July 26, 2018 - 7:05 AM EDT
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Free Post Earnings Research Report: Nucor's Revenue Surged 25%; Delivered Highest Second Quarter Earnings

Stock Monitor: India Globalization Capital Post Earnings Reporting

LONDON, UK / ACCESSWIRE / July 26, 2018 / If you want access to our free earnings report on Nucor Corp. (NYSE: NUE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NUE. Nucor reported its second quarter fiscal 2018 operating and financial results on July 19, 2018. The steel Company surpassed earnings estimates. The Company also provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for India Globalization Capital, Inc. (NYSE American: IGC), which also belongs to the Basic Materials sector as the Company Nucor. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Nucor most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

Nucor's consolidated net sales increased 25% to $6.50 billion in Q2 2018 compared with $5.17 billion in Q2 2017. The Company's reported numbers lagged behind analysts' estimates of $6.49 billion.

During Q2 2018, Nucor reported consolidated net earnings of $683.2 million, or $2.13 per diluted share, which are the highest second quarter earnings in the Company's history. By comparison, Nucor reported consolidated net earnings of $323.0 million, or $1.00 per diluted share, for Q2 2017. The Company's earnings surpassed Wall Street's estimates of $2.10 per share.

Operating Results

Nucor's average sales price per ton in Q2 2018 increased 17% on a y-o-y basis. The Company's total tons shipped to outside customers were 7,197,000 tons in the reported quarter, reflecting a 7% increase from the year ago same period. Nucor's total steel mill shipments in Q2 2018 gained 6% to 6,440 tons on a y-o-y basis. The Company’s Downstream steel products shipments to outside customers in the reported quarter increased 17% on a y-o-y basis.

During Q2 2018, Nucor's average scrap and scrap substitute cost per ton used was $373, reflecting an increase of 19% compared to $313 in Q2 2017. The average scrap and scrap substitute cost per ton used in H1 2018 was $355, an increase of 19% from $298 in H1 2017.

Nucor's overall operating rates at its steel mills increased to 95% in Q2 2018 compared to 89% in Q2 2017. The Company's total steel mill energy costs in the reported quarter decreased approximately $1 per ton compared to the year ago corresponding period, primarily due to lower natural gas unit costs and higher productivity resulting from increased steel production.

Cash Matters

Nucor's liquidity position remained strong with $1.5 billion in cash and cash equivalents as of June 30, 2018. In April 2018, the Company amended and extended its untapped $1.5 billion revolving credit facility to mature in April 2023.In H1 2018, the Company returned more than $400 million to shareholders via cash dividends of about $240 million and share repurchases of about $170 million.

Additionally, in April 2018, Nucor issued $500.0 million of 3.950% notes due 2028 and $500.0 million of 4.400% notes due 2048. The Company used the proceeds from these issuances to repay $500.0 million of 5.850% notes that were due June 01, 2018.

Outlook

For the third quarter 2018, Nucor is forecasting earnings to further improve compared to Q2 2018. The Company's performance of the steel mills segment is expected to remain strong in Q3 2018 compared to Q2 2018, with margin expansion expected primarily at the Company's sheet and plate mills.

Nucor is projecting Q3 2018 performance of its steel products segment to be similar to Q2 2018, while the performance of its raw materials segment is expected to decrease in the reported quarter vis a vis Q2 2018 due to margin compression.

Stock Performance Snapshot

July 25, 2018 - At Wednesday's closing bell, Nucor's stock was marginally up 0.24%, ending the trading session at $67.98.

Volume traded for the day: 3.10 million shares, which was above the 3-month average volume of 2.27 million shares.

Stock performance in the last month - up 7.12%; previous three-month period - up 7.60%; past twelve-month period - up 11.59%; and year-to-date - up 6.92%

After yesterday's close, Nucor's market cap was at $21.71 billion.

Price to Earnings (P/E) ratio was at 19.14.

The stock has a dividend yield of 2.24%.

The stock is part of the Basic Materials sector, categorized under the Steel & Iron industry. This sector was up 1.0% at the end of the session.

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Source: ACCESSWIRE Investor Awareness (July 26, 2018 - 7:05 AM EDT)

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