Nucor Corporation (NYSE: NUE) announced today record consolidated net earnings for the third quarter of 2008 of $734.6 million ($2.31 per diluted share), an increase of 93% from the $381.2 million ($1.29 per diluted share) earned in the third quarter of 2007 and an increase of 26% compared with $580.8 million ($1.94 per diluted share) earned in the second quarter of 2008.
Consolidated net earnings for the first nine months of 2008 were a record $1.73 billion ($5.70 per diluted share), an increase of 56% from net earnings of $1.11 billion ($3.68 per diluted share) in last year's first nine months.
In the third quarter of 2008, Nucor's consolidated net sales increased 75% to a record $7.45 billion, compared with $4.26 billion in the third quarter of 2007 and increased 5% compared with $7.09 billion in the second quarter of 2008. Average sales price per ton increased 51% from the third quarter of 2007 and increased 21% from the second quarter of 2008. Total tons shipped to outside customers were 6,701,000 tons in the third quarter of 2008, an increase of 16% over the third quarter of 2007 and a decrease of 13% compared to the second quarter of 2008.
In the first nine months of 2008, Nucor's consolidated net sales increased 60% to a record $19.51 billion, compared with $12.20 billion in last year's first nine months. Average sales price per ton increased 30% while total tons shipped to outside customers increased 23% compared to the first nine months of 2007.
The increases in sales and net earnings are attributable in part to the significant acquisitions made by Nucor in the last 21 months, including Harris Steel Group, Inc. ("Harris") in March 2007 and The David J. Joseph Company ("DJJ") in February 2008. Nucor has also used these two companies as platforms for additional acquisitions to grow the rebar fabrication and scrap businesses.
정현욱기자/hwc7@snmnews.com