Nucor Clocks 50% Sales Growth In Q1, Tops Street View

Nucor Corp NUE reported first-quarter FY22 net sales growth of 49.5% year-over-year to $10.49 billion, beating the consensus of $10.48 billion.
EPS improved to $7.67 from $3.10 in 1Q21, beating the consensus of $7.29.
The average sales price per ton increased 68% Y/Y and increased 2% Q/Q.
Total of 6.39 million tons were shipped to outside customers, a decrease of 11% Y/Y.
Total steel mill shipments in the quarter decreased 11% Y/Y.
NUE's cash provided by operating activities totaled $2.47 billion in Q1, compared to $530.41 million a year ago.
The average scrap and scrap substitute cost per gross ton used was $495, a 22% increase compared to $405 in 1Q21.
Overall operating rates at the steel mills decreased to 77% compared to 95% in 1Q21.
NUE had $4.26 billion in cash and equivalents at the end of the quarter.
Nucor's cash dividend of $0.50 per share is payable on May 11, 2022, to stockholders of record as of March 31, 2022. As of April 2, 2022, Nucor had approximately $2.94 billion remaining for repurchases.
Q2 Outlook: Nucor expects 2Q22 to be the most profitable quarter in its history, surpassing the previous record set in 4Q21.
The company expects Q2 earnings to be driven by increased profitability in the steel products segment, which continues to benefit from robust demand in nonresidential construction markets.
Price Action: NUE shares are trading higher by 3.43% at $175.05 on the last check Thursday.

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