CHARLOTTE, N.C., July 22 /PRNewswire/ -- Consolidated sales for the first half of 1999 were $1,891,000,000, compared with $2,267,200,000 in last year's first half. Net earnings for the current year's first half were $78,800,000 ($.90 per share), compared with $137,400,000 ($1.56 per share) in the first half of 1998.
In the second quarter of 1999, Nucor's consolidated sales were $997,200,000, compared with $1,128,400,000 in last year's second quarter. Net earnings for this year's second quarter were $50,600,000 ($.58 per share), compared with $72,200,000 ($.82 per share) in the second quarter of 1998. Pre-operating and start-up costs of new facilities increased to $29,800,000 in the first half of 1999, compared with $16,600,000 in the first half of 1998. For the second quarter of 1999, pre-operating and start-up costs were $12,100,000, compared with $9,800,000 in the second quarter of 1998.
In the first half of 1999, steel production was 5,059,000 tons, compared with 5,336,000 tons produced in the first half of 1998. Total steel shipments were 4,885,000 tons in the first half of 1999, compared with 5,296,000 tons in last year's first half. Steel sales to outside customers were 4,190,000 tons, compared with 4,620,000 tons in the year earlier half. Steel joist production during the first half was 306,000 tons, compared with 292,000 tons a year earlier. Steel deck sales were 187,000 tons, compared with 156,000 tons in last year's first half. Cold finished steel sales were 128,000 tons, compared with 145,000 tons in the first half of 1998.
Start-up continues satisfactorily at Nucor's new 500,000 tons-per-year steel beam mill in Berkeley County, South Carolina. Nucor is also continuing start-up at a major addition to its Hickman, Arkansas steel sheet mill. This addition consists of: a galvanizing facility with 500,000 tons annual capacity; a cold rolling facility with 800,000 tons annual capacity; and associated pickling, oiling, and annealing facilities.
Initial construction has begun at Nucor's new 1,000,000 tons-per-year steel plate mill in Hertford County, North Carolina. Construction has also begun on Nucor's third building systems facility. This new facility, located in Terrell, Texas, is anticipated to cost about $20,000,000 and to be operational by the second quarter of 2000.
Nucor plans to construct a second caster at the steel sheet mill in Berkeley County, South Carolina, at an estimated cost of more than $40,000,000. This major expansion will increase the total capacity for flat- rolled steel at the Berkeley County facility by up to 800,000 tons per year.
Nucor Corporation (NYSE: NUE) and affiliates are manufacturers of steel products, with operating facilities in eight states. Products produced are: carbon and alloy steel; steel joists and joist girders; steel deck; cold finished steel; steel grinding balls; steel fasteners; metal building systems; and steel bearing products.
Unaudited figures are as follows: Six Months (26 Weeks) Ended Three Months (13 Weeks) Ended July 3, 1999 July 4, 1998 July 3, 1999 July 4, 1998
NET SALES $1,890,989,319 $2,267,212,238 $997,166,323 $1,128,350,083
COSTS AND EXPENSES: Cost of products sold 1,703,276,078 1,975,810,481 884,369,369 976,304,508 Marketing, administrative and other expenses 65,052,020 78,949,401 33,665,488 40,081,649 Interest expense (income) (459,384) (2,111,167) (15,747) (762,084)
1,767,868,714 2,052,648,715 918,019,110 1,015,624,073 EARNINGS BEFORE FEDERAL INCOME TAXES 123,120,605 214,563,523 79,147,213 112,726,010
Federal income taxes 44,300,000 77,200,000 28,500,000 40,500,000 NET EARNINGS $78,820,605 $137,363,523 $ 50,647,213 $ 72,226,010
PER SHARE $.90 $1.56 $.58 $.82
Average shares outstanding 87,298,950 88,042,141 87,288,165 88,064,592
SOURCE Nucor Corporation
CONTACT: Nucor Corporation, 704-366-7000