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CHARLOTTE, N.C. - Nucor Corporation (NYSE: NYSE:NUE) reported better-than-expected fourth quarter results, sending its stock up 2.6% in early trading.
The steel producer posted Q4 earnings per share of $1.22, significantly beating analyst estimates of $0.77. Revenue came in at $7.08 billion, also surpassing the consensus forecast of $6.81 billion.
Net earnings attributable to Nucor stockholders were $287 million in Q4, down from $785 million in the same quarter last year. The company said average sales price per ton decreased 10% YoY, while total steel mill shipments increased 2%.
For the full year 2024, Nucor reported net earnings of $2.03 billion on revenue of $30.73 billion, compared to $4.53 billion on revenue of $34.71 billion in 2023.
"While steel demand softened throughout 2024, market conditions are starting to improve and should gain momentum as we work our way into 2025," said Leon Topalian, Nucor's CEO.
Looking ahead, Nucor expects Q1 2025 earnings in its steel mills and steel products segments to be similar to Q4 levels. However, the company anticipates lower earnings in its raw materials segment and higher corporate costs, which may result in lower overall net earnings for Q1.
Nucor returned approximately $2.74 billion to stockholders in 2024 through share repurchases and dividend payments. The company maintained its streak of 52 consecutive years of dividend increases.
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