The total steel mill shipments recorded nearly 10% year-on-year decline in third quarter.
SEATTLE (Scrap Monster): Nucor Corporation announced results for the third quarter and nine-month period ended 30th September, 2022.
The consolidated net earnings for the quarter stood at $1.69 billion, or $6.50 per diluted share. This compares with sequential quarter consolidated net earnings of $2.56 billion, or $9.67 per diluted share and $2.13 billion, or $7.28 per diluted share for the corresponding quarter a year before. During the initial nine-month period of the year, the company reported consolidated net earnings of $6.35 billion, or $23.85 per diluted share, significantly higher when compared with $4.58 billion, or $15.34 per diluted share in Jan-Sep ’21, the company press release said.
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The total steel mill shipments recorded nearly 10% year-on-year decline in third quarter. Also, consolidated net sales increased marginally by 2% to $10.50 billion.
Commenting on the results, Leon Topalian, President and Chief Executive Officer noted that the company has already witnessed a record-breaking year for earnings per share through September and is hopeful of delivering new record full-year earnings in 2022. It foresees increasingly challenging market conditions in the midst of economic uncertainty, as a result of which the Q4 earnings are likely to remain lower than Q3, he added.
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