Nucor Announced Better-Than-Expected Q4 2023 Results

SEATTLE (Scrap Monster): Charlotte, N.C. - headquartered Nucor Corporation announced results for the fourth quarter and full year 2023.

The company declared consolidated net earnings of $785.4 million, or $3.16 per diluted share in Q4 2023. This compares with consolidated net earnings of $1.14 billion, or $4.57 per diluted share, for the third quarter of 2023 and $1.26 billion, or $4.89 per diluted share, for the fourth quarter of 2022.

The consolidated net sales during the quarter recorded a decline by 12% to total $7.70 billion in the fourth quarter of 2023, compared with $8.72 billion in the fourth quarter of 2022. Meantime, the total steel mill shipments surged higher by 8%. The shipments to internal customers accounted for almost 20% of the total shipments during the quarter, said the company press release.

The full year 2023 consolidated earnings stood at $4.52 billion, or $18.00 per diluted share, compared with consolidated net earnings of $7.61 billion, or $28.79 per diluted share, in 2022. The consolidated net sales totalled $34.71 billion, down significantly by 16% when compared with consolidated net sales of $41.51 billion reported for the full year 2022.

Leon Topalian, Nucor's Chair, President and Chief Executive Officer noted that the team delivered a strong finish to 2023. Nucor’s bets days are yet to come, he added.

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