Nucor Corporation (NUE) Q2 2023 Earnings Call Transcript

For the period ending July 1, 2023

July 25, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Nucor Second Quarter 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note, this event is being recorded.

I would now like to turn the conference over to Jack Sullivan, General Manager of Investor Relations. Please go ahead.

Jack Sullivan

Thank you, and good morning, everyone. Welcome to Nucor's second quarter 2023 earnings review and business update. Leading our call today is Leon Topalian, Chair, President and CEO, along with Steve Laxton, Executive Vice President and CFO. We also have other members of Nucor's executive team with us, including Dave Sumoski, Chief Operating Officer; Al Behr, responsible for Plate and Structural Products; Brad Ford, over fabricated products; Noah Hanners raw materials John Hollatz, Bar Products and Fabrication; Doug Jellison, Corporate Strategy; Greg Murphy, Business Services, Sustainability and General Counsel; Dan Needham, Commercial Strategy; Rex Query, Sheet and Tubular Products; and Chad Utermark, New Products and Innovation.

We posted our second quarter earnings release and investor presentation to the Nucor Investor Relations website. We encourage you to access these materials, as we'll cover portions of them during the call. Today's discussion will include the use of non-GAAP financial measures and forward-looking information within the meaning of securities laws. Actual results may be different than forward-looking statements and involve risks outlined in our Safe Harbor statement and disclosed in Nucor's SEC filings. The appendix of today's presentation includes supplemental information and disclosures, along with a reconciliation of non-GAAP financial measures.

So with that, let's turn the call over to Leon.

Leon Topalian

Thanks, Jack, and welcome, everyone.

I'd like to begin by thanking the 31,000 members of the Nucor team for delivering another outstanding quarter. The investments we've made in recent years to grow our core and expand into new markets for generating strong returns for our shareholders, increased capabilities for our customers, and the Nucor team is executing safely and efficiently.

In fact, through the first half of 2023, we're on track to set another annual safety record for the fifth straight year. Further proof of the world-class performance by Nucor teammates who live our culture every single day.

Looking at our financial performance in the second quarter, Nucor generated approximately 2.2 billion of EBITDA and 1.5 billion of net earnings or $5.81 per diluted share. On a year-to-date basis, we've generated 4 billion in EBITDA and $10.26 earnings per share, representing our second-best start to any fiscal year in Nucor's history.