- Fourth quarter and full year 2023 diluted EPS of $3.16 and $18.00,
respectively.
- Fourth quarter and full year 2023 net earnings before
noncontrolling interests of $872.8
million and $4.91 billion,
respectively; EBITDA of $1.36 billion
and $7.41 billion, respectively.
- 2024 expected to be another strong year as Nucor executes its
strategy to grow the core and expand its portfolio of
solutions.
- Capital deployment expected to increase in 2024 with planned
capital expenditures of $3.5 billion,
continued evaluation of acquisitions, and share repurchases set to
outpace the prior year.
CHARLOTTE, N.C., Jan. 29,
2024 /PRNewswire/ -- Nucor Corporation (NYSE: NUE)
today announced consolidated net earnings of $785.4 million, or $3.16 per diluted share, for the fourth quarter
of 2023. By comparison, Nucor reported consolidated net earnings of
$1.14 billion, or $4.57 per diluted share, for the third quarter of
2023 and $1.26 billion, or
$4.89 per diluted share, for the
fourth quarter of 2022.
For the full year 2023, Nucor reported consolidated net earnings
of $4.52 billion, or $18.00 per diluted share, compared with
consolidated net earnings of $7.61
billion, or $28.79 per diluted
share, in 2022.
"The Nucor team delivered a strong finish to 2023, which
represents the third-most profitable year in our Company's history.
Nucor's strategy to grow our core steelmaking capabilities and
expand beyond into steel-adjacent business lines continues to
deliver strong results," said Leon
Topalian, Nucor's Chair, President and Chief Executive
Officer. "Over the past four years, Nucor has generated an average
annual ROE of 33% and has returned approximately $9.7 billion to its shareholders through
dividends and share repurchases. We remain optimistic that
Nucor's best days are ahead of us, with a resilient U.S. economy
and steel-intensive megatrends driving increased demand for our
products. With our strong balance sheet and broad array of
sustainable steel solutions, we believe Nucor is unparalleled with
respect to its ability to leverage these market drivers for
continued growth."
Selected Segment Data
Earnings (loss) before income
taxes and noncontrolling interests by segment for the fourth
quarter and full year 2023 and 2022 were as follows (in
thousands):
|
|
Three Months (13
Weeks) Ended
|
|
|
Twelve Months (52
Weeks) Ended
|
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
Steel
mills
|
|
$
|
587,921
|
|
|
$
|
516,655
|
|
|
$
|
3,712,470
|
|
|
$
|
7,199,087
|
|
Steel
products
|
|
|
655,628
|
|
|
|
1,081,461
|
|
|
|
3,443,950
|
|
|
|
4,093,105
|
|
Raw
materials
|
|
|
(14,412)
|
|
|
|
(141,817)
|
|
|
|
253,506
|
|
|
|
496,823
|
|
Corporate/eliminations
|
|
|
(151,028)
|
|
|
|
77,106
|
|
|
|
(1,137,169)
|
|
|
|
(1,544,171)
|
|
|
|
$
|
1,078,109
|
|
|
$
|
1,533,405
|
|
|
$
|
6,272,757
|
|
|
$
|
10,244,844
|
|
Financial Review
Nucor's consolidated net sales
decreased 12% to $7.70 billion in the
fourth quarter of 2023 compared with $8.78
billion in the third quarter of 2023 and decreased 12%
compared with $8.72 billion in the
fourth quarter of 2022. Average sales price per ton in the fourth
quarter of 2023 decreased 8% compared with the third quarter of
2023 and decreased 15% compared with the fourth quarter of 2022.
Approximately 5,934,000 tons were shipped to outside customers in
the fourth quarter of 2023, a 5% decrease from the third quarter of
2023 and a 3% increase from the fourth quarter of 2022. Total steel
mill shipments in the fourth quarter of 2023 decreased 4% compared
to the third quarter of 2023 and increased 8% compared to the
fourth quarter of 2022. Steel mill shipments to internal customers
represented 20% of total steel mill shipments in the fourth quarter
of 2023, which was unchanged from the third quarter of 2023 and the
fourth quarter of 2022. Downstream steel product shipments to
outside customers in the fourth quarter of 2023 decreased 11% from
the third quarter of 2023 and decreased 14% from the fourth quarter
of 2022.
