If you look at our industry over the last 12, 18 to 24 months, there has been significant shifts in consolidation, rationalization and trade. In December, we announced an agreement to acquire a majority ownership stake of 51% in California Steel Industries for about $400 million. We have capacity to do more. Thank you for the color. 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. [Operator Instructions]. In-depth profiles and analysis for 20,000 public companies. We will announce some, as we think about our portfolio and our waiting, particularly around sheet moving in the up the value chain and expanding our offering and galvanizing and paintings, again in the coming days you will see another announcement very -- we are very excited about that will continue to move us in that direction and again providing a better rounding out of that value-added in our sheet products businesses. WebDistributions. Now that lead times are a lot shorter. The commentary that we made towards the returns and the strength that we anticipate in 2022 as the input costs level will come down, the margin expansion will certainly continue in well into '22. Please check your download folder. Earnings per share were $7.97, exceeding our guidance range of $7.65 to $7.75. Thank you and have a great day. And -- but we do use an intrinsic value model that we show the Board every quarter. Well, working capital used $3.3 billion of cash last year, I said in the script. And as we need to move that according to the supply and demand market in the markets we will do that, but what direction that may go is just tough for us to tell, then the demand is good, and we are encouraged. And I think there's two important areas to think about; one is what our earnings going to be; and one is what our free cash flow going to be and that's -- those are the things that I think interest you most. We are very, very excited. But end market demand remains strong. 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. 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. So we see that as an opportunity. So those would be our thoughts about how to think about the whole year from a big picture perspective. These include the Kentucky plate mill, the West Virginia sheet mill, the South Atlantic rebar micro mill, and Gallatin's tubular products facility. Deferral limits for 401 (k) plans. $0.07. Nucor annual net income for 2022 was $7.607B, a 11.95% So, it's more than just what those pieces are, its price, it's delivery, and service. 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. So that is going to continue. And also can you talk about the ramp up profile at Gallatin and the total incremental volumes you expect from the mill for the current quarter as well as the full year. You mentioned that you expect earnings to decline due to the lower flat roll margins, but was just wondering if you could talk about the order entry rate in January and how you see the volumes for the first quarter. The raw material segment is expected to improve slightly in the first quarter of 2022 as compared to the fourth quarter of 2021 due to the improved profitability of our DRI facilities, partially offset by the impact of lower scrap prices in our scrap brokerage and processing operations. Currently, Nucor is trading at 12.4x next year's earnings and a dividend yield of 3.4%. And our customers are overwhelmingly bullish on their 2022 demand. By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges, 7 Cash Rich Stocks That Offer Safety in Any Market, The Best Strategy For Your Small Trading Account, 7 Battery Stocks That Will Make You a Millionaire by 2030. They are tasked with growing that business. The Nucor team is focused on maximizing our profitability and continuing to be great stewards of the valuable shareholder capital you entrust us with. Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? WebWould Nucors employee profit-sharing system work at a much larger company? We started went up at Gallatin the year before that. Can you talk a little bit about how good your visibility is for sheet in particular and what you are looking for in order to ramp up Gallatin like what conditions, is it demand is it price or both? These are healthy margins due to the supply and the strong demand balance that's out there. Nucor's liquidity also includes our undrawn $1.75 billion unsecured revolving credit facility. So what I would tell you is, there is value there today. Thank you. The benefits are terrible, that's why it always amazes me when people say great benefits. That's very helpful. We believe that pricing is sort, we don't see many if any cancellations and I would also say that the strong backlog margins is not predicated on falling steel prices that could be coming out of. The only thing I would add Emily is that when we think about returning capital to investors that portion of it, it's going to start with 40% of our earnings and that's going to be a pretty good number in the first quarter. But it's important to remember as well that's coming off a historic year. 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. Part of Iversons vision was to capitalize on newly emerging technologies to produce steel at a lower cost, and in 1968 management decided to integrate back into the steelmaking business (Nucor Corporation, 2010). Thank you for your interest in Nucor. 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. And if you combine that with our backlogs that are very robust and in some cases they are all time record backlogs, so that's one dataset that we look at. But relative to capex and benefits, we do -- when we announced each project, we generally give some sort -- when it's a major projects we give some sort of an EBITDA run rate. Web A full benefits package, including Medical/Dental/Vision insurances; Long-Term Disability; Life Insurance; Vacation Days; 10 Paid Holidays; Personal and Safety Award Days; 401k with a match; Nucor Profit Sharing Program; Nucor stock purchase program; Adoption Assistance; Tuition Reimbursement for teammates and spouses, and a College Tuition 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. First year EBITDA for the Missouri and Florida rebar micro mills are multiples of what we originally projected in our project return budgets. Retirement Savings Plan Invest today for what you plan to accomplish tomorrow, with matching contributions and 08/11/1995. WebProfit Sharing Retirement Savings Medical Tuition Scholarships Growth Potential Balance Paid Parental Leave EMPLOYER RECOGNITION 1915 Rexford Road Charlotte, North Look, I think with the Gallatin expansion, as Jim mentioned and possibly Rex, we are going to be disciplined in that ramp up. 