UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 22, 2004            

 

NUCOR CORPORATION

 

(Exact name of registrant as specified in its charter)

 

Delaware

 

(State or other jurisdiction of incorporation)

 

1-4119   13-1860817
(Commission File Number)   (IRS Employer Identification No.)

 

2100 Rexford Road, Charlotte, North Carolina   28211
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (704) 366-7000

 

N/A

(Former name or former address, if changed since last report.)

 



Item 9.   Regulation FD Disclosure and Item 12. Results of Operations and Financial Condition

 

On April 22, 2004, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended April 3, 2004. A copy of the news release is attached hereto as Exhibit 99.1.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this current report to be signed on its behalf by the undersigned hereunto duly authorized.

 

NUCOR CORPORATION

By:

 

/s/    Terry S. Lisenby        


   

Terry S. Lisenby

Chief Financial Officer, Treasurer and

Executive Vice President

 

Date: April 22, 2004

 

2


INDEX TO EXHIBITS

 

Exhibit No.

  

Description


99.1    News Release of Nucor Corporation, issued April 22, 2004

 

3

NEWS RELEASE

 

LOGO   News Release

 


 

NUCOR REPORTS RECORD RESULTS FOR FIRST QUARTER OF 2004

 

CHARLOTTE, NORTH CAROLINA, April 22, 2004 – Nucor Corporation (NYSE: NUE) announced today record quarterly earnings and sales for the quarter ended April 3, 2004. Nucor’s consolidated net earnings for the first quarter were $113.2 million ($1.43 per share), compared with $17.8 million ($0.23 per share) in the first quarter of 2003 and $20.6 million ($0.26 per share) in the fourth quarter of 2003. Nucor’s consolidated net sales increased 54% to $2,286.4 million, compared with $1,480.3 million in the first quarter of 2003 and increased 38% compared with $1,661.1 million recorded in the fourth quarter of 2003. Average sales price per ton increased 33% while total tons shipped to outside customers increased 16% from the first quarter of 2003.

 

The average scrap and scrap substitute cost per ton used increased 64% from $122 in the first quarter of 2003 to $200 in the first quarter of 2004. The average scrap cost per ton purchased increased $123 (85%) from March 2003 to March 2004. Nucor incurred a charge to value inventories using the last-in, first-out (LIFO) method of accounting of $32.2 million in the first quarter of 2004 (including a LIFO charge of $7.2 million for Nucor-Yamato Steel Company, of which Nucor owns 51%), compared with a charge of $6.4 million in the first quarter of 2003 (including a LIFO charge of $1.2 million for Nucor-Yamato Steel Company).

 

The increases in sales and earnings are due to increased demand for our products and the resulting increase in base prices, the effective implementation of a raw material surcharge in the first quarter of 2004 to address historically high scrap costs, and the significant turnaround achieved at our two newest mills – the sheet mill in Decatur, Alabama and the plate mill in Hertford County, North Carolina.

 

Pre-operating and start-up costs of new facilities decreased to $9.2 million in the first quarter of 2004, compared with $26.7 million in the first quarter of the prior year. For the first quarter of 2004, these costs primarily related to the start-up of the Castrip® facility at our sheet mill in Crawfordsville, Indiana. In the first quarter of 2003, these costs primarily related to the start-up of the sheet mill in Decatur, Alabama (formerly Trico Steel Company, LLC) and the Castrip facility.

 

In the first quarter of 2004, Nucor established records in the steel mills segment for steel production, total steel shipments and steel sales to outside customers. Steel production was 4,960,000 tons in the first quarter, compared with 4,258,000 tons produced in the first quarter of 2003. Total steel shipments were 5,145,000 tons, compared with 4,346,000 tons in last year’s first quarter. Steel sales to outside customers were 4,726,000 tons, compared with 4,040,000 tons in last year’s first quarter. In the steel products segment, steel joist production during the first quarter was 116,000 tons, compared with 107,000 tons in the first quarter of 2003. Steel deck sales were 74,000 tons, compared with 80,000 tons in last year's first quarter. Cold finished steel sales were 74,000 tons, compared with 69,000 tons in the first quarter of 2003.

 

Starting with the May 11, 2004 dividend payment, Nucor's regular quarterly cash dividend rate is being increased from $0.20 to $0.21 per share. Nucor has increased its dividend every year since Nucor began paying dividends 31 years ago.

 

Although the surcharges are decreasing in the second quarter as scrap prices decline, base prices are increasing due to strong demand for our products. We expect that improving economic conditions and strengthening steel demand will result in increased margins in the second quarter of 2004. Nucor expects to earn between $2.00 and $2.20 per share in the second quarter of 2004, compared to $.11 per share in the second quarter of 2003.

 

Page 1 of 4

 


Nucor Executive Offices:    2100 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000     Fax 704-362-4208     www.nucor.com




 

LOGO   News Release

 


 

NUCOR REPORTS RECORD RESULTS FOR FIRST QUARTER OF 2004 (Continued)

 

Nucor had an effective tax rate of 35.9% in the first quarter of 2004, compared with 21.5% in the first quarter of 2003 and 6.1% for the year 2003. The increase in the effective tax rate is primarily due to the effect of increased pre-tax earnings.

 

Nucor is the largest steel producer in the United States and is the nation’s largest recycler. Nucor and affiliates are manufacturers of steel products, with operating facilities in fourteen 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; metal building systems; and light gauge steel framing.

