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NUCOR CORP false 0000073309 0000073309 2025-04-28 2025-04-28
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2025

 

 

NUCOR CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Delaware   1-4119   13-1860817

(State or Other Jurisdiction

of Incorporation)

  (Commission
File Number)
 

(IRS Employer

Identification No.)

1915 Rexford Road,

Charlotte, NC

    28211
(Address of Principal Executive Offices)     (Zip Code)

Registrant’s Telephone Number, Including Area Code: (704) 366-7000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange
on which registered

Common Stock, par value $0.40 per share   NUE   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 


Item 2.02.

Results of Operations and Financial Condition.

On April 28, 2025, Nucor Corporation issued a news release reporting its financial results for the quarter ended April 5, 2025. A copy of the news release is furnished as Exhibit 99.1 and incorporated herein by reference.

 

Item 7.01.

Regulation FD Disclosure.

On April 28, 2025, Nucor Corporation, in conjunction with the issuance of the aforementioned news release, posted an investor presentation to its Investor Relations website. A copy of the investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits.

 

  (d)

Exhibits

 

99.1    News Release of Nucor Corporation dated April 28, 2025
99.2    Investor Presentation dated April 28, 2025
104    Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

The information contained in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such registration statement or other document.

 

1


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    NUCOR CORPORATION
Date: April 28, 2025     By:  

/s/ Stephen D. Laxton

      Stephen D. Laxton
     

Chief Financial Officer, Treasurer and Executive

Vice President

 

2

EX-99.1 2 d809255dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

News Release    LOGO

Nucor Reports Results for the First Quarter of 2025

First Quarter of 2025 Highlights

 

   

Net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share.

 

   

Adjusted net earnings attributable to Nucor stockholders of $179 million, or $0.77 per diluted share.

 

   

Net sales of $7.83 billion.

 

   

Net earnings before noncontrolling interests of $226 million; EBITDA of $696 million.

CHARLOTTE, N.C. – April 28, 2025 - Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025. Excluding certain one-time charges taken during the quarter, Nucor’s first quarter of 2025 adjusted net earnings attributable to Nucor stockholders was $179 million, or $0.77 per diluted share. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $287 million, or $1.22 per diluted share, for the fourth quarter of 2024 and $845 million, or $3.46 per diluted share, for the first quarter of 2024.

Reflected in the first quarter of 2025 losses and impairments of assets are certain one-time charges totaling $29 million, or $0.10 per diluted share, related to the closure or repurposing of certain facilities.

“Despite recent financial market volatility, Nucor is seeing solid demand for the steel and steel products we manufacture. Our healthy balance sheet and diverse product portfolio position us well, even in uncertain times,” said Leon Topalian, Chair, President and Chief Executive Officer. “Our investment strategy continues to position Nucor as the premier North American steel producer, creating long-term economic value for our customers and shareholders.”

Selected Segment Data

Earnings (loss) before income taxes and noncontrolling interests by segment for the first quarter of 2025 and 2024 were as follows (in millions):

 

     Three Months (13 Weeks) Ended  
     April 5, 2025      March 30, 2024  

Steel mills

   $ 231      $ 1,102  

Steel products

     288        512  

Raw materials

     29        9  

Corporate/eliminations

     (263      (398
  

 

 

    

 

 

 
   $ 285      $ 1,225  
  

 

 

    

 

 

 

 

Page 1 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Financial Review

Nucor’s consolidated net sales were $7.83 billion in the first quarter of 2025, an 11% increase compared to $7.08 billion in the fourth quarter of 2024 and a 4% decrease compared to $8.14 billion in the first quarter of 2024. Average sales price per ton in the first quarter of 2025 decreased 2% compared to the fourth quarter of 2024 and decreased 12% compared to the first quarter of 2024. A total of 6,830,000 tons were shipped to outside customers in the first quarter of 2025, an increase of 13% compared to the fourth quarter of 2024 and an increase of 10% compared to the first quarter of 2024. Total steel mill shipments in the first quarter of 2025 increased 14% compared to the fourth quarter of 2024 and increased 10% compared to the first quarter of 2024. Steel mill shipments to internal customers represented 19% of total steel mill shipments in the first quarter of 2025, compared to 19% in the fourth quarter of 2024 and 21% in the first quarter of 2024. Downstream steel product shipments to outside customers in the first quarter of 2025 increased 8% from the fourth quarter of 2024 and increased 9% from the first quarter of 2024.

