Exhibit 99.1
Nucor Announces Guidance for Fourth Quarter and Full Year 2018 Results,
Including Record Annual Earnings
Company Expects Strong Demand and Favorable Pricing to Continue in 2019,
Facilitating Continued Free Cash Flow Generation
CHARLOTTE, N.C. – December 14, 2018 - Nucor Corporation (NYSE: NUE) today announced guidance for fourth quarter and full year 2018 earnings.
Record Annual Earnings in 2018
The Company expects to report full year 2018 consolidated net earnings in the range of $7.25 to $7.30 per diluted share, which would be a new annual record for Nucor and an increase of approximately 22% as compared to the Company’s previous record earnings of $5.98 per diluted share reported in 2008. The Company benefitted from strong economic conditions in the United States throughout 2018, which we believe was positively impacted by tax and regulatory reform. Additionally, broad-based tariffs imposed under Section 232 have been a tailwind contributing to our expected record 2018 earnings.
Solid Quarterly Earnings Results in Fourth Quarter 2018
Nucor expects to report fourth quarter 2018 consolidated net earnings in the range of $1.90 to $1.95 per diluted share as compared to $2.13 per diluted share in the third quarter of 2018 and $1.20 per diluted share in the fourth quarter of 2017. Third quarter 2018 results included anon-cash impairment charge of $110.0 million, or $0.26 per diluted share, and insurance recoveries of $24.8 million, or $0.06 per diluted share. Fourth quarter of 2017 results included a net benefit of $175.2 million, or $0.55 per diluted share, related to the impacts of U.S. federal tax legislation enacted in the fourth quarter of 2017.
Continued Commitment to Returning Capital to Stockholders
During the fourth quarter of 2018, Nucor repurchased approximately 8.35 million shares of its common stock for an average price of $60.19 per share. Nucor returned $1.3 billion of capital to shareholders in 2018, including share repurchases of approximately $854 million and dividends of approximately $485 million. Approximately $1.5 billion remains available under Nucor’s share repurchase program. As a result of the Company’s share repurchase activity, Nucor will end 2018 with issued and outstanding shares approximately 4% below the amount at the end of 2017. Nucor expects that its cash and cash equivalents balance at December 31, 2018 will be similar to the balance at the end of the third quarter of 2018.
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Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211
Phone 704-366-7000 Fax 704-362-4208 www.nucor.com