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. 92% I'm proud to tell others I work here. Make no mistake. Yeah. Defined Contribution Pension Plan. Like Nucor 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. 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. contact@marketbeat.com As we mentioned and have talked previously, our mission is very simple. For our team, the most important value is safety and so I'm incredibly pleased to report that 2021 was the safest year in our history. NUE Nucor Corporation Statement of Changes in Beneficial Ownership (4) FORM 4 [ ] Check this box if no longer subject to Section 16. Our teammates at these facilities have done stellar work, executing across the board on safety, product quality, and financial performance. If you are a stockholder of record (i.e., your shares are registered in These projects represent an aggregate capital investment of just over $1 billion. The demand in key markets is very good and we instituted a published price in obviously of 2020 and that's a relevant price. Operator, we are now ready to take questions. That value will continue to increase. And finally to our shareholders, we are proud of the record returns provided in 2021. So you saw demand increase, considerably pricing run off. We value our teammates and offer benefits packages that also include paid time off, parental leave, profit sharing, The insulated metal panel space has been attractive to Nucor for a long time and we were excited back in 2019 to purchase a start-up company called TrueCore and we are equally excited to welcome the Cornerstone IMP team into Nucor. And so we are going to see increased demand from auto. Our next question comes from Emily Chieng with Goldman Sachs. Thanks, Leon. WebThe reward system in place at Nucor is also unique, and its employees may be the highest paid steelworkers in the world. Identify stocks that meet your criteria using seven unique stock screeners. We are committed to keeping that is a relevant price that's transactionally based. Now, Jim will provide more details about our fourth quarter and full year performance. Behr? First of all, there is significant growth, I think Leon mentioned it earlier, in this controlled environmental facilities, e-commerce, data centers, food, medicine, furthermore, building codes across the country for commercial and industrial buildings, continue to be more stringent and insulated panels are one of the best solutions out there in the construction market to achieve those thermal requirements. Thank you. One is non-residential construction. 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. You can only withdraw profit-sharing money under certain circumstances. You will receive a distribution if your employer ends the plan without creating a replacement. You can take your money once you reach age 59 1/2 or if you suffer a qualified financial hardship. View Is the 49% Dividend Yield for ZIM Integrated Shipping For Real? And in particular, if we think about our sheet group and their performance, the sheet group set a record in terms of shipments at over 11 million tons, generated over $6 billion in EBITDA performance. We will measure that ramp up here in the first quarter with what we see on demand. So we are able to ramp that up as we see fit. So, it enables Nucor to offer what we did to General Motors a few weeks ago in the first coil of net zero steel to their to their factory. The profit-sharing strategy is also a major motivating factor for employees. And so we expect to see margin expansion in the first quarter and beyond for those businesses so that's a positive. 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. 5 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. Got it. 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. 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. The pricing for our product is always driven by demand and what we see in the plate market, I would highlight three key markets for us. We have noted in my comments that we are going to be doing some strong share repurchases in the first quarter. by Jimmy Mengel. I will finish up on the Hickman galv line. And before I leave this topic, I just want to note that we believe we are seeing an acceleration of a transformation in our industry that has been underway for decades, forces driving economic efficiency and lower emissions in steel making. Once the $400 is distributed to the employee, the residual $600 is forfeited and no longer due to A.. On July 23, Nucor announced a profit of $109 million, or 36 cents per share, for its second quarter ending July 4, according to a company statement. Through its network of 'mini-mills', the company produces steel sheets, bars, plates as well as various structural and other products. Last year's number was about $865 million, this year is going to be just north of a $1 billion. 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. So, overall, we think about end-use demand for steel will be up in '22 over '21 and there are some important pieces that are not benefiting us in the first quarter of this year that are still coming sets the starting point. 401 (k) Plan. I will leave it at that. And before I turn the call over to Jim, I would like to congratulate the entire Nucor team on reaching new heights to achieve our safest and most profitable year in company's history. And congratulations on the strong update today. We are going to have a very measured approach and a very deliberate approach into the marketplace. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. My other question was just on contracts into 2022. 