For the full year 2023, Nucor's consolidated net sales of
$34.71 billion decreased 16% compared
with consolidated net sales of $41.51
billion reported for the full year 2022. Total tons shipped
to outside customers in 2023 were approximately 25,205,000 tons, a
decrease of 1% from 2022, while the average sales price per ton in
2023 decreased 15% from 2022.
The average scrap and scrap substitute cost per gross ton used
in the fourth quarter of 2023 was $397, a 4% decrease compared to $415 in the third quarter of 2023 and a 7%
decrease compared to $427 in the
fourth quarter of 2022. The average scrap and scrap substitute cost
per gross ton used in the full year 2023 was $421, a 14% decrease compared to $492 in the full year 2022.
Pre-tax, pre-operating and start-up costs related to the
Company's growth projects were approximately $127 million, or $0.39 per diluted share, in the fourth quarter of
2023, compared with approximately $101
million, or $0.31 per diluted
share, in the third quarter of 2023 and approximately $73 million, or $0.22 per diluted share, in the fourth quarter of
2022.
In the full year 2023, pre-tax, pre-operating and start-up costs
related to the Company's growth projects were approximately
$400 million, or $1.21 per diluted share, compared with
approximately $247 million, or
$0.71 per diluted share, in the full
year 2022.
Overall operating rates at the Company's steel mills were 74% in
the fourth quarter of 2023 as compared to 77% in the third quarter
of 2023 and 70% in the fourth quarter of 2022. Operating rates for
the full year 2023 increased to 78% as compared to 77% for the full
year 2022.
Included in the results for the fourth quarter of 2022 was an
after-tax net benefit of $60.4 million, or $0.24 per
diluted share, related to state tax credits and an after-tax net
benefit of $88.0 million, or $0.34 per diluted
share, related to a change in the valuation allowance of a state
deferred tax asset. Also included in the fourth quarter of 2022
results was a pre-tax $96.0 million, or $0.29 per
diluted share, write-off of the remaining carrying value of the
Company's leasehold interest in unproved oil and gas properties
that is included in the raw materials segment.
Financial Strength
At the end of the fourth quarter of 2023, Nucor had $7.13 billion in total liquidity, not including
the Company's $1.75 billion revolving
credit facility. Nucor continues to have the strongest credit
ratings in the North American steel sector (A-/A-/Baa1) with stable
outlooks at Standard & Poor's, Fitch Ratings and Moody's.
Commitment to Returning Capital to Stockholders
On
December 14, 2023, Nucor's Board of
Directors declared a cash dividend of $0.54 per share. This represents a 6% increase
over the prior cash dividend, and is payable on February 9, 2024 to stockholders of record as of
December 29, 2023. Nucor has
increased its regular, or base, dividend for 51 consecutive years –
every year since it first began paying dividends in 1973.
During the fourth quarter of 2023, Nucor repurchased
approximately 1.0 million shares of its common stock at an average
price of $177.18 per share
(approximately 9.75 million shares during the full year 2023 at an
average price of $159.34 per share).
As of December 31, 2023, Nucor had
approximately $3.32 billion, or 26
million shares, remaining authorized and available for repurchases
under its share repurchase program. This share repurchase
authorization is discretionary and has no scheduled expiration
date.
For the full year 2023, Nucor returned approximately
$2.1 billion to stockholders in the
form of share repurchases and dividend payments, consistent with
the Company's practice of returning at least 40% of earnings to
stockholders.
Fourth Quarter of 2023 Analysis
Earnings in the fourth
quarter of 2023 decreased compared to the third quarter of 2023 due
to lower pricing and volumes across all three operating segments.
In the steel mills segment, the decrease in realized pricing was
most pronounced at our sheet and plate mills. In the steel products
segment, earnings decreased due to moderating average selling
prices at most of the product groups within the segment and lower
volumes. Earnings for the raw materials segment decreased in the
fourth quarter of 2023 compared to the third quarter of 2023 due to
lower pricing for raw materials and planned outages at our direct
reduced iron, or DRI, facilities.