The average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 3% increase compared to $381 in the fourth quarter of 2024 and a 6% decrease compared to $421 in the first quarter of 2024.

Pre-operating and start-up costs related to the Company’s growth projects were approximately $170 million, or $0.56 per diluted share, in the first quarter of 2025, compared with approximately $164 million, or $0.53 per diluted share, in the fourth quarter of 2024 and approximately $125 million, or $0.39 per diluted share, in the first quarter of 2024.

Overall operating rates at the Company’s steel mills were 80% in the first quarter of 2025, compared to 74% in the fourth quarter of 2024 and 82% in the first quarter of 2024.

Financial Strength

At the end of the first quarter of 2025, we had $4.06 billion in cash and cash equivalents and short-term investments on hand. On March 11, 2025, the Company amended and restated its revolving credit facility to increase the borrowing capacity from $1.75 billion to $2.25 billion and to extend its maturity date to March 11, 2030. The facility remains undrawn. Nucor continues to have the strongest credit ratings in the North American steel sector (A-/A-/Baa1) with stable outlooks at Standard & Poor’s and Fitch Ratings and a positive outlook at Moody’s.

Commitment to Returning Capital to Stockholders

During the first quarter of 2025, Nucor repurchased approximately 2.3 million shares of its common stock at an average price of $133.17 per share. As of April 5, 2025, Nucor had approximately $806 million remaining authorized and available for repurchases under its share repurchase program. This share repurchase authorization is discretionary and has no scheduled expiration date.

 

Page 2 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

On February 18, 2025, Nucor’s Board of Directors declared a cash dividend of $0.55 per share. This cash dividend is payable on May 12, 2025 to stockholders of record as of March 31, 2025 and is Nucor’s 208th consecutive quarterly cash dividend.

First Quarter of 2025 Analysis

Steel mills segment earnings in the first quarter of 2025 increased from the fourth quarter of 2024, primarily due to increased volumes. Earnings in the steel products segment decreased in the first quarter of 2025 as compared to the fourth quarter of 2024 due to lower average selling prices. Earnings in the raw materials segment decreased in the first quarter of 2025 as compared to the fourth quarter of 2024 due to lower margins at our scrap processing operations and direct reduced iron facilities.

Second Quarter of 2025 Outlook

We expect earnings in the second quarter of 2025 to increase compared to the first quarter of 2025. Earnings in the second quarter of 2025 are expected to increase across all three of our operating segments, with the largest increase in the steel mills segment. The expected increase in the steel mills segment earnings is primarily due to higher average selling prices at our sheet and plate mills. Earnings in the steel products segment are expected to increase in the second quarter of 2025 as compared to the first quarter of 2025 due to increased volumes. The raw materials segment is expected to have increased earnings in the second quarter of 2025.

Earnings Conference Call

An earnings call is scheduled for April 29, 2025 at 10:00 a.m. Eastern Time to review Nucor’s first quarter of 2025 financial results and provide a business update. The call can be accessed via webcast from the Investor Relations section of Nucor’s website (nucor.com/investors). A presentation with supplemental information to accompany the call has been posted to Nucor’s Investor Relations website. A playback of the webcast will be posted to the same site within one day of the live event.

About Nucor

Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel — in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America’s largest recycler.

 

Page 3 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Non-GAAP Financial Measures

The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news release, including EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP.

We define EBITDA as net earnings before noncontrolling interests, adding back the following items: interest (income) expense, net; provision for income taxes; losses and impairments of assets; depreciation; and amortization. We define adjusted net earnings attributable to Nucor stockholders as net earnings attributable to Nucor stockholders adding back losses and impairments of assets, net of tax. We define adjusted net earnings per diluted share as net earnings per diluted share adding back the per diluted share impact of losses and impairments of assets, net of tax. Please note that other companies might define their non-GAAP financial measures differently than we do.

