21.07.2005 15:12:00
|
Nucor Reports Results for First Half and Second Quarter of 2005
CHARLOTTE, N.C., July 21 /PRNewswire-FirstCall/ -- Nucor Corporation announced today record first half and second quarter consolidated net earnings. For the first half of 2005, Nucor's consolidated net earnings were $677.4 million ($4.23 per diluted share), an increase of 86% over net earnings of $364.7 million ($2.30 per diluted share) in last year's first half. Consolidated net earnings of $322.7 million ($2.03 per diluted share) in this year's second quarter were an increase of 28% over $251.4 million ($1.58 per diluted share) earned in the second quarter of 2004 and a decrease of 9% from the $354.7 million ($2.20 per diluted share) earned in the first quarter of 2005.
In the first half of 2005, Nucor's consolidated net sales increased 28% to $6.47 billion, compared with $5.05 billion in last year's first half. Average sales price per ton increased 25% while total tons shipped to outside customers increased 3% from the first half of 2004. In the second quarter of 2005, Nucor's consolidated net sales increased 14% to $3.15 billion, compared with $2.76 billion in the second quarter of 2004 and decreased 5% compared with $3.32 billion in the first quarter of 2005. Average sales price per ton increased 8% from the second quarter of 2004 and decreased 6% from the first quarter of 2005. Total tons shipped to outside customers were a record 5,063,000 tons in the second quarter of 2005, an increase of 5% over the second quarter of 2004 and an increase of 1% over the first quarter of 2005.
The average scrap and scrap substitute cost per ton used increased 21% from $214 in the first half of 2004 to $259 in the first half of 2005, increased 8% from $227 in the second quarter of 2004 to $246 in the second quarter of 2005, and decreased 10% from $272 in the first quarter of 2005. Total energy costs increased approximately $4 (12%) per ton from the first half of 2004 to the first half of 2005, increased $5 (17%) per ton from the second quarter of 2004 to the second quarter of 2005, and increased $3 (8%) per ton from the first quarter of 2005 to the second quarter of 2005.
Nucor incurred a credit to value inventories using the last-in, first-out (LIFO) method of accounting of $96.0 million in the first half of 2005, compared with a charge of $99.3 million in the first half of 2004. In the second quarter of 2005, the LIFO credit was $69.9 million, compared with a charge of $67.1 million in the second quarter of 2004.
In the steel mills segment, steel production remained flat at 10,051,000 tons in the first half of 2005, compared with 10,081,000 tons produced in the first half of 2004. Total steel shipments increased 1% to 10,146,000 tons in the first half of 2005, compared with 10,050,000 tons in last year's first half. Steel shipments to outside customers increased 2% to 9,381,000 tons in the first half of 2005, compared with 9,182,000 tons in last year's first half. In the steel products segment, steel joist production during the first half of 2005 increased to 262,000 tons, compared with 252,000 tons in the first half of 2004. Steel deck sales increased to 181,000 tons in the first half of 2005, compared with 168,000 tons in last year's first half. Cold finished steel sales increased to 176,000 tons, compared with 145,000 tons in the first half of 2004.
In the steel mills segment, steel production decreased 3% from 5,108,000 tons in the first quarter of 2005 to 4,943,000 tons in the second quarter of 2005. Steel shipments to outside customers remained flat at 4,693,000 tons in the second quarter of 2005, compared with 4,688,000 tons in the first quarter of the year.
In June 2005, Nucor's wholly owned subsidiary, Nucor Steel Marion, Inc., purchased substantially all of the assets of Marion Steel Company for a cash purchase price of approximately $108.7 million. The facility is a bar products mill that manufactures angles, flats, rebar, rounds and signposts. Located in Marion, Ohio, the mill is in close proximity to 60% of the steel consumption in the United States. The facility has annual capacity of approximately 400,000 tons.
During the second quarter of 2005, Nucor repurchased 4.0 million shares of Nucor's common stock at a cost of approximately $205.8 million under a publicly announced stock repurchase program. Approximately 4.5 million shares remain authorized for repurchase under the current program.
Nucor expects third quarter earnings to be below both the third quarter of 2004 and the second quarter of 2005 due principally to the conditions in the sheet market. We believe that earnings will be in the range of $1.60 to $1.80 per diluted share. While the sheet market will be largely responsible for this decrease, we are currently seeing improvements in the market for sheet products and believe that this improvement trend will continue.
Nucor and affiliates are manufacturers of steel products, with operating facilities in sixteen states. Products produced are: carbon and alloy steel - in bars, beams, sheet and plate; steel joists and joist girders; steel deck; cold finished steel; steel fasteners; metal building systems; and light gauge steel framing. Nucor is the nation's largest recycler.
Certain statements contained in this news release are "forward-looking statements" that involve risks and uncertainties. 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) the sensitivity of the results of our operations to prevailing steel prices and the changes in the supply and cost of raw materials, including scrap steel; (2) market demand for steel products; (3) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (4) the continued high level of imports in conjunction with high inventory levels; and (5) capital investments and their impact on our performance. These and other factors are outlined in Nucor's regulatory filings with the Securities and Exchange Commission, including those in Nucor's December 31, 2004 Annual Report on Form 10-K. 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.
