We are also capitalizing on the opportunities to supply the sustainable steel that is building our 21st century economy. The following Management's Discussion and Analysis of Financial Condition and Results of Operations of Nucor Corporation should be read in conjunction with the consolidated financial statements of | March 1, 2023 Here's 3 Dividend Stocks That Pay Monthly, 3 Lithium Stocks Powering Up For Big 2023 Gains, 3 Large Caps With Good Upside AND Big Dividend Yields, Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. It's not about adding capacity. Our talented, dedicated team members are Nucor's greatest value creators. And if you think about Nucor's 55% return on equity, a large piece of that was attributable because of the sheet group. And so as we move forward the short-term inflection that we are seeing both in pricing as well as some of the volumes that we think are a short-term factors are based on imports and obviously what we saw in the third quarter in terms of buying patterns are the spread between HRC domestically and internationally was at a all-time high. So it's not just the major OEMs in automotive now that are asking for. In-depth profiles and analysis for 20,000 public companies. So we want to make sure that equipment is ready and available as we progressed out. I would tell you that that value increases as we move forward, because many of our end customers cannot achieve their end stated goals of their carbon footprint reduction targets without an incoming steel that is significantly lower than most of the world average is. Eventually, all companies would want to have a consistent positive and growing net income, so that this can be used for various purposes WebSo far Nucor has paid out over $2 billion to Nucor teammates. January 30, 2019. We have done things that many in our industry have not. 08/11/1995. I will also comment on Hannibal and the racking that leadership team and that includes the existing there and the ones we have added from Nucor. No North American producer is better positioned than Nucor to continue leading in these areas. Better than expected results for the month of December were achieved across a broad group of businesses. Which Dollar Store, If Any, is Worth Your Investment Dollars? It's just a very solid demand picture. contact@marketbeat.com $0.07. Net income can be defined as company's net profit or loss after all revenues, income items, and expenses have been accounted for. Our talented, dedicated team members are Nucor's greatest value creators. First, congrats on your first delivery to GM. However, we are not resting on our past performance. So, the acquisition of CSI for us and having JFE as a second partnership in California and again majority shareholder in that operation, it's really exciting for us. That's Incremental free cash flow. And so I am not going to detail out what the value is. When you say value added products, what are you referring to? More information about the risks and uncertainties relating to these forward-looking statements may be found in Nucor's latest 10-K and subsequently filed 10-Qs, which are available on the SEC's and Nucor's website. A New Dividend King is Crowned 50 Years of Dividend Increases. In the process, we can offer Nucor teammates secure employment and competitive compensation and benefits as well as the opportunities to further their professional growth and development. Nucor annual net income for 2022 was $7.607B, a 11.95% And again we expect Gallatin to continue to ramp up and made its objectives and hit the nameplate investment, which is about 1.4 million tons of additional capacity. We averaged $560 per ton in sheet last year. Look, I can only speak to Nucor and I would just tell you Nucor has had a long history of what five and a half decades worth of reinvesting back into our mills. They have couple of operations California, Houston, the leadership we have had there really just spectacular, fit in well with our company. We hired a -- our shift to the general manager, existing general manager Nucor over that business, but we are really pulling that group in to get them to understand Nucor integrate and look at our production bonus system and how we incorporate that, but it's very much step in learn as much about their business as well. Thanks. We are going to make sure we take care of and service our customers. Nucor gross profit for the twelve months ending December 31, 2022 was Very, very good color. Satish l will start us off and maybe Jim or Rex Query, EVP of our Sheet Group can touch on the Gallatin expansion. We are not just going to make steel and enforce in the marketplace if we can't sell it at a reasonable price. But if we think about overall volumes in the first quarter, it's probably going to be slightly up because of seasonality in the first quarter. First year EBITDA for the Missouri and Florida rebar micro mills are multiples of what we originally projected in our project return budgets. Yeah. That being said, what I would tell you again in two, just over two years I have been CEO that demand picture is changing markedly literally day-to-day. This will be Nucor's third rebar micro mill joining micro mills in Missouri and Florida that begin operations in 2020. The company's earnings came in at $2.25 billion, or $7.97 per share. The automotive sector that Jim Frias mentioned as well. More related You can change the amount of contributions each year, according to business n $57,000 for 2020 and $58,000 for 2021. But if I think back to, even in the height of the pandemic in 2020 that business segment remain incredibly robust that is continued and we see that continuing moving forward. Yeah, great question. Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically. Okay. So we begin from a platform of great strength and again a commitment to be even stronger and even cleaner. We are currently evaluating potential sites and are excited about this opportunity to grow our profitable leadership position in rebar, a core business for Nucor throughout the last 50 years. We had a -- the industry really catch up in terms of order entry rates and deliveries. We did not experience that as as a company. So I expect that we are going to scale up. That is a booming industry that really is insulated from the traditional cyclicality of steel making. Thank you for your interest in Nucor. We remain well capitalized with excellent liquidity. So we see that as an opportunity. At year-end gross debt as a percentage of total capital was approximately 28%, while net debt was about 14% of total capital. In December, we announced our plan to build a new rebar micro mill with annual capacity of 430,000 tons in the South Atlantic region. So the supply chain got full very quickly and maybe some even some over buying. Make no mistake. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, 3.285 2.02%. So you saw demand increase, considerably pricing run off. Yeah, good morning, everyone. In fact, our estimated growth for full year 2022 is about 6% in terms of overall shipment increase. Net profit margin can be defined as net Income as a portion of total sales revenue. Yeah, thanks. Our visibility into that market is extremely good and the demand picture is very strong. Good afternoon, and welcome to our 2021 fourth quarter and full year's earnings call. The words we expect, believe, anticipate, and variations of such words and similar expressions are intended to identify those forward-looking statements which are based on management's current expectations and information that is currently available. There is a very disciplined process. Diluted earnings per share for the first quarter of 2022 will benefit from lower weighted average shares outstanding. There is no need to ramp that up any quicker than we need. Sheet could be slightly down whereas other products we would think would more than offset them in general and we will see that volumes would probably improve from that level in the second quarter because there are winter factors with weather stuff that affect some of the shipments and also home crowd is affecting supply chains. And I look forward to continuing the exceptional performance across all of our businesses in 2022. These capabilities represent important competitive advantages for our company exemplifying Nucor's ability to meet the needs of our customers for high strength steels. This investment, which is expected to close shortly, expands our geographic reach in the sheet market, grows our portfolio of value-added sheet products, and enables us to supply Nucor's downstream businesses in the region, including Verco and the recently acquired Hannibal Industries. 326 E 8th St #105, Sioux Falls, SD 57103 Thanks, Leon. March 1, 2023 I want to thank each of my Nucor team members for your daily commitment to safety, looking out for one another and I look forward to an even safer year in 2022. Thank you. Yeah. 2021 capital returns consisted of dividends of $483 million and share repurchases of just under $3.3 billion. We are working diligently through the integration and on-boarding process. We are not seeing the benefits from the infrastructure believe that's still coming. So, I have seen some of the information of not wanting in their contracts, those types of things. And speaking of those, as we move into 2022, we are not letting up when it comes to executing our strategy to grow our value-added product portfolio and expand into new product markets and geographic regions. Of course, we are also mindful of our responsibility to shareholders. Once the $400 is distributed to the employee, the residual $600 is forfeited and no longer due to A.. Yeah, Emily. Nucor Corp.s record 2022 earnings means the Charlotte-based steel company will hit another milestone almost $1 billion in profit sharing for the nearly 31,000 people who work for the company. At this time, I will turn the conference back to Mr. Leon Topalian for any additional or closing remarks. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. Maintenance capital spending for equipment replacement spares and cost savings projects accounts for the roughly 25% remaining. And so we would expect that we need to keep investing and returning capital to investors both and we have the capacity to both as we go forward. That's 18% to 22%. Thank you. We have already touched on this. Every single day our nearly 29,000 team members remain focused on our company's mission to grow our core steel making capabilities, while expanding our presence into related businesses that fit with our culture and leverage our strengths. With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. We made somewhere in the $285 per ton of EBITDA in sheet in the first quarter. 87% 57% Source: Great Place To Work 2021 Global Employee Engagement Study. Another key market would be heavy equipment, industrial equipment that market is very strong right now. 06/28/1995. Thank you for the color. These projects represent an aggregate capital investment of just over $1 billion. Those were key sectors. And we had very few customers that chose not to renew, isn't that correct. They are tasked with growing that business. So that's a step for sure into that and the new Midwest mill as Leon mentioned. View which stocks are hot on social media with MarketBeat's trending stocks report. Yeah. We look forward to introducing our new capabilities to strategic customers as the year progresses and we are excited about the returns expected to be generated for our shareholders as these projects ramp-up. Sign in to your free account to enjoy all that MarketBeat has to offer. But the thing we keep hearing right now is this is a short-term temporal correction in the underlying demand, much like Al mentioned in those sectors. Congrats again, and thank you. And I would ask you to remember our growth through the years and downstream steel products allows Nucor to have a very good visibility into the demand of construction products such as rebar fab, steel piling, pre-engineered metal buildings, res key, steel tubing, insulated panel, joist and deck, and steel conduit. Our record financial performance is the result of years of work reinvesting to strategically position and grow our portfolio of capabilities across the steel value chain. Okay. We are confident that 2022 will be another year of strong profitability for Nucor, fueled by continued strong end-use market demand for our wide range of