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 21, 2005

 


 

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.)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 2.02. Results of Operations and Financial Condition

 

On April 21, 2005, Nucor Corporation issued a news release reporting its financial results for the fiscal quarter ended April 2, 2005. A copy of the news release is attached hereto as Exhibit 99.1.

 

Item 9.01. Financial Statements and Exhibits

 

  (c) Exhibits

 

  99.1 News Release of Nucor Corporation, issued April 21, 2005

 

2


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this 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

 

Dated: April 21, 2005

 

3


INDEX TO EXHIBITS

 

Exhibit No.

 

Description


99.1   News Release of Nucor Corporation, issued April 21, 2005

 

4

News Release

Exhibit 99.1

 

LOGO    News Release            

 

NUCOR REPORTS RESULTS FOR FIRST QUARTER OF 2005

 

CHARLOTTE, NORTH CAROLINA, April 21, 2005 – Nucor Corporation (NYSE: NUE) announced today consolidated net earnings for the first quarter of 2005 of $354.7 million ($2.20 per diluted share), more than triple the first quarter of 2004 net earnings of $113.2 million ($0.72 per diluted share) and an increase of 4% over the fourth quarter of 2004 net earnings of $341.4 million ($2.12 per diluted share).

 

Nucor’s consolidated net sales increased 45% to $3.32 billion compared with $2.29 billion in the first quarter of 2004 and increased 8% compared with $3.09 billion in the fourth quarter of 2004. In the first quarter of 2005, average sales price per ton increased 46% from the first quarter of 2004 and decreased 5% from the fourth quarter of 2004. Total tons shipped to outside customers remained flat from the first quarter of 2004 and increased 13% from the fourth quarter of 2004.

 

The average scrap and scrap substitute cost per ton used increased 36% from $200 in the first quarter of 2004 to $272 in the first quarter of 2005. Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $26.1 million in the first quarter of 2005 (including a LIFO credit of $8.1 million for Nucor-Yamato Steel Company, of which Nucor owns 51%), compared with a charge of $32.2 million in the first quarter of 2004 (including a LIFO charge of $7.2 million for Nucor-Yamato Steel Company).

 

In the steel mills segment, steel production was 5,108,000 tons in the first quarter of 2005, compared with 4,960,000 tons produced in the first quarter of 2004 and 4,584,000 tons produced in the fourth quarter of 2004. Total steel shipments were 5,043,000 tons, compared with 5,145,000 tons in last year’s first quarter and 4,446,000 tons in last year’s fourth quarter. Steel sales to outside customers were 4,688,000 tons, compared with 4,726,000 tons in the first quarter of 2004 and 4,113,000 tons in the fourth quarter of 2004. In the steel products segment, steel joist production during the first quarter was 123,000 tons, compared with 116,000 tons in the first quarter of 2004 and 126,000 in the fourth quarter of 2004. Steel deck sales were 80,000 tons, compared with 74,000 tons in last year’s first quarter and 93,000 tons in last year’s fourth quarter. Cold finished steel sales were 89,000 tons, compared with 74,000 tons in the first quarter of 2004 and 60,000 tons in the fourth quarter of 2004.

 

Starting with the May 11, 2005 dividend payment, Nucor is increasing the regular quarterly cash dividend rate from $0.13 to $0.15 per share. In addition to the $0.15 per share base dividend amount, the Board of Directors approved the payment of a supplemental dividend of $0.25 per share, for a total dividend of $0.40 per share. Nucor has increased its dividend every year since Nucor began paying dividends 32 years ago.

 

In February 2005, Nucor purchased the assets of Fort Howard Steel, Inc.’s operations in Oak Creek, Wisconsin. This facility produces cold finish bar product and has approximately 140,000 tons of annual capacity. Earlier this week, Nucor announced that it had entered into an agreement to purchase substantially all of the assets of Marion Steel Company for a cash purchase price of approximately $113.0 million. Located in Marion, Ohio, this bar products mill has an annual capacity of approximately 400,000 tons. Its principal products are angles, flats, rebar, rounds and signposts. The acquisition is scheduled to close in mid-June after satisfactory resolution of regulatory approvals, transfer of appropriate permits and other contracts, and other closing conditions. The acquisition is expected to be immediately accretive to earnings.

 

Nucor expects to earn between $1.95 and $2.15 per diluted share in the second quarter of 2005, compared with $1.58 per diluted share in the second quarter of 2004.

 

Nucor and affiliates are manufacturers of steel products, with operating facilities in fifteen 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. Nucor is the nation’s largest recycler.