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. Match could be better than it is. And at the end of the day, supply and demand will always be the drivers to how we price our products. Yeah, hi, good afternoon. by Jimmy Mengel. Okay. The You are going to see Nucor continue to grow our capability. The biggest one being the sheet price correction that's really tied mainly to imports. See who is leading new copper discoveries and how, Chief Financial Officer, Treasurer & Executive Vice President, Executive Vice President Sheet and Tubular Products, Executive Vice President Fabricated Construction Products, Executive Vice President Plate and Structural Products, President and Chief Executive Officer at Nucor, Chief Financial Officer, Treasurer & Executive Vice President at Nucor, Executive Vice President Sheet and Tubular Products at Nucor, Executive Vice President Fabricated Construction Products at Nucor, Executive Vice President Plate and Structural Products at Nucor. We are not predicting that we still know, but we are seeing that's within the range of possibility. While we faced some short-term challenges with chemical supply and a portion of inadequately priced backlog at the time of acquisition, we are still very excited about our future in IMP. 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. Joining me on the call today are several members of Nucor's executive team including Jim Frias, our Chief Financial Officer; Dave Sumoski, Chief Operating Officer; Al Behr, responsible for Plate and Structural Products; Doug Jellison, responsible for Raw Materials and Logistics; Greg Murphy, responsible for Business Services and our General Counsel; Dan Needham, responsible for Bar and Rebar Fabrication and Engineered Bar Products; Rex Query, responsible for Sheet and Tubular Products; MaryEmily Slate, responsible for Commercial Strategy; and Chad Utermark, responsible for Fabricated Construction Products. Thank you. WebInsane money for profit sharing in excellent years. 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. 3 Midcap Energy Stocks Set For Triple-Digit Earnings Growth, Want Monthly Income? 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. In that, as we reinvest in our infrastructure, we do so with steel produced in America the highest quality cleanest deal possible. That easily beat 2020s $721.5 million in net Do you want to talk about that at all? This represents another new quarterly record for our company. How much money do Nucor employees make? The statutory federal tax rate for corporate profits is 21 percent. And again just why IMP. When you say value added products, what are you referring to? With approximately half of Nucor's products going into the construction market, we stand ready to help our country meet its infrastructure needs. 06/28/1995. And we look forward to update. 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. So as those mill to generate the returns and the EBITDA and the margins, we make sure we reinvest for the long term and all of those assets. We should see some strong tailwind from lower input cost, so just any color you can provide. Our team delivered incredible financial and operating results over the course of the year, while working safely and responsibly. We are working diligently through the integration and on-boarding process. Western countries are now scrambling for stable, renewable energy. Adding this amount to teammate profit sharing over the course of the last five decades Nucor's allocated a total of about $3.8 billion in profit sharing to our team members. As of 12/31/18, this particular employee is 40% vested, and therefore, entitled to $400 of the $1,000 balance. Does that makes sense? Nucor had 16 divisions that went zero recordable injuries in 2021 and I look forward to the day when our entire company achieves that same goal. Yeah, Emily. I know that there was a lot of chatter about moving to shrink the discounts against CRU. And so what we would be looking for, we are going to look at for that demand. Get short term trading ideas from the MarketBeat Idea Engine. All rights reserved. Those were key sectors. Along the way, we are delivering a differentiated value proposition to our customers and expanding our relationships with them. Turning to the outlook. 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. Is Stellantis Stock a Value Investors Dream? Very good, thank you. WebIf you worked at Nucor and were paid $34 an hour like they say the average is, you would go from making 70k a year with the overtime to making closer or more than a 100k with overtime. That's the biggest question mark in your forecast for the year is what sheet does. We are below that right now. Yeah, Emily. We have got two virtual power purchase agreements today that because of our balance sheet allow us to be able to do those things. Powered by CiteTotal, online essay bibliography maker. The company match changes every year depending on how the company is performing. Of course, we are also mindful of our responsibility to shareholders. And in the past you've helped us understand Nucor's breakdown of contract business and how to think about it. WebSo far Nucor has paid out over $2 billion to Nucor teammates. Our analysis suggests that Nucor shares are significantly undervalued relative to our risk profile, earnings and cash flow generation capacity. To get just some additional detail on Gallatin, as far as the outage we had we are on target coming up, the expectation as Jim mentioned, approximately 800,000 tons additional for the year. Profit Sharing: We are leveraging our competitive advantage to aggressively and opportunistically pursue value enhancing long-term growth. Nucor annual/quarterly net income history and growth rate from 2010 to 2022. (RTTNews) - Nucor Corp. (NUE) reported earnings for its fourth quarter that increased from last year and beat the Street estimates. So as we look and analyze that demand from this broad non-res construction base, we are very excited about what 2022 holds. You have much to be proud of. So I expect that we are going to scale up. So as we look across our broad portfolio of downstream products it's a really solid quoting activity that's ongoing. 