Nucor third-quarter profit rises to $1.32 billion as selling prices climb

Nucor Corporation (NUE) said Monday its net earnings attributable to stockholders rose to $1.32 billion, or $5.80 per diluted share, in the third quarter ended Oct. 3, from $607 million, or $2.63 per diluted share, a year earlier.

The steelmaker reported the results in a news release included in a Form 8-K filed with the Securities and Exchange Commission.

Net sales rose to $11.25 billion, up 32% from $8.52 billion a year earlier and 8% from the second quarter.

Here's how the company did:

• Net earnings attributable to Nucor stockholders: $1.32 billion vs. $607 million a year earlier
• Diluted earnings per share: $5.80 vs. $2.63 a year earlier
• Net sales: $11.25 billion vs. $8.52 billion a year earlier
• EBITDA, or earnings before interest, taxes, depreciation and amortization: $2.28 billion vs. $1.27 billion a year earlier

Net earnings before noncontrolling interests were $1.47 billion, and earnings attributable to noncontrolling interests were $154 million.

Net earnings rose from $1.16 billion, or $5.04 per diluted share, in the second quarter.

That second-quarter figure included a non-cash, pre-tax benefit of $61 million, or $0.20 per diluted share, from an increase in the value of Nucor's investment in Helion, a fusion energy company. Excluding that benefit, adjusted net earnings were $1.11 billion, or $4.84 per diluted share.

The steel mills segment drove the increase. Earnings before income taxes and noncontrolling interests in the segment were $1,788 million, up from $1,556 million in the second quarter and $793 million a year earlier.

The company said the gain reflected higher average selling prices and increased volumes, partially offset by higher costs of products sold. Second-quarter cost of products sold had been reduced by $130 million in cash refunds tied to prior periods' raw material procurement costs, and those refunds did not recur in the third quarter.

The segment's average external selling price rose to $1,233 per ton from $1,145 in the second quarter and $1,038 a year earlier. External sales tons were flat at 5,662 thousand, against 5,659 thousand in the second quarter, and up 14% from 4,976 thousand a year earlier.

The steel products segment earned $465 million, against $353 million in the second quarter and $319 million a year earlier. The company said higher volumes and higher average realized pricing drove the increase. Average external sales price per ton was $2,576, up from $2,415 in the second quarter.

The raw materials segment earned $105 million, down from $146 million in the second quarter and up from $43 million a year earlier. The company said the sequential decline reflected lower pricing and shipments.

Corporate and eliminations expense was $491 million, compared with $430 million in the second quarter and $272 million a year earlier. The company said the quarterly increase was due primarily to the absence of the Helion valuation adjustment. Pre-operating and start-up costs were $124 million, against $103 million a year earlier.

Nucor said it had $3.64 billion of cash and cash equivalents and short-term investments at the end of the quarter. Its $2.25 billion revolving credit facility remains undrawn and does not expire until March 2030.

The company said it holds the strongest credit ratings in the North American steel sector, with A-, A- and A3 ratings and stable outlooks from Standard & Poor's, Fitch Ratings and Moody's, respectively.

Through the first nine months, the company generated approximately $2.7 billion of free cash flow, which it defines as cash provided by operating activities less capital expenditures.

In the third quarter, Nucor repurchased about 2.03 million shares at an average price of $247.04 per share. It returned about $629 million to stockholders in the quarter through buybacks and dividends, and $1.36 billion in the first nine months.

The board declared a cash dividend of $0.56 per share on Sept. 18, payable Nov. 10 to stockholders of record as of Sept. 30. The payment is the company's 214th consecutive quarterly cash dividend.

The company expects fourth-quarter earnings to be generally in line with or modestly higher than the third quarter. It expects steel mills earnings to be stable, as higher realized pricing offsets seasonally lower volumes and higher costs. Steel products earnings are also expected to be stable, while raw materials earnings are expected to be slightly lower on lower realized direct reduced iron, or DRI, pricing.

“I want to thank our teammates for delivering another strong quarter and making 2026 the safest summer in Nucor history,” said Leon Topalian, Nucor's Chair and Chief Executive Officer. “With our diversified portfolio, strong balance sheet and disciplined approach to capital allocation, Nucor is well positioned to deliver long-term shareholder value.”

The quarter included the first heat at the West Virginia sheet mill in September and the recent start-up of a second galvanizing line at Nucor Steel Berkeley. According to an investor presentation posted to the company's website, the West Virginia mill is set to begin production in 2027.

The company will discuss the results on an earnings call on Oct. 27 at 10 a.m. Eastern Time, webcast from its investor relations website. A playback will be posted within one day of the live event.

The consolidated financial statements in the release are unaudited.