Nucor Corp
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.33%.
Did NUE Beat Earnings? Q1 2025 Results
Nucor delivered a decisive earnings beat in the first quarter of 2025, posting adjusted EPS of $0.77 against a Wall Street consensus of $0.61, a 26.71% positive surprise, even as the steelmaker navigated a sharply lower pricing environment and an 80% year-over-year collapse in net income to $156 million. Revenue came in at $7.83 billion, clearing estimates by 7.39%, though it still tracked 3.8% below the year-ago period as average selling prices fell 12% year-over-year. The most material driver behind the sequential recovery was a meaningful rebound in shipment volumes, with total tons shipped to outside customers rising 13% from Q4 2024, supported by steel mill operating rates climbing to 80% from 74%. The reimposition of 25% Section 232 tariffs on steel imports in March, along with preliminary anti-dumping findings covering producers in 10 countries, has further stiffened the domestic demand backdrop. Management guided for meaningfully higher Q2 earnings across all three operating segments, with sheet and plate pricing improvements expected to lead the steel mills recovery.
- Total shipments to outside customers increased 10% year-over-year to 6,830,000 tons
- Steel mill operating rates improved to 80% from 74% in Q4 2024
- Bar shipments increased 20% year-over-year; plate shipments increased 40% year-over-year
- Average selling prices declined 12% year-over-year and 2% sequentially
- Pre-operating and start-up costs from growth projects were approximately $170 million ($0.56 per diluted share)
- Average scrap and scrap substitute cost per gross ton decreased 6% year-over-year to $394
- Completed 10 planned outages during Q1
- Brandenburg shipments trending higher for last five quarters
“Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture. Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times.”
Nucor CEO, on the earnings call
Forward Guidance & Outlook
Nucor expects earnings in Q2 2025 to increase meaningfully compared to Q1 2025, with increases expected across all three operating segments. The largest increase is expected in the steel mills segment, primarily driven by higher average selling prices at sheet and plate mills. Steel products segment earnings are expected to increase due to higher volumes. The raw materials segment is also expected to have increased earnings. The company projects approximately $3.0 billion in total capital expenditures for 2025, with the West Virginia sheet mill expected to complete construction by end of 2026. Multiple growth projects are nearing completion in 2025, including the Lexington rebar micro mill, Kingman bar mill melt shop, and Indiana coating complex. Trade policy developments — including reimposed 25% Section 232 tariffs and CORE trade case anti-dumping findings — are expected to support domestic steel demand.
NUE YoY Financials
Figures from SEC filings and company reports. Not investment advice.