steel and steel products, better margins in our steel product segment as pricing is now caught up with higher steel input costs and lower intercompany inventory revaluation expenses, reflecting flatter steel and raw material cost compared to 2021. View Russia Ignites West's Battle for Energy Independence, View 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, View Want Monthly Income? We currently expect capital expenditures over the next 3 years to total approximately $5.5 billion. My first question is on the steel mills segment. And so you are going to see Nucor continue to move and invest in projects where we can combine our culture, our strong balance sheet, and our investment strategy in deploying capital that will greatly exceed our cost of capital goals to return to our shareholders. How much money do Nucor employees make? Jack in the Box Pops On Tasty Results, Robust Outlook, Wendys Price Firms After Sizzling Quarter And Juicy Outlook, Terran Orbitals New $2.4 Billion Contract is a Game Changer, From Betty Crocker to Blue Buffalo, General Mills Looks Strong, Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? And so I can tell you, there is a lot of excitement about Nucor's capabilities being the first EAF to be able to produce a full generation 3 steel in Hickman as well as what the opportunity and capability of the West Virginia sheet mill will be able to do in terms of transforming a differentiated clean steel, net zero steel into the OEMs and so we are committed to move there. But again the outlook and the demand picture across every end market the Nucor serves remains very robust, and again, we think this is going to work through the inventory rebalancing and position us well as we move forward. And maybe at the end I will make some comments about the year that are more global about what we are thinking about regarding the economic impacts of Nucor. So firstly you could comment as to how you see capacity utilization in your different key products, particularly in Q1 and maybe how you see the progression into Q2 and the second half of the year if you have visibility given your with your backlog? It'll be much closer to zero. The benefits are terrible, that's why it always amazes me when people say great benefits. Earlier this month, we shipped our very first coil of Econiq to General Motors after having just launched this new line of steels this past October. Nucor net income for the quarter ending December 31, 2022 was, Nucor net income for the twelve months ending December 31, 2022 was. I'm going to turn this one to Rex Query, our EVP of our Sheet and Tubular who is over the Hannibal Industries and then maybe Chad touch on our CENTRIA and Metl-Span. And if you look at what we have done over the past few years, we have been adding galvanizing lines, we're ramping it up at Arkansas right now. WebCurrent and historical net profit margin for Nucor (NUE) from 2010 to 2022. An Overview of Blue Chips. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. Distributions are taxed at a taxpayer's ordinary income rate. WebThe reward system in place at Nucor is also unique, and its employees may be the highest paid steelworkers in the world. I mean, we talk with our customers weekly. CASH. And we are excited about Econiq. $165.815 USD. Behr? And I just in close in saying, hey, we welcome the Hannibal team and Insulated Metal Panel team to the Nucor family and again excited about the opportunities of those businesses will bring in the years to come. We are also expanding our presence in the Western U.S. We are pleased that our leaders came together in the fourth quarter to pass historic bipartisan infrastructure legislation that will help advance and modernize U.S. infrastructure and strengthen the health of our economy by creating opportunities for American workers. Disciplined execution of our growth strategy over the years is a significant factor underlying our success. Yes, Satish. My other question was just on contracts into 2022. That value will continue to increase. Akamai Technologies Earnings Sell-Off. Good luck in the year. 401 (k) Plan. It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. Very good, thank you. Yeah, Emily. The profit-sharing strategy is also a major motivating factor for employees. Before getting too deep into this, Nucor deserves some credit for its recent financial results. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. Secondly, you have touched on and others have touched on this already, we have got the largest downstream products businesses of any steel companies and there we are getting margin squeezed for all of last year and pricing is finally starting to catch up. View Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? Our cash, short-term investments and restricted cash holdings totaled about $2.8 billion at year-end. This project gives Gallatin's new mill thicker slab casting and wider coil capabilities, expanding our product portfolio into markets currently served by higher cost competitors. We have performed in a really tight market for our customers and we have the interest in renewing contracts, that's what we saw for this season. Hey, a couple of questions on the market. Congratulations to the entire Nucor Arkansas team. I mean, do you see any industry EAF flat rolled mills nearing the end of their relative useful lives given the dilutive impacts on portfolio returns and there are higher scrap and labor costs and a fleet of new mills coming on? And -- but we do use an intrinsic value model that we show the Board every quarter. (844) 978-6257. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. We are seeing many of our construction, many of our OEM partners outside of automotive that are beginning to ask for this. Yes, thank you, Leon. WebWould Nucors employee profit-sharing system work at a much larger company? Jim anything you would add? I am extremely proud of all of our teammates who are working so hard on all of these projects as they are prime examples of Nucor's continued execution of our mission to grow the core, expand beyond and live our culture. Types of Profit-Sharing PlansCash Plan. The employees covered under this plan are given with cash or stock of the organization or company at the end of every year or quarter as Deferred Plans. The profit-sharing is directed into a specific fund know as the trust fund, which provides the rewards to the employees on a later date, often on Combination Plan. Okay. