Nucor Corporation reported a significant decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 28, 2024, net sales totaled $7,444.2 million, a 15% decrease from $8,775.7 million in Q3 2023. Similarly, net sales for the nine months ended September 28, 2024, were $23,658.4 million, down 12% from $27,009.0 million in the prior year.
The company's earnings before income taxes and noncontrolling interests also saw a sharp decline, with Q3 2024 earnings at $388.3 million, down from $1,548.1 million in Q3 2023. For the nine-month period, earnings before income taxes fell to $2,511.8 million from $5,194.6 million in 2023. Net earnings attributable to Nucor stockholders for Q3 2024 were $249.9 million ($1.05 per diluted share), a significant drop from $1,141.5 million ($4.57 per diluted share) in Q3 2023. For the nine months, net earnings were $1,740.0 million ($7.22 per diluted share), down from $3,739.4 million ($14.83 per diluted share) in the same period last year.
The decline in profitability was attributed to lower earnings across all segments, particularly in the steel mills and steel products segments, driven by decreased metal margins and average selling prices. The average sales price per ton for steel mills in Q3 2024 was $967, down 13% from $1,114 in Q3 2023. The steel products segment experienced a 23% decrease in net sales for Q3 2024, attributed to lower average selling prices and volumes.
Nucor's liquidity position weakened, with cash and cash equivalents decreasing to $4,262.8 million as of September 28, 2024, down from $6,383.3 million at the end of 2023. The company reported cash provided by operating activities of $3,245.6 million for the first nine months of 2024, a decrease from $5,591.6 million in the same period of 2023.
Strategically, Nucor completed the acquisition of Rytec Corporation on July 23, 2024, for approximately $565 million. This acquisition is expected to enhance Nucor's steel products segment, with Rytec's financial results included from the acquisition date. The company recognized $274.0 million in goodwill from this acquisition, reflecting anticipated synergies.
Nucor's share repurchase program, authorized for up to $4.00 billion, remains active, with approximately $1.42 billion available as of September 28, 2024. The company declared a quarterly cash dividend of $0.54 per share, marking its 206th consecutive quarterly dividend.
About NUCOR CORP
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