Nucor Corporation announced consolidated net earnings of $227.1 million, or $0.71 per diluted share, for the third quarter of 2015.
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By comparison, Nucor reported net earnings of $124.8 million, or $0.39 per diluted share, in the second quarter of 2015 and net earnings of $245.4 million, or $0.76 per diluted share, in the third quarter of 2014.
Third quarter of 2015 diluted net earnings per share of $0.71 was above guidance range of $0.45 to $0.50 per diluted share due to a larger than forecasted LIFO credit and better than forecasted performance in the steel mills segment.
In the first nine months of 2015, Nucor reported consolidated net earnings of $419.7 million, or $1.30 per diluted share, compared with consolidated net earnings of $503.5 million, or $1.57 per diluted share, in the first nine months of last year.
Nucor's results include a $137.0 million credit ($0.27 per diluted share) to value inventories using the last-in, first-out (LIFO) method of accounting in the third quarter of 2015, compared with a credit of $95.5 million ($0.19 per diluted share) recorded in the second quarter of 2015 and a credit of $14.5 million ($0.03 per diluted share) in the third quarter of 2014.
As a result, the LIFO credit in the first nine months of 2015 was $249.0 million ($0.48 per diluted share), compared with no charge or credit in the first nine months of 2014. The third quarter of 2015 results were impacted by an out-of-period non-cash gain of $10.2 million ($0.03 per diluted share) related to a correction of deferred tax balances.
Included in the second quarter of 2015 results was a $9.3 million ($0.03 per diluted share) benefit related to state tax credits. Earnings in the third quarter of 2014 included a $12.5 million charge ($0.03 per diluted share) related to the partial write down of assets within the steel mills segment.
Nucor's consolidated net sales decreased 3% to $4.23 billion in the third quarter of 2015 compared with $4.36 billion in the second quarter of 2015 and decreased 26% compared with $5.70 billion in the third quarter of 2014. Average sales price per ton remained consistent with the second quarter of 2015 and decreased 15% from the third quarter of 2014.
Total tons shipped to outside customers were 5,883,000 tons in the third quarter of 2015, a 3% decrease from the second quarter of 2015 and a decrease of 13% from the third quarter of 2014.
Total third quarter steel mill shipments decreased 3% from the second quarter of 2015 and decreased 10% from the third quarter of 2014. Third quarter downstream steel products shipments to outside customers increased 9% over the second quarter of 2015 and decreased 3% from the third quarter of 2014.
In the first nine months of 2015, Nucor's consolidated net sales decreased 19% to $12.98 billion, compared with $16.10 billion in last year's first nine months. Total tons shipped to outside customers decreased 9% from the first nine months of 2014, while average sales price per ton decreased 11%. ■