First Quarter of 2024 Outlook
We expect earnings in
the first quarter of 2024 to increase compared to the fourth
quarter of 2023. The steel mills segment's earnings are expected to
increase in the first quarter of 2024 due to higher average selling
prices and volumes, particularly at our sheet mills. Earnings in
the steel products segment are expected to decrease in the first
quarter of 2024 due to lower average selling prices. We
expect increased earnings in the raw materials segment in the first
quarter of 2024 due to the increased profitability of our DRI
facilities and our scrap processing and brokerage operations.
Earnings Conference Call
An earnings call is scheduled
for January 30, 2024 at 10:00 a.m. Eastern Time to review Nucor's
fourth-quarter and full year 2023 financial results and business
update. The call can be accessed via webcast from the Investor
Relations section of Nucor's website (nucor.com/investors). A
presentation with supplemental information to accompany the call
has been posted to Nucor's Investor Relations website.
About Nucor
Nucor and its affiliates are
manufacturers of steel and steel products, with operating
facilities in the United
States, Canada and Mexico. Products produced
include: carbon and alloy steel -- in bars, beams, sheet and plate;
hollow structural section tubing; electrical conduit; steel
racking; steel piling; steel joists and joist girders; steel deck;
fabricated concrete reinforcing steel; cold finished steel;
precision castings; steel fasteners; metal building systems;
insulated metal panels; overhead doors; steel grating; wire and
wire mesh; and utility structures. Nucor, through The
David J. Joseph Company and its affiliates, also brokers
ferrous and nonferrous metals, pig iron and hot briquetted iron /
direct reduced iron; supplies ferro-alloys; and processes ferrous
and nonferrous scrap. Nucor is North
America's largest recycler.
Non-GAAP Financial Measures
The Company uses certain
non-GAAP (Generally Accepted Accounting Principles) financial
measures in this news release, including EBITDA. Generally, a
non-GAAP financial measure is a numerical measure of a company's
performance or financial position that either excludes or includes
amounts that are not normally excluded or included in the most
directly comparable financial measure calculated and presented in
accordance with GAAP.
We define EBITDA as net earnings before noncontrolling
interests, adding back the following items: interest (income)
expense, net; provision for income taxes; depreciation; and
amortization. First, second and third quarter of 2023 EBITDA was
$1.89 billion, $2.34 billion and $1.82
billion, respectively, using this definition. Please note
that other companies might define their non-GAAP financial measures
differently than we do.
Management presents the non-GAAP financial measure of EBITDA in
this news release because it considers it to be an important
supplemental measure of performance. Management believes that this
non-GAAP financial measure provides additional insight for analysts
and investors evaluating the Company's financial and operational
performance by providing a consistent basis of comparison across
periods.
