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Nucor Q1 consolidated net earnings $501.8 million

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Christian Fernsby |
Nucor
Nucor   Nucor's consolidated net sales decreased 3% to $6.10 billion

Nucor Corporation announced consolidated net earnings of $501.8 million, or $1.63 per diluted share, for the first quarter of 2019.

By comparison, Nucor reported consolidated net earnings of $646.8 million, or $2.07 per diluted share, for the fourth quarter of 2018 and $354.2 million, or $1.10 per diluted share, for the first quarter of 2018.

Nucor's consolidated net sales decreased 3% to $6.10 billion in the first quarter of 2019 compared with $6.30 billion in the fourth quarter of 2018, and increased approximately 10% compared with $5.57 billion in the first quarter of 2018.

Included in the first quarter of 2019 results was a benefit of $33.7 million, or $0.08 per diluted share, related to the gain on the sale of an equity method investment in the raw materials segment.

Included in the first quarter of 2018 results was an expense of $21.8 million, or $0.07 per diluted share, related to the write off of deferred tax assets due to the change in the tax status of a subsidiary.

Average sales price per ton in the first quarter of 2019 decreased 4% compared with the fourth quarter of 2018 and increased 13% compared with the first quarter of 2018.

A total of 6,767,000 tons were shipped to outside customers in the first quarter of 2019, a 1% increase from fourth quarter of 2018 and a 3% decrease from the first quarter of 2018.

Total steel mill shipments in the first quarter of 2019 increased 2% from the fourth quarter of 2018 and decreased 4% from the first quarter of 2018.

Downstream steel products shipments to outside customers in the first quarter of 2019 decreased 2% from the fourth quarter of 2018 and decreased 3% from the first quarter of 2018.

The average scrap and scrap substitute cost per ton used during the first quarter of 2019 was $352, a 2% decrease compared to $359 in the fourth quarter of 2018 and an increase of 4% compared to $337 in the first quarter of 2018.

Pre-operating and start-up costs related to the Company's growth projects were $19.6 million, or $0.05 per diluted share, in the first quarter of 2019, compared with $17.4 million, or $0.04 per diluted share, in the fourth quarter of 2018 and $2.3 million, or $0.01 per diluted share, in the first quarter of 2018.

Overall operating rates at the Company's steel mills decreased to 87% in the first quarter of 2019 as compared to 88% in the fourth quarter of 2018 and 92% in the first quarter of 2018.

Nucor's liquidity position remains very strong with $1.6 billion in cash and cash equivalents as of March 30, 2019.

During the first quarter of 2019, Nucor repurchased approximately 1.2 million shares of its common stock for an average price of $60.69 per share.

On March 30, 2019, Nucor had approximately 304,786,000 shares outstanding and approximately $1.4 billion available under its share repurchase program.


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