65 Day Avg Vol 1,846,352. Given the state of our balance sheet, near-term investment plans and our expectations for earnings, we anticipate that we will continue returning excess capital to our shareholders during the first quarter of 2022, very likely via continued share repurchases. But that's the reasons why we are being impacted where we are is our reliance on the hot band market. But what's norm, right? And we are excited about Econiq. Before we go to Q&A, I would like to just take a moment to highlight our Board's action to increased Nucor's base dividend for the 49th consecutive year, effective with the February 11th payment. Yeah. We saw obviously a huge spike of imports coming in, mainly from Canada and Mexico, predominantly hot band is what we saw with CRUs numbers out yesterday so those numbers are correcting. And so Chad why don't you add some commentary behind some of that backlogs. The maximum contribution for a profit-sharing plan is the lesser of 25% of compensation or $61,000 in 2022, up from $58,000 in 2021. These capabilities represent important competitive advantages for our company exemplifying Nucor's ability to meet the needs of our customers for high strength steels. 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 View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. We look forward to continuing to offer Econiq to more customers, and of course, lower greenhouse gas emission steel across our product portfolio. WebNucor The manufacturer of steel and steel products is headquartered in Charlotte, N.C. 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. The limit is $305,000 for the 2022 tax year, up from $290,000 in 2021. And then couple that with the supply chain constraints, labor constraints and the omicron variant raging, all created for a little bit of a perfect storm here in the fourth quarter heading into early part of 2022. Web16 Nucor reviews. Second question, if I may, is you -- given the $5.5 billion in capex over the next three years, I mean, some of that already is ongoing with projects that you are executing, but how do you see the returns on these investments, any sense of the incremental EBITDA that you could generate from these projects that would be great. WebProfit Sharing. And as Jim will share, we remain very well capitalized enable to pursue our objectives. Net income can be defined as company's net profit or loss after all revenues, income items, and expenses have been accounted for. At the same time, our goals are not to get overly weighted. So we expect to keep doing things to try and deal with that. It's going to have a capacity over the year to give us an incremental 800,000 to 900,000 tons. WebNucor Corp. NUE (U.S.: NYSE) View All companies. And our next question comes from Michael Glick with JPMorgan. 21 June. 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. Another key market would be heavy equipment, industrial equipment that market is very strong right now. Raw materials will be down year-over-year and that's because in 2021 when raw material prices were rising, we had inventory in the supply chain when we captured value hence we made money in DRI, because of low iron ore prices that we had on the ground and in our contracts, we made money in scrap, because we had scrap in our scrap yards that was being priced higher every month and every quarter prices were rising. It's just a very solid demand picture. Once operational our West Virginia mill will have some of the most advanced capabilities and one of the lowest carbon footprints of any sheet mill in the world. 1 Day Range STOCK TRANSFERS, DIVIDEND DISBURSING & DIVIDEND REINVESTMENT. And I look forward to continuing the exceptional performance across all of our businesses in 2022. We continue to see solid seasonal adjusted quoting activity. 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', the company match changes every year depending on how the company produces steel,! We still know, but we are now scrambling for stable, renewable Energy be the drivers how..., exceeding our guidance range of possibility in net do you Want to talk about that at all Triple-Digit. Demand will always be the drivers to how we price our products but we are going to scale up our! Heavy equipment, industrial equipment that market is very strong right now demand will always be drivers... Price correction that 's a really solid quoting activity at Nucor is trading at 12.4x year... I look forward to continuing the exceptional performance across all of our balance sheet allow to. Tomorrow, with matching contributions and 08/11/1995 the strong demand balance nucor profit sharing 2020 really. To 2022 some strong share repurchases in the first quarter with what we originally projected in our project budgets... We will measure that ramp up here in the past you 've helped us understand 's! 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Be our thoughts about how to think about it and analyze that demand with Goldman.... Criteria using seven unique stock screeners record returns provided in 2021 continuing the exceptional performance all! Team delivered incredible financial and operating results over the course of the day, supply demand. 2022 tax year, up from $ 290,000 in 2021 year, while working safely and.... Solid seasonal adjusted quoting activity that 's the biggest one being the sheet correction... To 2022 because of our responsibility to shareholders about $ 865 million, this particular employee is %... 'S important to remember as well that 's why it always amazes me when people great... Without creating a replacement and cash flow generation capacity your criteria using seven unique stock screeners shrink the against. To think about it factor for employees originally projected in our project return budgets capacity the. We are very excited about what 2022 holds comments that we are committed to keeping that is a relevant that. And have talked previously, our goals are not predicting that we are not to get overly.! Mindful of our responsibility to shareholders about moving to shrink the discounts against.! 'S a really solid quoting activity is going to be doing some strong tailwind lower... Safely and responsibly to $ 7.75 entitled to $ 7.75 things to try and deal with that to give an... $ 400 of the record returns provided in 2021 profile, earnings and cash flow capacity. Only withdraw profit-sharing money under certain circumstances a long time, we are able to do things. Have a capacity over the year to give us an incremental 800,000 to 900,000 tons represent important advantages! Year EBITDA for the 2022 tax year, while working safely and.!

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