News Releases
Nucor Reports Results for First Quarter of 2009
The average scrap and scrap substitute cost per ton used remained flat at
The steel mill utilization rate has decreased to approximately 45% in the
first quarter from 92% in last year's first quarter and 48% in the fourth
quarter. As a result of this decreased utilization, total energy costs
increased approximately
The dramatically lower production rates of our mills have further slowed
the rate at which our sheet mills are consuming higher cost iron units, in
particular pig iron inventories, which were purchased prior to the collapse in
both the economy and scrap/pig iron pricing in last year's fourth quarter. We
expect that the impact from higher cost scrap will disappear during the second
quarter. If these current production rates continue, the overhang from the
high cost pig iron will, however, continue to impact our results through the
third quarter. Pig iron consumption was increased midway through the first
quarter. This increased consumption rate is expected to result in
approximately
Our liquidity position remains strong with
In February,
As we have progressed from
Certain statements contained in this news release are "forward-looking
statements" that involve risks and uncertainties. Factors that might cause
the Company's actual results to differ materially from those anticipated in
forward-looking statements include, but are not limited to: (1) the
sensitivity of the results of our operations to prevailing steel prices and
the changes in the supply and cost of raw materials, including scrap steel;
(2) market demand for steel products; (3) energy costs and availability; (4)
competitive pressure on sales and pricing, including pressure from imports and
substitute materials; and (5) capital investments and their impact on our
performance. These and other factors are outlined in
You are invited to listen to the live broadcast of
TONNAGE DATA
--------------
(in thousands)
Quarter (13 weeks) Ended
--------------------------
Percentage
April 4, 2009 March 29, 2008 Change
------------- -------------- ----------
Steel Mills:
Production 2,879 5,831 -51%
Total shipments 2,808 5,951 -53%
Outside shipments 2,433 5,203 -53%
Steel Products:
Joist production 60 132 -55%
Deck sales 75 116 -35%
Cold finish sales 80 136 -41%
Fabricated concrete
reinforcing steel sales 208 179 16%
Unaudited figures are as follows:
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
---------------------------------------------------------
(In thousands, except per share data)
Three Months (13 Weeks)
Ended
-------------------------
April 4, 2009 March 29, 2008
------------- --------------
Net sales $2,654,319 $4,974,269
---------- ----------
Costs, expenses and other:
Cost of products sold 2,778,324 4,071,592
Marketing, administrative and other
expenses 125,376 169,714
Interest expense, net 32,365 18,345
------ ------
2,936,065 4,259,651
--------- ---------
Earnings (loss) before income taxes and
noncontrolling interests (281,746) 714,618
Provision for (benefit from) income taxes (91,221) 213,093
------- -------
Net earnings (loss) (190,525) 501,525
Earnings (loss) attributable to
noncontrolling interests (880) 91,771
---- ------
Net earnings (loss) attributable to
Nucor stockholders $(189,645) $409,754
========= ========
Net earnings per share:
Basic ($0.60) $1.42
Diluted ($0.60) $1.41
Average shares outstanding:
Basic 314,319 288,208
Diluted 314,319 289,305
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
---------------------------------------------------
(In thousands)
April 4, 2009 Dec. 31, 2008
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $1,900,079 $2,355,130
Accounts receivable, net 933,763 1,228,807
Inventories 1,883,956 2,408,157
Other current assets 472,046 405,392
------- -------
Total current assets 5,189,844 6,397,486
Property, plant and equipment, net 4,126,427 4,131,861
Goodwill 1,728,442 1,732,045
Other intangible assets, net 925,986 946,545
Other assets 615,775 666,506
------- -------
Total assets $12,586,474 $13,874,443
=========== ===========
LIABILITIES
Current liabilities:
Short-term debt $6,299 $8,622
Long-term debt due within one year 5,400 180,400
Accounts payable 406,218 534,161
Federal income taxes payable - 199,044
Salaries, wages and related accruals 168,729 580,090
Accrued expenses and other current
liabilities 353,527 351,875
------- -------
Total current liabilities 940,173 1,854,192
------- ---------
Long-term debt due after one year 3,086,200 3,086,200
--------- ---------
Deferred credits and other liabilities 695,613 677,370
------- -------
Total liabilities 4,721,986 5,617,762
--------- ---------
EQUITY
Nucor stockholders' equity:
Common stock 149,654 149,628
Additional paid-in capital 1,641,678 1,629,981
Retained earnings 7,560,360 7,860,629
Accumulated other comprehensive loss,
net of income taxes (249,055) (190,262)
Treasury stock (1,515,387) (1,520,772)
---------- ----------
7,587,250 7,929,204
Noncontrolling interests 277,238 327,477
------- -------
Total equity 7,864,488 8,256,681
--------- ---------
Total liabilities and equity $12,586,474 $13,874,443
=========== ===========
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
------------------------------------------------
(In thousands)
Three Months (13 Weeks) Ended
-----------------------------
April 4, 2009 March 29, 2008
------------- --------------
Operating activities:
Net earnings (loss) $(190,525) $501,525
Adjustments:
Depreciation 119,699 109,662
Amortization 18,142 13,411
Stock-based compensation 10,225 9,635
Deferred income taxes (51,693) (8,663)
Settlement of derivative hedges (13,355) (283)
Changes in assets and liabilities
(exclusive of acquisitions):
Accounts receivable 292,398 33,005
Inventories 522,744 8,014
Accounts payable (127,657) 16,245
Federal income taxes (204,553) 189,411
Salaries, wages and
related accruals (404,173) (162,496)
Other 42,742 (41,987)
------ -------
Cash provided by operating activities 13,994 667,479
------ -------
Investing activities:
Capital expenditures (125,966) (226,238)
Investment in affiliates (8,468) (17,118)
Disposition of plant and equipment 2,234 1,250
Acquisitions (net of cash acquired) - (1,402,179)
Purchases of investments - (209,605)
Proceeds from the sale of investments - 392,055
------- -------
Cash used in investing activities (132,200) (1,461,835)
-------- ----------
Financing activities:
Net change in short-term debt (2,320) (10,501)
Proceeds from issuance of long-term debt - 400,000
Repayment of long-term debt (175,000) -
Issuance of common stock 1,028 6,158
Excess tax benefits from stock-based
compensation (700) 7,300
Distributions to noncontrolling
interests (49,339) (91,993)
Cash dividends (110,514) (176,556)
--------- ---------
Cash provided by (used in) financing
activities (336,845) 134,408
-------- -------
Decrease in cash and cash equivalents (455,051) (659,948)
Cash and cash equivalents -
beginning of year 2,355,130 1,393,943
--------- ---------
Cash and cash equivalents - end
of three months $1,900,079 $733,995
========== ========
SOURCENucor Corporation -0-04/23/2009 /CONTACT: Nucor Executive Offices, +1-704-366-7000, or fax, +1-704-362-4208/ /Web Site: http://www.nucor.com / (NUE) CO:Nucor Corporation ST:North Carolina IN: MNG SU: ERN CCA PR -- CL04100 -- 000004/23/2009 09:00 EDT http://www.prnewswire.com