CHARLOTTE, N.C., Oct. 18 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) today issued the following earnings report:
Consolidated sales for the first nine months of 2001 decreased 12% to $3,160,000,000, compared with $3,577,000,000 in the first nine months of 2000, primarily due to an 18% decrease in composite sales price per ton. Nucor's consolidated net earnings for the current year's first nine months were $86,000,000 ($1.11 per share), compared with $231,000,000 ($2.78 per share) in the first nine months of 2000.
In the third quarter of 2001, Nucor's consolidated sales decreased 9% to $1,053,000,000, compared with $1,163,000,000 in last year's third quarter, primarily due to a 16% decrease in composite sales price per ton. Net earnings for this year's third quarter were $20,000,000 ($.26 per share), compared with $68,000,000 ($.85 per share) in the third quarter of 2000.
Pre-operating and start-up costs of new facilities increased to $66,800,000 in the first nine months of 2001, compared with $30,000,000 in the first nine months of 2000. For the third quarter of 2001, pre-operating and start-up costs increased to $26,800,000, compared with $13,400,000 in the third quarter of 2000.
Nucor established new third quarter and nine-month tonnage records for steel production, total steel shipments and steel shipments to outside customers in 2001. In the first nine months of 2001, steel production was 9,313,000 tons, compared with 8,646,000 tons produced in the first nine months of 2000. Total steel shipments were 9,252,000 tons in the first nine months of 2001, compared with 8,509,000 tons a year earlier. Steel sales to outside customers were 8,347,000 tons in the first nine months of 2001, compared with 7,555,000 tons in 2000's first nine months. Steel joist production during the first nine months was 404,000 tons, compared with 459,000 tons a year earlier. Steel deck sales were 260,000 tons, compared with 262,000 tons in 2000's first nine months. Cold finished steel sales were 161,000 tons, compared with 198,000 tons in the first nine months of 2000. Construction is nearly complete and start-up has begun at the Vulcraft facility in Chemung, New York. Construction continues on Nucor's new facility using the Castrip(TM) technology in Crawfordsville, Indiana. Start-up of this facility to cast steel strip is expected to be late in the first quarter or early in the second quarter of 2002.
Nucor is the largest recycler in the United States. Nucor and affiliates are manufacturers of steel products, with operating facilities in nine states. Products produced are: carbon and alloy steel -- in bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; and metal building systems.
Unaudited figures are as follows:
Nine Months (39 Weeks)
Ended
Sept. 29, 2001 Sept. 30, 2000
NET SALES $3,159,680,631 $3,576,668,220
COSTS AND EXPENSES:
Cost of products sold 2,900,511,722 3,077,555,191
Marketing, administrative
and other expenses 121,795,461 141,458,570
Interest expense (income) 4,378,332 (633,551)
3,026,685,515 3,218,380,210
EARNINGS BEFORE
FEDERAL INCOME TAXES 132,995,116 358,288,010
Federal income taxes 46,500,000 127,200,000
NET EARNINGS $86,495,116 $231,088,010
NET EARNINGS PER SHARE $1.11 $2.78
Average shares outstanding 77,679,151 83,149,261
Three Months (13 Weeks)
Ended
Sept. 29, 2001 Sept. 30, 2000
NET SALES $1,053,088,039 $1,163,088,140
COSTS AND EXPENSES:
Cost of products sold 978,176,197 1,008,734,266
Marketing, administrative
and other expenses 41,575,307 47,950,645
Interest expense (income) 1,973,258 1,208,757
1,021,724,762 1,057,893,668
EARNINGS BEFORE
FEDERAL INCOME TAXES 31,363,277 105,194,472
Federal income taxes 10,900,000 37,400,000
NET EARNINGS $20,463,277 $67,794,472
NET EARNINGS PER SHARE $0.26 $0.85
Average shares outstanding 77,774,788 79,686,001
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SOURCE Nucor Corporation
Web site: http: //www.nucor.com
CONTACT: Nucor Corporation, +1-704-366-7000, or fax, +1-704-362-4208