Nucor Corp. Q1 FY2024 results: revenue $8.1 billion, down 6.6% on the year

Nucor Corp. (NUE) reported revenue of $8.1 billion for Q1 FY2024, the quarter ended 30 March 2024, down 6.6% on the same quarter a year earlier. Net income was $845 million, down 25.7% on the year, and diluted earnings per share $3.46. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$8.1 billiondown 6.6%

Net income$845 milliondown 25.7%

Diluted EPS$3.46

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	8,137	7,705	n/a	n/a
Cost of revenue	6,614	6,311	n/a	n/a
Gross profit	1,523	1,394	n/a	n/a
Gross margin	18.7%	18.1%	n/a
Selling, general and administrative	345	355	n/a	n/a
Interest expense	43.5	59.2	n/a	n/a
Pre-tax income	1,225	1,078	n/a	n/a
Income tax	266	205	n/a	n/a
Effective tax rate	21.7%	19.0%	n/a
Net income	845	785	n/a	n/a
Net margin	10.4%	10.2%	n/a
Diluted EPS	$3.46	$3.16	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	460	1,520	n/a	n/a
Capital expenditure	670	718	n/a	n/a
Free cash flow	-211	802	n/a	n/a
Free cash flow margin	-2.6%	10.4%	n/a
Depreciation and amortisation	316	311	n/a	n/a
Share-based compensation	21.3	29.1	n/a	n/a
Buybacks	1,001	177	n/a	n/a
Dividends paid	134	127	n/a	n/a
Dividend per share	$0.54	n/a	n/a	n/a
Diluted shares, weighted	243m	n/a	n/a	n/a
Shares outstanding at period end	240m	241m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	33,933	35,340	n/a	n/a
Cash and equivalents	4,558	6,383	n/a	n/a
Receivables	3,157	2,953	n/a	n/a
Inventory	5,590	5,578	n/a	n/a
Goodwill	3,956	3,969	n/a	n/a
Long-term debt including finance leases	6,648	6,649	n/a	n/a
Operating lease liabilities	n/a	81.7	n/a	n/a
Finance lease liabilities	n/a	175	n/a	n/a
Shareholders' equity	20,694	20,941	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	8,776	7,705	8,137	8,077	7,444	7,076	7,830	8,456	8,521	7,687	9,496	10,397
Cost of revenue	6,855	6,311	6,614	6,883	6,686	6,449	7,225	7,233	7,333	6,825	7,995	8,363
Gross profit	1,921	1,394	1,523	1,194	758	627	605	1,223	1,188	862	1,501	2,034
Gross margin	22%	18%	19%	15%	10%	9%	8%	14%	14%	11%	16%	20%
SG&A	386	355	345	307	245	226	281	304	300	334	378	405
Interest expense	63.2	59.2	43.5	66.9	65.4	52.3	51.0	49.0	38.0	32.0	39.0	36.0
Pre-tax income	1,548	1,078	1,225	898	388	390	285	899	883	501	1,096	1,625
Tax rate	21%	19%	22%	21%	22%	12%	21%	21%	23%	16%	21%	21%
Net income	1,142	785	845	645	250	287	156	603	607	378	743	1,156
Net margin	13%	10%	10%	8%	3%	4%	2%	7%	7%	5%	8%	11%
Diluted EPS	$4.57	$3.16	$3.46	$2.68	$1.05	$1.22	$0.67	$2.60	$2.63	$1.62	$3.23	$5.04
Operating cash flow	2,464	1,520	460	1,485	1,301	733	364	732	1,339	799	886	1,400
Capital expenditure	439	718	670	801	823	879	859	954	807	802	661	571
Free cash flow	2,025	802	-211	684	478	-146	-495	-222	532	-3.0	225	829
Buybacks	500	177	1,001	500	400	315	300	200	100	100	125	350
Dividends paid	128	127	134	131	129	128	129	129	127	127	129	129
Shares outstanding	246m	241m	240m	237m	235m	231m	231m	230m	229m	228m	228m	227m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 8 May 2024, accession 0000950170-24-055144: the filing on EDGAR. All of Nucor Corp.'s filings: EDGAR company page.

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