Forward-Looking Statements
Certain statements
contained in this news release are "forward-looking statements"
that involve risks and uncertainties which we expect will or may
occur in the future and may impact our business, financial
condition and results of operations. The words "anticipate,"
"believe," "expect," "intend," "project," "may," "will," "should,"
"could" and similar expressions are intended to identify those
forward-looking statements. These forward-looking statements
reflect the Company's best judgment based on current information,
and, although we base these statements on circumstances that we
believe to be reasonable when made, there can be no assurance that
future events will not affect the accuracy of such forward-looking
information. As such, the forward-looking statements are not
guarantees of future performance, and actual results may vary
materially from the projected results and expectations discussed in
this news release. Factors that might cause the Company's actual
results to differ materially from those anticipated in
forward-looking statements include, but are not limited to: (1)
competitive pressure on sales and pricing, including pressure from
imports and substitute materials; (2) U.S. and foreign trade
policies affecting steel imports or exports; (3) the sensitivity of
the results of our operations to general market conditions, and in
particular, prevailing market steel prices and changes in the
supply and cost of raw materials, including pig iron, iron ore and
scrap steel; (4) the availability and cost of electricity and
natural gas, which could negatively affect our cost of steel
production or result in a delay or cancellation of existing or
future drilling within our natural gas drilling programs; (5)
critical equipment failures and business interruptions; (6) market
demand for steel products, which, in the case of many of our
products, is driven by the level of nonresidential construction
activity in the United States; (7)
impairment in the recorded value of inventory, equity investments,
fixed assets, goodwill or other long-lived assets; (8)
uncertainties and volatility surrounding the global economy,
including excess world capacity for steel production, inflation and
interest rate changes; (9) fluctuations in currency conversion
rates; (10) significant changes in laws or government regulations
affecting environmental compliance, including legislation and
regulations that result in greater regulation of greenhouse gas
emissions that could increase our energy costs, capital
expenditures and operating costs or cause one or more of our
permits to be revoked or make it more difficult to obtain permit
modifications; (11) the cyclical nature of the steel industry; (12)
capital investments and their impact on our performance; (13) our
safety performance; (14) our ability to integrate businesses we
acquire; and (15) the impact of the COVID-19 pandemic, any variants
of the virus, and any other similar pandemic or public health
situation. These and other factors are discussed in Nucor's
regulatory filings with the United States Securities and Exchange
Commission, including those in "Item 1A. Risk Factors" of Nucor's
Annual Report on Form 10-K for the year ended December 31, 2022. The forward-looking statements
contained in this news release speak only as of this date, and
Nucor does not assume any obligation to update them, except as may
