Q2 2024 Nucor Corp Earnings Call Transcript
Key Points
- Nucor Corp (NUE) achieved the safest first half of any year in its history, with 52 out of 109 divisions reporting zero recordable injuries.
- The company generated earnings of $2.68 per diluted share in Q2, contributing to year-to-date earnings of $6.14 per diluted share.
- Nucor Corp (NUE) repurchased approximately 2.9 million shares for $500 million and received a positive outlook on its senior unsecured credit rating from Moody's.
- Significant progress was made on key projects, including the Lexington, North Carolina greenfield bar mill and the West Virginia sheet mill.
- Nucor Corp (NUE) announced two strategic acquisitions: Rytec, a manufacturer of high-performance overhead doors, and Southwest Data Products, a manufacturer and installer of data center infrastructure.
- Second-quarter earnings decreased compared to the first quarter, primarily due to lower average selling prices in both steel mills and steel product segments.
- The steel mill segment saw a 40% decline in pretax earnings from the prior quarter, largely due to lower realized pricing, especially among sheet mills.
- The steel product segment experienced a 14% decline in pretax earnings, with notable impacts from the tubular products group and joist and deck operations.
- Nucor Corp (NUE) expects consolidated earnings to be lower in the third quarter, driven by continued declines in realized pricing across most major product categories.
- Concerns were raised about unfair trade practices, particularly the surge of steel imports from Mexico and Canada, which could impact domestic market conditions.
Good morning, and welcome to Nucor's second-quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise, and today's call is being recorded. After the speakers' prepared remarks, I will provide instructions for callers wishing to ask questions.
I would now like to turn or introduce Jack Sullivan, General Manager of Nucor Investor Relations. You may begin your call.
Thank you and good morning, everyone. Welcome to Nucor's second-quarter earnings review and business update. Leading our call today is Leon Topalian, Chair, President and CEO; along with Steve Laxton, Executive Vice President and CFO. Other members of Nucor's executive team are also here to participate during the Q&A portion of today's call. We've posted our second-quarter earnings release and investor presentation to the Nucor investor relations website, and we encourage you to access these materials as we'll cover portions of them during the call.
Today's discussion will include the use of non-GAAP financial
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