Management presents the non-GAAP financial measures of EBITDA, adjusted net earnings attributable to Nucor stockholders and adjusted net earnings per diluted share in this news release because it considers them to be important supplemental measures of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods.

Forward-Looking Statements

Certain statements contained in this news release are “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S.

 

Page 4 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long-lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; and (15) the impact of any pandemic or public health situation. These and other factors are discussed in Nucor’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of Nucor’s Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements contained in this news release speak only as of this date, and Nucor does not assume any obligation to update them, except as may be required by applicable law.

Contact Information

For Investor/Analyst Inquiries - Jack Sullivan, 704-264-8942, or Paul Donnelly, 704-264-8807

For Media Inquiries - Katherine Miller, 704-353-9015

 

Page 5 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Tonnage Data  
(In thousands)  
     Three Months (13 Weeks) Ended  
     April 5, 2025      March 30, 2024      Percent Change  

Steel mills total shipments:

        

Sheet

     2,981        2,974        —   

Bars

     2,290        1,912        20

Structural

     577        550        5

Plate

     577        412        40

Other

     38        42        -10
  

 

 

    

 

 

    

 

 

 
     6,463        5,890        10
  

 

 

    

 

 

    

 

 

 

Sales tons to outside customers:

        

Steel mills

     5,226        4,676        12

Joist and deck

     182        180        1

Rebar fabrication products

     247        238        4

Tubular products

     270        208        30

Building systems

     48        55        -13

Other steel products

     301        284        6

Raw materials

     556        583        -5
  

 

 

    

 

 

    

 

 

 
     6,830        6,224        10
  

 

 

    

 

 

    

 

 

 

 

Page 6 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Condensed Consolidated Statements of Earnings (Unaudited)

(In millions, except per share data)

 

     Three Months (13 Weeks) Ended  
     April 5, 2025     March 30, 2024  

Net sales

   $ 7,830     $ 8,137  
  

 

 

   

 

 

 

Costs, expenses and other:

    

Cost of products sold

     7,225       6,614  

Marketing, administrative and other expenses

     281       345  

Equity in earnings of unconsolidated affiliates

     (4     (9

Losses and impairments of assets

     29       —   

Interest expense (income), net

     14       (38
  

 

 

   

 

 

 
     7,545       6,912  
  

 

 

   

 

 

 

Earnings before income taxes and noncontrolling interests

     285       1,225  

Provision for income taxes

     59       266  
  

 

 

   

 

 

 

Net earnings before noncontrolling interests

     226       959  

Earnings attributable to noncontrolling interests

     70       114  
  

 

 

   

 

 

 

Net earnings attributable to Nucor stockholders

   $ 156     $ 845  
  

 

 

   

 

 

 

Net earnings per share:

    

Basic

   $ 0.67     $ 3.46  

Diluted

   $ 0.67     $ 3.46  

Average shares outstanding:

    

Basic

     232.7       243.1  

Diluted

     232.9       243.5  

 

Page 7 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Condensed Consolidated Balance Sheets (Unaudited)

(In millions)

 

     April 5, 2025     Dec. 31, 2024  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 3,156     $ 3,558  

Short-term investments

     905       581  

Accounts receivable, net

     2,965       2,675  

Inventories, net

     5,256       5,106  

Other current assets

     478       555  
  

 

 

   

 

 

 

Total current assets

     12,760       12,475  

Property, plant and equipment, net

     13,759       13,243  

Goodwill

     4,287       4,288  

Other intangible assets, net

     3,069       3,134  

Other assets

     824       800  
  

 

 

   

 

 

 

Total assets

   $ 34,699     $ 33,940  
  

 

 

   

 

 

 

LIABILITIES

    

Current liabilities:

    

Short-term debt

   $ 160     $ 225  

Current portion of long-term debt and finance lease obligations

     1,031       1,042  

Accounts payable

     2,272       1,832  

Salaries, wages and related accruals

     574       903  

Accrued expenses and other current liabilities

     1,022       975  
  

 

