American Recycler News, Inc.

 

Nucor reports results for third quarter and first nine months

In the first nine months of 2012, Nucor reported consolidated net earnings of $367.7 million, or $1.15 per diluted share, compared with consolidated net earnings of $641.1 million, or $2.02 per diluted share, in the first nine months of last year. The year-to-date of impact of Skyline inventory related purchase accounting adjustments was $36.8 million ($.08 per diluted share).

Nucor recorded a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $84.0 million ($0.16 per diluted share) in the third quarter of 2012, compared with a credit of $14.5 million ($0.03 per diluted share) in the second quarter of 2012 and a charge of $28.0 million ($0.05 per diluted share) in the third quarter of 2011. The LIFO credit in the first 9 months of 2012 was $84.0 million ($0.16 per diluted share) compared with a charge of $91.0 million ($0.17 per diluted share) in the first nine months of 2011.

Nucor’s consolidated net sales decreased 6 percent to $4.80 billion in the third quarter of 2012 compared with $5.10 billion in the second quarter of 2012 and decreased 9 percent compared with $5.25 billion in the third quarter of 2011. Average sales price per ton decreased three percent from the second quarter of 2012 and decreased eight percent from the third quarter of 2011. Total tons shipped to outside customers were 5,768,000 tons in the third quarter of 2012, a 3 percent decrease from the second quarter of 2012 and a slight decrease from the third quarter of 2011. Total third quarter steel mill shipments were down three percent from the second quarter of 2012 and decreased two percent from the third quarter of 2011. Third quarter downstream steel products shipments to outside customers increased one percent over the second quarter of 2012 and four percent over the third quarter of 2011.

In the first 9 months of 2012, Nucor’s consolidated net sales decreased 1 percent to $14.98 billion, compared with $15.19 billion in last year’s first 9 months. Total tons shipped to outside customers increased 1 percent over the first nine months of 2011, while average sales price per ton decreased 3 percent.

The average scrap and scrap substitute cost per ton used in the third quarter of 2012 was $380, a decrease of 11 percent from $427 in the second quarter of 2012 and a decrease of 15 percent from $449 in the third quarter of 2011. The average scrap and scrap substitute cost per ton used in the first nine months of 2012 was $418, a decrease of 5 percent from $439 in the first nine months of 2011.

In September, Nucor’s board of directors declared a cash dividend of $0.365 per share payable on November 9, 2012 to stockholders of record on September 28, 2012. This dividend is Nucor’s 158th consecutive quarterly cash dividend.