 

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 RESULTS FOR FIRST QUARTER OF 2005 (Continued)

 

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believed to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the results and expectations discussed in this news release. 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) availability and cost of electricity and natural gas; (3) market demand for steel products; (4) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (5) uncertainties surrounding the global economy, including excess world capacity for steel production; (6) U.S. and foreign trade policy affecting steel imports or exports; (7) significant changes in government regulations affecting environmental compliance; (8) the cyclical nature of the domestic steel industry; (9) capital investments and their impact on our performance; and (10) our safety performance. 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 21, 2005 at 2:00 pm eastern time. The conference call will be available over the Internet at www.nucor.com, under Investor Relations.

 

Unaudited figures are as follows:

 

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(In thousands, except per share data)

 

     Three Months (13 Weeks) Ended

 
     April 2, 2005

    April 3, 2004

 

NET SALES

   $ 3,322,621     $ 2,286,416  
    


 


COSTS, EXPENSES AND OTHER:

                

Cost of products sold

     2,620,628       2,016,369  

Marketing, administrative and other expenses

     125,429       77,399  

Interest expense, net

     4,133       6,662  

Minority interests

     31,165       10,798  

Other income

     (9,200 )     (1,596 )
    


 


       2,772,155       2,109,632  
    


 


EARNINGS BEFORE INCOME TAXES

     550,466       176,784  

Provision for income taxes

     195,800       63,546  
    


 


NET EARNINGS

   $ 354,666     $ 113,238  
    


 


NET EARNINGS PER SHARE:

                

Basic

   $ 2.22     $ 0.72  

Diluted

   $ 2.20     $ 0.72  

AVERAGE SHARES OUTSTANDING:

                

Basic

     159,708       157,495  

Diluted

     161,246       158,371  

 

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 2005 (Continued)

 

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

 

     April 2, 2005

    Dec. 31, 2004

 

Assets

                

CURRENT ASSETS:

                

Cash and short-term investments

   $ 1,202,711     $ 779,049  

Accounts receivable

     1,021,430       962,755  

Inventories

     1,192,686       1,239,888  

Other current assets

     194,514       193,256  
    


 


Total current assets

     3,611,341       3,174,948  

PROPERTY, PLANT AND EQUIPMENT

     2,818,761       2,818,307  

OTHER ASSETS

     183,032       139,952  
    


 


TOTAL ASSETS

   $ 6,613,134     $ 6,133,207  
    


 


Liabilities and stockholders’ equity

                

CURRENT LIABILITIES:

                

Accounts payable

   $ 524,656     $ 471,549  

Federal income taxes payable

     195,153       28,957  

Salaries, wages and related accruals

     185,902       320,276  

Accrued expenses and other current liabilities

     297,904       245,008  
    


 


Total current liabilities

     1,203,615       1,065,790  
    


 


LONG-TERM DEBT DUE AFTER ONE YEAR

     923,550       923,550  
    


 


DEFERRED CREDITS AND OTHER LIABILITIES

     498,061       514,569  
    


 


MINORITY INTERESTS

     202,293       173,313  
    


 


STOCKHOLDERS’ EQUITY:

                

Common stock

     73,932       73,753  

Additional paid-in capital

     168,011       147,206  

Retained earnings

     3,979,141       3,688,555  

Unearned compensation

     (4,987 )     (392 )

Accumulated other comprehensive income (loss), net of income taxes

     17,200       (1,177 )
    


 


       4,233,297       3,907,945  

Treasury stock

     (447,682 )     (451,960 )
    


 


Total stockholders’ equity

     3,785,615       3,455,985  
    


 


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 6,613,134     $ 6,133,207  
    


 


 

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 2005 (Continued)

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

     Three Months (13 Weeks) Ended

 
     April 2, 2005

    April 3, 2004

 

Operating activities:

                

Net earnings

   $ 354,666     $ 113,238  

Adjustments:

                

Depreciation

     91,290       96,298  

Deferred income taxes

     (16,200 )     (4,400 )

Minority interests

     31,161       10,797  

Changes in (exclusive of acquisition):

                

Current assets

     2,802       (286,679 )

Current liabilities

     137,066       270,759  

Other

     (12,847 )     1,438  
    


 


Cash provided by operating activities

     587,938       201,451  
    


 


Investing activities:

                

Capital expenditures

     (71,259 )     (66,189 )

Investment in affiliates

     (8,176 )     (39,631 )

Disposition of plant and equipment

     294       1,655  

Acquisition (net of cash acquired)

     (44,136 )     —    
    


 


Cash used in investing activities

     (123,277 )     (104,165 )
    


 


Financing activities:

                

Issuance of common stock

     25,262       16,256  

Distributions to minority interests

     (2,181 )     (49,387 )

Cash dividends

     (64,080 )     (16,573 )
    


 


Cash used in financing activities

     (40,999 )     (49,704 )
    


 


Increase in cash and short-term investments

   $ 423,662     $ 47,582  
    


 


 

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