be required by applicable law.
Tonnage
Data
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months (13
Weeks) Ended
|
|
|
Twelve Months (52
Weeks) Ended
|
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
|
Percent
Change
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
|
|
Percent
Change
|
|
Steel mills total
shipments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheet
|
|
|
2,675
|
|
|
|
2,314
|
|
|
|
16
|
%
|
|
|
11,003
|
|
|
|
10,310
|
|
|
|
7
|
%
|
Bars
|
|
|
1,901
|
|
|
|
1,907
|
|
|
-
|
|
|
|
8,193
|
|
|
|
8,635
|
|
|
|
-5
|
%
|
Structural
|
|
|
542
|
|
|
|
445
|
|
|
|
22
|
%
|
|
|
2,113
|
|
|
|
2,292
|
|
|
|
-8
|
%
|
Plate
|
|
|
373
|
|
|
|
375
|
|
|
|
-1
|
%
|
|
|
1,807
|
|
|
|
1,626
|
|
|
|
11
|
%
|
Other
|
|
|
22
|
|
|
|
69
|
|
|
|
-68
|
%
|
|
|
157
|
|
|
|
378
|
|
|
|
-58
|
%
|
|
|
|
5,513
|
|
|
|
5,110
|
|
|
|
8
|
%
|
|
|
23,273
|
|
|
|
23,241
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales tons to
outside customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
mills
|
|
|
4,396
|
|
|
|
4,067
|
|
|
|
8
|
%
|
|
|
18,552
|
|
|
|
18,200
|
|
|
|
2
|
%
|
Joist
|
|
|
106
|
|
|
|
174
|
|
|
|
-39
|
%
|
|
|
510
|
|
|
|
671
|
|
|
|
-24
|
%
|
Deck
|
|
|
91
|
|
|
|
127
|
|
|
|
-28
|
%
|
|
|
401
|
|
|
|
515
|
|
|
|
-22
|
%
|
Cold
finished
|
|
|
96
|
|
|
|
99
|
|
|
|
-3
|
%
|
|
|
428
|
|
|
|
467
|
|
|
|
-8
|
%
|
Rebar fabrication
products
|
|
|
251
|
|
|
|
302
|
|
|
|
-17
|
%
|
|
|
1,169
|
|
|
|
1,282
|
|
|
|
-9
|
%
|
Piling
|
|
|
102
|
|
|
|
94
|
|
|
|
9
|
%
|
|
|
433
|
|
|
|
443
|
|
|
|
-2
|
%
|
Tubular
products
|
|
|
212
|
|
|
|
215
|
|
|
|
-1
|
%
|
|
|
949
|
|
|
|
950
|
|
|
-
|
|
Other steel
products
|
|
|
153
|
|
|
|
167
|
|
|
|
-8
|
%
|
|
|
596
|
|
|
|
687
|
|
|
|
-13
|
%
|
Raw
materials
|
|
|
527
|
|
|
|
493
|
|
|
|
7
|
%
|
|
|
2,167
|
|
|
|
2,309
|
|
|
|
-6
|
%
|
|
|
|
5,934
|
|
|
|
5,738
|
|
|
|
3
|
%
|
|
|
25,205
|
|
|
|
25,524
|
|
|
|
-1
|
%
|
Condensed
Consolidated Statements of Earnings (Unaudited)
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months (13
Weeks) Ended
|
|
|
Twelve Months (52
Weeks) Ended
|
|
|
|
Dec. 31,
2023
|
|
|
Dec. 31,
2022
|
|
|
Dec. 31,
2023
|
|
|
Dec. 31,
2022
|
|
Net
sales
|
|
$
|
7,704,531
|
|
|
$
|
8,723,956
|
|
|
$
|
34,713,501
|
|
|
$
|
41,512,467
|
|
Costs, expenses and
other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
|
|
6,310,813
|
|
|
|
6,626,469
|
|
|
|
26,899,107
|
|
|
|
29,009,187
|
|
Marketing,
administrative and other expenses
|
|
|
355,001
|
|
|
|
422,823
|
|
|
|
1,584,052
|
|
|
|
1,997,178
|
|
Equity in
(earnings) losses of unconsolidated affiliates
|
|
|
(9,112)
|
|
|
|
12,532
|
|
|
|
(12,783)
|
|
|
|
(10,714)
|
|
Losses and
impairments of assets
|
|
|
-
|
|
|
|
101,756
|
|
|
|
-
|
|
|
|
101,756
|
|
Interest (income)
expense, net
|
|
|
(30,280)
|
|
|
|
26,971
|
|
|
|
(29,632)
|
|
|
|
170,216
|
|
|
|
|
6,626,422
|
|
|
|
7,190,551
|
|
|
|
28,440,744
|
|
|
|
31,267,623
|
|
Earnings before
income taxes and noncontrolling interests
|
|
|
1,078,109
|
|
|
|
1,533,405
|
|
|
|
6,272,757
|
|
|
|
10,244,844
|
|
Provision for income
taxes
|
|
|
205,277
|
|
|
|
207,160
|
|
|
|
1,359,966
|
|
|
|
2,165,204
|
|
Net earnings before
noncontrolling interests
|
|
|
872,832
|
|
|
|
1,326,245
|
|
|
|
4,912,791
|
|
|
|
8,079,640
|
|
Earnings
attributable to noncontrolling interests
|
|
|
87,433
|
|
|
|
70,512
|
|
|
|
387,990
|
|
|
