The Q2 2022 earnings were driven by increased profitability in the steel products segment.
SEATTLE (Scrap Monster): Nucor Corporation reported record quarterly earnings for the second quarter of 2022. The company foresees another strong quarter of profitability in Q3, driven by stable and resilient demand across major end-use markets. The company expects 2022 to turn out to be the most profitable year in the history of the company.
The Q2 2022 earnings were driven by increased profitability in the steel products segment. In addition, the profitability at its bar and plate mills resulted in strong earnings from the steel mills segment. The raw materials segment too witnessed increased profits during the quarter, mainly due to relatively higher selling prices for DRI and scrap.
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The consolidated net sales by the company surged higher by 34% over the prior year quarter to $11.79 billion in Q2 2022. The average sales per ton too were up by 44% year-on-year. The total steel mill shipments increased from the prior quarter, but declined over the same quarter a year before. The shipments to internal customers represented 22% of total steel shipments during the quarter.
During the first half of 2022, Nucor’s consolidated net sales increased by 41% from $15.81 billion in H1 2021 to $22.29 billion. The company shipped 13.371 million tons to outside customers. Meantime, the average sales price per ton recorded sharp decline by 55%, compared with the initial six-month period in 2021.
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