average sales price per ton increased 13 percent while total tons shipped to outside customers increased 29 percent over the first nine months of 2009.

The average scrap and scrap substitute cost per ton used in the third quarter of 2010 was $354, a decrease of 5 percent compared with $373 in the second quarter of 2010 and an increase of 18 percent over $299 in the third quarter of 2009. The average scrap and scrap substitute cost per ton used in the first nine months of 2010 increased 12 percent to $348 compared to $312 in the first nine months of 2009.

In September, Nucor’s board of directors declared a cash dividend of $0.36 per share payable on November 11, 2010 to stockholders of record on September 30, 2010. This dividend is Nucor’s 150th consecutive quarterly cash dividend, a record we expect to continue.