|
472,303
|
|
Net earnings
attributable to Nucor stockholders
|
|
$
|
785,399
|
|
|
$
|
1,255,733
|
|
|
$
|
4,524,801
|
|
|
$
|
7,607,337
|
|
Net earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
3.17
|
|
|
$
|
4.90
|
|
|
$
|
18.05
|
|
|
$
|
28.88
|
|
Diluted
|
|
$
|
3.16
|
|
|
$
|
4.89
|
|
|
$
|
18.00
|
|
|
$
|
28.79
|
|
Average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
246,868
|
|
|
|
255,402
|
|
|
|
249,773
|
|
|
|
262,348
|
|
Diluted
|
|
|
247,249
|
|
|
|
255,838
|
|
|
|
250,412
|
|
|
|
263,176
|
|
Condensed
Consolidated Balance Sheets (Unaudited)
(In
thousands)
|
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
6,383,298
|
|
|
$
|
4,280,852
|
|
Short-term
investments
|
|
|
747,479
|
|
|
|
576,946
|
|
Accounts
receivable, net
|
|
|
2,953,311
|
|
|
|
3,591,030
|
|
Inventories,
net
|
|
|
5,577,758
|
|
|
|
5,453,531
|
|
Other current
assets
|
|
|
724,012
|
|
|
|
789,325
|
|
Total current
assets
|
|
|
16,385,858
|
|
|
|
14,691,684
|
|
Property, plant and
equipment, net
|
|
|
11,049,767
|
|
|
|
9,616,920
|
|
Restricted cash and
cash equivalents
|
|
|
3,494
|
|
|
|
80,368
|
|
Goodwill
|
|
|
3,968,847
|
|
|
|
3,920,060
|
|
Other intangible
assets, net
|
|
|
3,108,015
|
|
|
|
3,322,265
|
|
Other
assets
|
|
|
824,518
|
|
|
|
847,913
|
|
Total
assets
|
|
$
|
35,340,499
|
|
|
$
|
32,479,210
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
debt
|
|
$
|
119,211
|
|
|
$
|
49,081
|
|
Current portion of
long-term debt and finance lease obligations
|
|
|
74,102
|
|
|
|
28,582
|
|
Accounts
payable
|
|
|
2,020,289
|
|
|
|
1,649,523
|
|
Salaries, wages and
related accruals
|
|
|
1,326,390
|
|
|
|
1,654,210
|
|
Accrued expenses
and other current liabilities
|
|
|
1,054,517
|
|
|
|
948,348
|
|
Total current
liabilities
|
|
|
4,594,509
|
|
|
|
4,329,744
|
|
Long-term debt and
finance lease obligations due after one year
|
|
|
6,648,873
|
|
|
|
6,613,687
|
|
Deferred credits and
other liabilities
|
|
|
1,973,363
|
|
|
|
1,965,873
|
|
Total
liabilities
|
|
|
13,216,745
|
|
|
|
12,909,304
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Nucor stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
152,061
|
|
|
|
152,061
|
|
Additional paid-in
capital
|
|
|
2,176,243
|
|
|
|
2,143,520
|
|
Retained
earnings
|
|
|
28,762,045
|
|
|
|
24,754,873
|
|
Accumulated other
comprehensive loss, net of income taxes
|
|
|
(162,072)
|
|
|
|
(137,517)
|
|
Treasury
stock
|
|
|
(9,987,643)
|
|
|
|
(8,498,243)
|
|
Total Nucor
stockholders' equity
|
|
|
20,940,634
|
|
|
|
18,414,694
|
|
Noncontrolling
interests
|
|
|
1,183,120
|
|
|
|
1,155,212
|
|
Total
equity
|
|
|
22,123,754
|
|
|
|
19,569,906
|
|
Total liabilities
and equity
|
|
$
|
35,340,499
|
|
|
$
|
32,479,210
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
(In
thousands)
|
|
|
|
Year Ended December
31,
|
|
|
|
2023
|
|
|
2022
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
Net earnings before
noncontrolling interests
|
|
$
|
4,912,791
|
|
|
$
|
8,079,640
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
930,585
|
|
|
|
826,692
|
|
Amortization
|
|
|
237,730
|
|
|
|
234,942
|
|
Stock-based
compensation
|
|
|
130,162
|
|
|
|
136,834
|
|
Deferred income
taxes
|
|
|
21,419
|
|
|
|
(46,849)
|
|
Distributions from
affiliates
|
|
|
33,621
|
|
|
|
57,071
|
|
Equity in earnings
of unconsolidated affiliates
|
|
|
(12,783)
|
|
|
|
(10,714)
|
|
Losses and
impairments of assets
|
|
|
—
