RSS   Newsletter   Contact   Advertise with us
Post Online Media
Nucor Corporation   Downstream steel products shipments decreased 3%

Nucor Q1 consolidated net earning $356.9 million

NucorNucor Corporation announced consolidated net earnings of $356.9 million, or $1.11 per diluted share, for the first quarter of 2017.

By comparison, Nucor reported net earnings of $159.6 million, or $0.50 per diluted share, for the fourth quarter of 2016 and net earnings of $87.6 million, or $0.27 per diluted share, for the first quarter of 2016.

Article continues below

READ MORE Nucor Q2 net earnings jumped from $70.8m to $233.8 million

Included in the first quarter of 2017 results were inventory related purchase accounting charges of $9.8 million, or $0.02 per diluted share, associated with the recent acquisitions of Southland Tube and Republic Conduit.

Included in the fourth quarter of 2016 results were the effects of a change in estimate related to the cost of certain inventories that resulted in a benefit of $77.6 million, or $0.16 per diluted share.

Included in the first quarter of 2016 earnings were out-of-period non-cash gains totaling $13.4 million ($0.04 per diluted share) related to a noncontrolling interest adjustment and to tax adjustments.

Nucor's consolidated net sales increased 22% to $4.82 billion in the first quarter of 2017 from $3.96 billion in the fourth quarter of 2016 and increased 30% compared with $3.72 billion in the first quarter of 2016.

Average sales price per ton in the first quarter of 2017 increased 8% compared to the fourth quarter of 2016 and increased 21% from the first quarter of 2016.

Total tons shipped to outside customers were 6,584,000 tons in the first quarter of 2017, a 13% increase from the fourth quarter of 2016 and a 7% increase from the first quarter of 2016.

Total steel mill shipments in the first quarter of 2017 increased 19% from the fourth quarter of 2016 and increased 9% from the first quarter of 2016.

Downstream steel products shipments to outside customers in the first quarter of 2017 decreased 3% from the fourth quarter of 2016 and increased 3% from the first quarter of 2016.

The average scrap and scrap substitute cost per ton used during the first quarter of 2017 was $284, an increase of 20% from $236 in the fourth quarter of 2016 and an increase of 47% compared to $193 in the first quarter of 2016.

Overall operating rates at our steel mills increased to 89% in the first quarter of 2017 as compared to 74% in the fourth quarter of 2016 and 80% in the first quarter of 2016.

Total steel mill energy costs in the first quarter of 2017 decreased approximately $1 per ton compared to the fourth quarter of 2016 and increased approximately $1 per ton compared to the first quarter of 2016.




What to read next





More inside POST
 
 

We use cookies to ensure that we give you the best experience on our website. Please allow cookies for fully-functioning website.

Allow Cookies Privacy Policy