You are invited to listen to the live broadcast of Nucor's conference call in which management will discuss Nucor's second quarter results on July 21, 2005 at 2:00 pm eastern time. The conference call will be available over the Internet at http://www.nucor.com/, under Investor Relations/Investor Information.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (In thousands, except per share data) Six Months (26 Weeks) Three Months (13 Weeks) Ended Ended July 2, July 3, July 2, July 3, 2005 2004 2005 2004 NET SALES $6,467,624 $5,048,238 $3,145,003 $2,761,822 COSTS, EXPENSES AND OTHER: Cost of products sold 5,140,720 4,250,285 2,520,092 2,233,916 Marketing, administrative and other expenses 228,048 187,405 102,619 110,006 Interest expense, net 6,474 12,778 2,341 6,116 Minority interests 51,680 26,286 20,515 15,488 Other income (9,200) (1,596) - - 5,417,722 4,475,158 2,645,567 2,365,526 EARNINGS BEFORE INCOME TAXES 1,049,902 573,080 499,436 396,296 Provision for income taxes 372,529 208,400 176,729 144,854 NET EARNINGS $677,373 $364,680 $322,707 $251,442 NET EARNINGS PER SHARE: Basic $4.26 $2.31 $2.04 $1.59 Diluted $4.23 $2.30 $2.03 $1.58 AVERAGE SHARES OUTSTANDING: Basic 158,875 157,749 158,000 158,011 Diluted 160,303 158,794 159,317 158,872 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) July 2, 2005 Dec. 31, 2004 Assets CURRENT ASSETS: Cash and short-term investments $1,060,755 $779,049 Accounts receivable 933,667 962,755 Inventories 1,149,454 1,239,888 Other current assets 231,106 193,256 Total current assets 3,374,982 3,174,948 PROPERTY, PLANT AND EQUIPMENT 2,867,878 2,818,307 OTHER ASSETS 219,645 139,952 TOTAL ASSETS $6,462,505 $6,133,207 Liabilities and stockholders' equity CURRENT LIABILITIES: Long-term debt due within one year $1,250 $- Accounts payable 447,211 471,549 Federal income taxes payable - 28,957 Salaries, wages and related accruals 258,711 320,276 Accrued expenses and other current liabilities 308,162 245,008 Total current liabilities 1,015,334 1,065,790 LONG-TERM DEBT DUE AFTER ONE YEAR 922,300 923,550 DEFERRED CREDITS AND OTHER LIABILITIES 484,461 514,569 MINORITY INTERESTS 195,210 173,313 STOCKHOLDERS' EQUITY: Common stock 73,946 73,753 Additional paid-in capital 169,041 147,206 Retained earnings 4,239,326 3,688,555 Unearned compensation (4,387) (392) Accumulated other comprehensive income (loss), net of income taxes 20,700 (1,177) 4,498,626 3,907,945 Treasury stock (653,426) (451,960) Total stockholders' equity 3,845,200 3,455,985 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $6,462,505 $6,133,207 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Six Months (26 Weeks) Ended July 2, 2005 July 3, 2004 Operating activities: Net earnings $677,373 $364,680 Adjustments: Depreciation 185,271 193,679 Impairment of assets - 13,200 Deferred income taxes (33,071) (32,600) Minority interests 51,669 26,285 Changes in (exclusive of acquisitions): Current assets 146,258 (512,413) Current liabilities (67,945) 313,094 Other (10,163) 5,989 Cash provided by operating activities 949,392 371,914 Investing activities: Capital expenditures (147,098) (111,524) Investment in affiliates (32,523) (53,495) Disposition of plant and equipment 611 2,456 Acquisitions (net of cash acquired) (152,864) - Cash used in investing activities (331,874) (162,563) Financing activities: Issuance of common stock 26,400 32,551 Distributions to minority interests (29,772) (56,963) Cash dividends (126,602) (33,221) Acquisition of treasury stock (205,838) - Cash used in financing activities (335,812) (57,633) Increase in cash and short-term investments $281,706 $151,718
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Nucor Corp.mehr Nachrichten
06.01.25 |
S&P 500-Wert Nucor-Aktie: So viel Gewinn hätte eine Investition in Nucor von vor 5 Jahren abgeworfen (finanzen.at) | |
30.12.24 |
S&P 500-Wert Nucor-Aktie: So viel hätte eine Investition in Nucor von vor 3 Jahren abgeworfen (finanzen.at) | |
23.12.24 |
S&P 500-Papier Nucor-Aktie: So viel Verlust hätte ein Investment in Nucor von vor einem Jahr eingebracht (finanzen.at) | |
16.12.24 |
S&P 500-Titel Nucor-Aktie: So viel hätte eine Investition in Nucor von vor 10 Jahren abgeworfen (finanzen.at) | |
13.12.24 |
Fehlende Impulse in New York: S&P 500 zum Ende des Freitagshandels an Nulllinie (finanzen.at) | |
12.12.24 |
Schwacher Wochentag in New York: S&P 500 sackt zum Handelsende ab (finanzen.at) | |
12.12.24 |
Donnerstagshandel in New York: S&P 500 fällt nachmittags zurück (finanzen.at) | |
12.12.24 |
Verluste in New York: S&P 500 verliert am Donnerstagmittag (finanzen.at) |
Analysen zu Nucor Corp.mehr Analysen
Aktien in diesem Artikel
Nucor Corp. | 114,50 | -1,70% |
Indizes in diesem Artikel
S&P 500 | 5 918,25 | 0,16% |