- Nucor Corp (NYSE: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.
