Nucor Q4 Earnings: Revenue Beat, EPS Beat, Steel Shipments Down 2%, Market Conditions 'Starting To Improve'

Nucor Corp NUE reported fourth-quarter financial results after the market close on Monday. Here’s a look at the key metrics from the quarter.

Q4 Earnings: Nucor reported fourth-quarter revenue of $7.08 billion, beating analyst estimates of $6.76 billion, according to Benzinga Pro. The steelmaker reported fourth-quarter earnings of $1.22 per share, beating analyst estimates of 65 cents per share.

Total revenue was down 8% on a year-over-year basis. Nucor said it shipped approximately 6.06 million tons to outside customers during the quarter. Average sales price per ton decreased 10% year-over-year. Total steel mill shipments fell 2% year-over-year.

Nucor ended the quarter with $4.14 billion in cash, cash equivalents and short-term investments on hand. The company noted that its $1.75 billion revolving credit facility remains undrawn and does not expire until November 2026.

“While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025. The U.S. economy is still on the front end of several steel-intensive megatrends and as America’s largest and most diversified steel producer, Nucor is well positioned to supply those needs,” said Leon Topalian, chair, president and CEO of Nucor.

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Nucor said it repurchased approximately 2.1 million shares of its common stock during the quarter. The company’s board also declared a cash dividend of 55 cents per share payable on Feb. 11 to shareholders of record as of Dec. 31.

Outlook: Nucor expects first-quarter earnings in the steel mills and steel products segments “to be similar” to the first quarter of 2024, while earnings in the raw materials segment are expected to decrease.

“We expect higher corporate, administrative and tax impacts in the first quarter of 2025 than realized in the fourth quarter of 2024 which may result in lower net earnings overall,” the company said.

Management will further discuss the quarter on a call with analysts and investors at 10 a.m. ET Tuesday morning.

NUE Price Action: Nucor shares were up 0.97% in after hours, trading at $123.15 at the time of publication Monday, per Benzinga Pro.

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Photo: Courtesy of Nucor Corp.