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- **Record Performance**: Q3 EBITDA of $1.3 billion, net earnings of $607 million, and 72% of net earnings returned to shareholders.
- **Strategic Growth**: $3.3 billion in 2025 CapEx for projects like West Virginia sheet mill (75% complete) and data center solutions, targeting $700 million in Expand Beyond EBITDA by 2026.
- **Market Leadership**: Gained share in long products (rebar shipments up 35% YoY) and data centers, supplying 95% of steel components for hyperscale facilities.
- **Credit Strength**: Upgraded to A3 by Moody's, with $2.7 billion in cash and 24% debt-to-capital ratio.
- **2026 Outlook**: Stable demand with growth in data centers, infrastructure, and energy, offsetting softer residential and auto markets.

**【CEO Summary Section】**
- **Third-Quarter Performance**: Generated EBITDA of $1.3 billion, exceeding guidance due to stronger-than-expected shipments and lower pre-operating costs. Net earnings of $607 million, or $2.63 per share, with 72% of net earnings returned to shareholders through dividends and buybacks.
- **Capital Allocation**: Invested $807 million in growth projects, including new mills and data center solutions. Upgraded to A3 by Moody's, reflecting industry-leading credit profile.
- **Strategic Projects**: Advanced projects like the West Virginia sheet mill (75% complete) and Alabama towers facility. Converted existing assets to serve data center and infrastructure markets, avoiding $0.5 billion in 2026 capital spending.
- **Market Expansion**: Gained share in long products (rebar shipments up 35% YoY) and data center solutions, supplying 95% of steel components for hyperscale facilities.

**【CFO Financial Commentary】**
- **Financial Highlights**: Net earnings of $607 million, with steel mills segment generating $793 million in pretax earnings. Steel products segment contributed $319 million, driven by 14% higher backlog YoY.
- **Cash Flow and Liquidity**: Generated $1.3 billion in operating cash flow, with $2.7 billion in cash on hand. Full-year CapEx of $3.3 billion, targeting $700 million in Expand Beyond segment EBITDA by 2026.
- **Outlook**: Q4 earnings expected lower due to seasonal factors, but 2026 demand stable with growth in data centers, infrastructure, and energy.

**【Q&A Key Highlights】**
- **Market Share and Growth**: Gained share in long products (rebar shipments up 35% YoY) and data centers, with 25% higher backlog in fabricated construction products. New projects like Kingman, AZ, and Lexington, NC, expected to be EBITDA-positive by Q1 2026.
- **Trade Policy Impact**: Tariffs and trade enforcement reduced imports, supporting domestic demand. Steel products backlog up 14% YoY, with 60 million sq. ft. of data center construction forecasted for 2025.
- **Capital Allocation**: Prioritized low-capital, high-margin adjacents (e.g., data center solutions) over greenfield steel mills. Share buybacks of $100 million in Q3, maintaining 40%+ earnings return policy.
- **Future Projects**: West Virginia sheet mill (75% complete) and Alabama towers facility to drive growth. Brandenburg mill achieved EBITDA-positive in Q3, with API-grade steel for military applications.


Nucor Corporation (NUE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NUE

NUE fundamentals

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