 

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. Although the Company believes they are based on reasonable assumptions, there can be no assurance that future events will not affect their accuracy. Such events include, among others, general economic conditions; market demand for steel products; availability and costs of electricity, natural gas and raw materials; U.S. and foreign trade policies affecting steel imports or exports; and significant changes in governmental regulations affecting environmental compliance. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them.

 

You are invited to listen to the live broadcast of Nucor’s conference call in which management will discuss Nucor’s first quarter results on April 22, 2004 at 2:00 pm eastern time. The conference call will be available over the Internet at www.nucor.com, under Investor Information.

 

Unaudited figures are as follows:

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(In thousands, except per share data)

 

     Three Months (13 Weeks) Ended

 
     April 3, 2004

    April 5, 2003

 

NET SALES

   $ 2,286,416     $ 1,480,271  
    


 


COSTS, EXPENSES AND OTHER:

                

Cost of products sold

     2,016,369       1,406,425  

Marketing, administrative and other expenses

     77,399       40,191  

Interest expense, net

     6,662       7,067  

Minority interests

     10,798       6,239  

Other income

     (1,596 )     (2,301 )
    


 


       2,109,632       1,457,621  
    


 


EARNINGS BEFORE INCOME TAXES

     176,784       22,650  

Provision for income taxes

     63,546       4,868  
    


 


NET EARNINGS

   $ 113,238     $ 17,782  
    


 


NET EARNINGS PER SHARE:

                

Basic

   $ 1.44     $ 0.23  

Diluted

   $ 1.43     $ 0.23  

AVERAGE SHARES OUTSTANDING:

                

Basic

     78,748       78,182  

Diluted

     79,186       78,197  

 

Page 2 of 4

 


Nucor Executive Offices:    2100 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000     Fax 704-362-4208     www.nucor.com




 

LOGO   News Release

 


 

NUCOR REPORTS RESULTS FOR FIRST QUARTER OF 2004 (Continued)

 

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

 

     April 3, 2004

    Dec. 31, 2003

 

Assets

                

CURRENT ASSETS:

                

Cash and short-term investments

   $ 397,914     $ 350,332  

Accounts receivable

     762,567       572,479  

Inventories

     641,516       560,396  

Other current assets

     146,344       137,353  
    


 


Total current assets

     1,948,341       1,620,560  

PROPERTY, PLANT AND EQUIPMENT

     2,787,271       2,817,135  

OTHER ASSETS

     93,456       54,658  
    


 


     $ 4,829,068     $ 4,492,353  
    


 


Liabilities and stockholders’ equity

                

CURRENT LIABILITIES:

                

Accounts payable

   $ 486,803     $ 329,863  

Federal income taxes

     59,753       —    

Salaries, wages and related accruals

     120,425       91,187  

Accrued expenses and other current liabilities

     226,926       208,545  
    


 


Total current liabilities

     893,907       629,595  
    


 


LONG-TERM DEBT DUE AFTER ONE YEAR

     903,550       903,550  
    


 


DEFERRED CREDITS AND OTHER LIABILITIES

     438,416       439,852  
    


 


MINORITY INTERESTS

     138,689       177,279  
    


 


STOCKHOLDERS’ EQUITY:

                

Common stock

     36,553       36,427  

Additional paid-in capital

     132,562       117,399  

Retained earnings

     2,738,373       2,641,708  

Unearned compensation

     (492 )     —    
    


 


       2,906,996       2,795,534  

Treasury stock

     (452,490 )     (453,457 )
    


 


Total stockholders’ equity

     2,454,506       2,342,077  
    


 


     $ 4,829,068     $ 4,492,353  
    


 


 

Page 3 of 4

 


Nucor Executive Offices:    2100 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000     Fax 704-362-4208     www.nucor.com




 

LOGO   News Release

 


 

NUCOR REPORTS RESULTS FOR FIRST QUARTER OF 2004 (Continued)

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

     Three Months (13 Weeks) Ended

 
     April 3, 2004

    April 5, 2003

 

Operating activities:

                

Net earnings

   $ 113,238     $ 17,782  

Adjustments:

                

Depreciation

     96,298       91,460  

Gain on sale of facility and equipment

     (1,596 )     —    

Deferred income taxes

     (4,400 )     6,100  

Minority interests

     10,797       6,238  

Changes in (exclusive of acquisitions and dispositions):

                

Current assets

     (286,679 )     (47,957 )

Current liabilities

     270,759       58,052  

Other

     3,034       (3,874 )
    


 


Cash provided by operating activities

     201,451       127,801  
    


 


Investing activities:

                

Capital expenditures

     (66,189 )     (42,483 )

Investment in affiliates

     (39,631 )     (7,109 )

Disposition of plant and equipment

     1,655       187  

Acquisitions (net of cash acquired)

     —         (34,941 )
    


 


Cash used in investing activities

     (104,165 )     (84,346 )
    


 


Financing activities:

                

CURRENT LIABILITIES:

                

Repayment of long-term debt

     —         (16,000 )

Issuance of common stock

     16,256       182  

Distributions to minority interests

     (49,387 )     (49,294 )

Cash dividends

     (16,573 )     (15,637 )
    


 


Cash used in financing activities

     (49,704 )     (80,749 )
    


 


Increase (decrease) in cash and short-term investments

   $ 47,582     $ (37,294 )
    


 


 

Page 4 of 4

 


Nucor Executive Offices:    2100 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000     Fax 704-362-4208     www.nucor.com