Nucor Corporation announced consolidated net earnings of $356.9 million, or $1.11 per diluted share, for the first quarter of 2017.
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By comparison, Nucor reported net earnings of $159.6 million, or $0.50 per diluted share, for the fourth quarter of 2016 and net earnings of $87.6 million, or $0.27 per diluted share, for the first quarter of 2016.
Included in the first quarter of 2017 results were inventory related purchase accounting charges of $9.8 million, or $0.02 per diluted share, associated with the recent acquisitions of Southland Tube and Republic Conduit.
Included in the fourth quarter of 2016 results were the effects of a change in estimate related to the cost of certain inventories that resulted in a benefit of $77.6 million, or $0.16 per diluted share.
Included in the first quarter of 2016 earnings were out-of-period non-cash gains totaling $13.4 million ($0.04 per diluted share) related to a noncontrolling interest adjustment and to tax adjustments.
Nucor's consolidated net sales increased 22% to $4.82 billion in the first quarter of 2017 from $3.96 billion in the fourth quarter of 2016 and increased 30% compared with $3.72 billion in the first quarter of 2016.
Average sales price per ton in the first quarter of 2017 increased 8% compared to the fourth quarter of 2016 and increased 21% from the first quarter of 2016.
Total tons shipped to outside customers were 6,584,000 tons in the first quarter of 2017, a 13% increase from the fourth quarter of 2016 and a 7% increase from the first quarter of 2016.
Total steel mill shipments in the first quarter of 2017 increased 19% from the fourth quarter of 2016 and increased 9% from the first quarter of 2016.
Downstream steel products shipments to outside customers in the first quarter of 2017 decreased 3% from the fourth quarter of 2016 and increased 3% from the first quarter of 2016.
The average scrap and scrap substitute cost per ton used during the first quarter of 2017 was $284, an increase of 20% from $236 in the fourth quarter of 2016 and an increase of 47% compared to $193 in the first quarter of 2016.
Overall operating rates at our steel mills increased to 89% in the first quarter of 2017 as compared to 74% in the fourth quarter of 2016 and 80% in the first quarter of 2016.
Total steel mill energy costs in the first quarter of 2017 decreased approximately $1 per ton compared to the fourth quarter of 2016 and increased approximately $1 per ton compared to the first quarter of 2016. ■