Nucor Corporation Q3 consolidated net earnings $270 million
Staff Writer |
Nucor Corporation announced consolidated net earnings of $270 million, or $0.84 per diluted share, for the third quarter of 2016.
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By comparison, Nucor reported net earnings of $233.8 million, or $0.73 per diluted share, for the second quarter of 2016 and net earnings of $227.1 million, or $0.71 per diluted share, for the third quarter of 2015.
In the first nine months of 2016, Nucor reported consolidated net earnings of $547.6 million, or $1.79 per diluted share, compared with consolidated net earnings of $419.7 million, or $1.30 per diluted share, in the first nine months of last year.
Nucor's results include a charge of $59.3 million ($0.12 per diluted share) to value inventories using the last-in, first-out (LIFO) method of accounting.
The charge is compared with a charge of $19.0 million ($0.03 per diluted share) in the second quarter of 2016 and a credit of $137.0 million ($0.27 per diluted share) in the third quarter of 2015.
As a result, the LIFO charge in the first nine months of 2016 was $105.8 million ($0.20 per diluted s hare), compared with a LIFO credit of $249.0 million ($0.48 per diluted share) in the first nine months of 2015.
Included in the third quarter of 2016 results were charges related to legal settlements of $33.7 million ($0.06 per diluted share) and a net benefit of $11.1 million ($0.02 per diluted share) related to fair value adjustments to assets in the corporate/eliminations segment.
Included in the third quarter of 2015 earnings are out-of-period non-cash gains totaling $10.2 million ($0.03 per diluted share) related to a correction of deferred tax balances.
Nucor's consolidated net sales increased 1% to $4.29 billion in the third quarter of 2016 from $4.25 billion in the second quarter of 2016 and increased 2% compared with $4.23 billion in the third quarter of 2015.
Average sales price per ton in the third quarter of 2016 increased 11% from the second quarter of 2016 and increased 2% from the third quarter of 2015. Total tons shipped to outside customers were 5,889,000 tons in the third quarter of 2016, a 9% decrease from the second quarter of 2016 and flat with the third quarter of 2015.
Total third quarter steel mill shipments decreased 12% from the second quarter of 2016 and increased 1% from the third quarter of 2015. Third quarter downstream steel products shipments to outside customers increased 8% from the second quarter of 2016 and decreased 3% from the third quarter of 2015.
In the first nine months of 2016, Nucor's consolidated net sales decreased 6% to $12.25 billion, compared with $12.98 billion in last year's first nine months.
Total tons shipped to outside customers increased 5% from the first nine months of 2015, while average sales price per ton decreased 10%. ■