|
|
|
|
101,756
|
|
Changes in assets
and liabilities (exclusive of acquisitions and
dispositions):
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
663,825
|
|
|
|
501,225
|
|
Inventories
|
|
|
(75,042)
|
|
|
|
962,424
|
|
Accounts
payable
|
|
|
361,146
|
|
|
|
(496,234)
|
|
Federal income
taxes
|
|
|
188,344
|
|
|
|
(337,359)
|
|
Salaries, wages and
related accruals
|
|
|
(290,859)
|
|
|
|
155,005
|
|
Other operating
activities
|
|
|
10,992
|
|
|
|
(92,379)
|
|
Cash provided by
operating activities
|
|
|
7,111,931
|
|
|
|
10,072,054
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(2,214,157)
|
|
|
|
(1,947,897)
|
|
Investment in and
advances to affiliates
|
|
|
(35,137)
|
|
|
|
(258)
|
|
Sale of
business
|
|
|
—
|
|
|
|
99,681
|
|
Disposition of
plant and equipment
|
|
|
14,907
|
|
|
|
32,277
|
|
Acquisitions (net
of cash acquired)
|
|
|
(70,824)
|
|
|
|
(3,553,191)
|
|
Purchases of
investments
|
|
|
(1,471,528)
|
|
|
|
(913,898)
|
|
Proceeds from the
sale of investments
|
|
|
1,317,308
|
|
|
|
590,173
|
|
Other investing
activities
|
|
|
(37,000)
|
|
|
|
(9,596)
|
|
Cash used in
investing activities
|
|
|
(2,496,431)
|
|
|
|
(5,702,709)
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
Net change in
short-term debt
|
|
|
(24,870)
|
|
|
|
(58,642)
|
|
Proceeds from
issuance of long-term debt, net of discount
|
|
|
—
|
|
|
|
2,091,934
|
|
Repayment of
long-term debt
|
|
|
(10,000)
|
|
|
|
(1,111,000)
|
|
Bond issuance
costs
|
|
|
—
|
|
|
|
(13,138)
|
|
Proceeds from
exercise of stock options
|
|
|
11,731
|
|
|
|
22,852
|
|
Payment of tax
withholdings on certain stock-based compensation
|
|
|
(49,318)
|
|
|
|
(64,079)
|
|
Distributions to
noncontrolling interests
|
|
|
(435,047)
|
|
|
|
(332,293)
|
|
Cash
dividends
|
|
|
(514,534)
|
|
|
|
(533,589)
|
|
Acquisition of
treasury stock
|
|
|
(1,553,933)
|
|
|
|
(2,762,568)
|
|
Proceeds from
government incentives
|
|
|
—
|
|
|
|
275,000
|
|
Other financing
activities
|
|
|
(16,840)
|
|
|
|
(25,340)
|
|
Cash used in
financing activities
|
|
|
(2,592,811)
|
|
|
|
(2,510,863)
|
|
Effect of exchange
rate changes on cash
|
|
|
2,883
|
|
|
|
(5,920)
|
|
Increase (decrease)
in cash and cash equivalents and restricted cash and cash
equivalents
|
|
|
2,025,572
|
|
|
|
1,852,562
|
|
Cash and cash
equivalents and restricted cash and cash equivalents - beginning of
year
|
|
|
4,361,220
|
|
|
|
2,508,658
|
|
Cash and cash
equivalents and restricted cash and cash equivalents - end of
year
|
|
$
|
6,386,792
|
|
|
$
|
4,361,220
|
|
Non-cash investing
activity:
|
|
|
|
|
|
|
|
|
Change in accrued
plant and equipment purchases
|
|
$
|
1,053
|
|
|
$
|
4,568
|
|
Non-GAAP Financial
Measures
|
|
Reconciliation of
EBITDA (Unaudited)
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months (13
weeks) ended
|
|
|
Twelve months (52
weeks) ended
|
|
|
|
December 31,
2023
|
|
|
December 31,
2023
|
|
Net earnings before
noncontrolling interests
|
|
$
|
872,832
|
|
|
$
|
4,912,791
|
|
Depreciation
|
|
|
249,432
|
|
|
|
930,585
|
|
Amortization
|
|
|
62,029
|
|
|
|
237,730
|
|
Interest income,
net
|
|
|
(30,280)
|
|
|
|
(29,632)
|
|
Provision for
income taxes
|
|
|
205,277
|
|
|
|
1,359,966
|
|
EBITDA
|
|
$
|
1,359,290
|
|
|
$
|
7,411,440
|
|
View original
content:https://www.prnewswire.com/news-releases/nucor-reports-results-for-the-fourth-quarter-and-full-year-2023-302047108.html
SOURCE Nucor Corporation