Nucor Enjoys Record Third Quarter
By Metal Center News Staff
on Oct 21, 2021
Nucor Corporation reported record earnings of $2.13 billion in the third quarter, up from $1.51 billion in the prior quarter and $193.4 million in the third quarter of 2020. Net earnings through the third quarter totaled $4.58 billion, more than 13 times higher than the first three quarters of 2020.
Nucor's consolidated net sales increased 17 percent to $10.31 billion in the third compared with the second quarter of 2021 and increased 109 percent compared with $4.93 billion in the third quarter of 2020.
"During the third quarter, we once again achieved record results, with earnings per share of $7.28. Our third quarter performance surpassed our previous record of $5.04 set in the second quarter of this year and almost matched our full year earnings record of $7.42 that we set back in 2018," said Leon Topalian, Nucor's president and CEO.
The record results were driven by record-high steel prices. In the third quarter, Nucor shipped 7.17 million tons to outside customers, a 13 percent increase from 3Q 2020 but down 4 percent from the second quarter. The average sales price per ton, however, was up 22 percent from the second quarter and 86 percent compared with the third quarter of 2020.
Total tons shipped to outside customers in the first nine months of 2021 were 21,830,000, an increase of 15 percent from the first nine months of 2020, while the average sales price per ton in the first nine months of 2021 increased 53 percent from the first nine months of 2020.
Nucor executives expect continued strong results for the fourth quarter, potentially exceeding the net earnings record set in Q3. Demand remains robust across most end-use markets, a trend the company anticipates will continue well into 2022.