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and There are still businesses that have more room to go in terms of expanding their margins and getting prices cut because of the size of what their backlogs are good. We will take our next question from Seth Rosenfeld with BNP Paribas Exane. When we look at inventory receivables and payables net, they are not going to use that much cash to share that could be small benefit. In 1972 the company adopted the name Nucor Corporation, which would soon become a well steel company within the U. S. Nucor's consolidated net sales increased slightly to $10.36 billion in the fourth quarter of 2021 compared with $10.31 billion in the third quarter of 2021 and increased 97 percent The second and very important data set we look at is our customers per say. Reflecting this for 2021, our profit sharing total about $850 million. Rex, you want to touch on contracts? Just like Rex said about Hannibal, but especially in the IMP space and Leon mentioned about that space and I want to actually to talk a little bit more about it, but we are excited about the Cornerstone IMP acquisition, the team that we now have. As we mentioned and have talked previously, our mission is very simple. Web87% of employees at Nucor Corporation say it is a great place to work compared to 57% of employees at a typical U.S.-based company . This metric boils down to the overall profit that is left from the revenue that a company receives after taking out various operational line items like cost of goods sold, income tax expense, SG&A expense, etc. So that's going to be significant benefit to our earnings results for the year. When we think about our free cash flow next year, we reduced our share count by 11% last year through significant capital or returns of capital to investors through share repurchases. For all of 2021, Nucor reported net earnings of $6.83 billion, or $23.16 per diluted share, on $25.5 billion in sales. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Good day, everyone, and welcome to the Nucor Corporation Fourth Quarter of 2021 Earnings Call. And so what we would be looking for, we are going to look at for that demand. Our team has great determination to continue our record of delivering increased long-term value for our shareholders. These include the Kentucky plate mill, the West Virginia sheet mill, the South Atlantic rebar micro mill, and Gallatin's tubular products facility. And it's -- the heart of it is non-res construction biggest user steel, but we are still not benefiting yet. For the full year of 2021, they generated EBITDA totaling $674 million. We should see some strong tailwind from lower input cost, so just any color you can provide. We are very proud of Nucor's help make the United States the cleanest place in the world to make steel. So, that really is what it comes down to Seth. Fourth quarter earnings also exceeded our guidance range of $7.65 to $7.75 per diluted share. Yeah. Net income for 2021 was $6.8 billion and full year earnings per share was $23.16, which were both notable increases over the prior records we'd set in 2018 with $2.4 billion of net income and an EPS of $7.42. So you will see that growth occurring. To see all exchange delays and terms of use please see Barchart's disclaimer. And it starts with end market demand. Regarding the visibility we have good visibility. I wanted to ask a bit about your visibility into the first quarter. I don't know that I would add a lot more than what we talked about as a consistent drumbeat around demand. We published our net debt to capital range that we want to live in to maintain our strong investment grade credit rating. Cumulative EBITDA already exceeds the investment outlays for the Gallatin galvanizing line and the Ohio rebar mill modernization. Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. Please check your download folder. For example, five major greenfield projects completed commissioning and startup over the 2019 through 2020 time period. Yeah. Good afternoon, Leon and Jim. For opening remarks and introductions, I would like to turn the call over to Mr. Leon Topalian, President and Chief Executive Officer of Nucor Corporation. We are below that right now. So the raw material segments will be a small tailwind, a strong headwind, excuse me, and depreciation and amortization is going to be higher. We don't know what the rest of the year will bring. [Operator Instructions]. Longs, plate, beams -- bars, they really should do a little better in 2022 overall than they did '21, because again we started out with a weak first quarter for lot of these businesses. Defined Contribution Pension Plan. Charlotte, North Carolina-based Nucor Corp. has reported net earnings of $2.36 billion for its fiscal year 2018, which coincides with the calendar year. When we judge that strong free cash flow is causing us to become over capitalized, we will typically distribute more than 40% of our net income to shareholders. Is Does Magna International Earnings Warning Bad for EV Sales? 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. We also continue to work with the administration and members of Congress to enforce our trade laws so that our market is free from the distortions caused by unfairly traded imports. Get daily stock ideas from top-performing Wall Street analysts. Automotive is going to be significant portion of what we look for in that business for that. They are the rolling mill modernization at our Ohio rebar mill, the hot band galvanizing line at our Kentucky sheet mill, the specialty cold rolling mill at our Arkansas sheet mill, the rebar micro mill in Missouri, and the rebar micro mill in Florida. by Jimmy Mengel. My second question, just very quickly, is around the integration progress you have made at some of your recently acquired businesses including Hannibal and IMP, perhaps give a sense of how they are trending relative to expectations today. 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