Nucor Corporation announced results for third quarter of 2020.
The company reported consolidated net earnings of $193.4 million, or $0.63 per diluted share, for the third quarter of 2020. This compares with $275.0 million, or $0.90 per diluted share, for the third quarter of 2019. The consolidated net earnings for the first nine months of 2020 were $322.6 million, or $1.06 per diluted share. Nucor had $3.41 billion in cash and cash equivalents, short-term investments and restricted cash and cash equivalents on hand as at the end of Q3 this year.
The overall operating rates at the company’s steel mills surged higher from 68% in Q2 to 83% in Q3 this year. However, the operating rates during Jan-Sep ’20 declined to 80%, compared to 85% in the first nine months of 2019.
Nucor’s consolidated net sales of $14.88 billion during Jan-Sep ’20 were down by 15%, compared with $17.46 billion reported in the first nine months of 2019. The total shipments to outside customers too were down by 5% at 19.033 million tons. The average sales price per ton recorded 10% year-on-year decline.
The company expects higher earnings in the fourth quarter of 2020, as compared with Q3, mainly due to higher pricing at its sheet and plate mills. The earnings from raw materials segment will be higher in Q4, on account of improved margins at its DRI facilities.