 

   

 

 

 

Total current liabilities

     5,059       4,977  

Long-term debt and finance lease obligations due after one year

     6,689       5,683  

Deferred credits and other liabilities

     1,836       1,863  
  

 

 

   

 

 

 

Total liabilities

     13,584       12,523  
  

 

 

   

 

 

 

Commitments and contingencies

    

EQUITY

    

Nucor stockholders’ equity:

    

Common stock

     152       152  

Additional paid-in capital

     2,245       2,223  

Retained earnings

     30,300       30,271  

Accumulated other comprehensive loss, net of income taxes

     (198     (208

Treasury stock

     (12,430     (12,144
  

 

 

   

 

 

 

Total Nucor stockholders’ equity

     20,069       20,294  

Noncontrolling interests

     1,046       1,123  
  

 

 

   

 

 

 

Total equity

     21,115       21,417  
  

 

 

   

 

 

 

Total liabilities and equity

   $ 34,699     $ 33,940  
  

 

 

   

 

 

 

 

Page 8 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)

 

     Three Months (13 Weeks) Ended  
     April 5, 2025     March 30, 2024  

Operating activities:

    

Net earnings before noncontrolling interests

   $ 226     $ 959  

Adjustments:

    

Depreciation

     303       257  

Amortization

     65       59  

Impairment of assets

     12       —   

Stock-based compensation

     26       21  

Deferred income taxes

     (31     (40

Distributions from affiliates

     6       7  

Equity in (earnings) losses of unconsolidated affiliates

     (4     (9

Changes in assets and liabilities (exclusive of acquisitions and dispositions):

    

Accounts receivable

     (291     (208

Inventories

     (150     (14

Accounts payable

     378       (392

Federal income taxes

     72       248  

Salaries, wages and related accruals

     (308     (596

Other operating activities

     60       168  
  

 

 

   

 

 

 

Cash provided by operating activities

     364       460  
  

 

 

   

 

 

 

Investing activities:

    

Capital expenditures

     (859     (670

Investment in and advances to affiliates

     —        —   

Disposition of plant and equipment

     3       4  

Acquisitions (net of cash acquired)

     (1     1  

Purchases of investments

     (452     (647

Proceeds from the sale of investments

     127       422  

Other investing activities

     2       —   
  

 

 

   

 

 

 

Cash used in investing activities

     (1,180     (890
  

 

 

   

 

 

 

Financing activities:

    

Net change in short-term debt

     (65     11  

Proceeds from issuance of long-term debt, net of discount

     997       —   

Bond issuance costs

     (9     —   

Repayment of long-term debt

     (4     (3

Proceeds from exercise of stock options

     —        3  

Payment of tax withholdings on certain stock-based compensation

     —        (3

Distributions to noncontrolling interests

     (172     (265

Cash dividends

     (129     (134

Acquisition of treasury stock

     (300     (1,001

Proceeds from government grants

     75       —   

Other financing activities

     21       (4
  

 

 

   

 

 

 

Cash provided by (used in) financing activities

     414       (1,396
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     —        (3
  

 

 

   

 

 

 

Decrease in cash and cash equivalents

     (402     (1,829

Cash and cash equivalents - beginning of year

     3,558       6,387  
  

 

 

   

 

 

 

Cash and cash equivalents - end of three months

   $ 3,156     $ 4,558  
  

 

 

   

 

 

 

Non-cash investing activity:

    

Change in accrued plant and equipment purchases

   $ 62     $ (11
  

 

 

   

 

 

 

 

Page 9 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com


News Release    LOGO

Nucor Reports Results for the First Quarter of 2025 (Continued)

 

Non-GAAP Financial Measures

Reconciliation of EBITDA (Unaudited)

(In millions)

 

     Three Months (13 Weeks) Ended  
     April 5, 2025      March 30, 2024  

Net earnings before noncontrolling interests

   $ 226      $ 959  

Depreciation

     303        257  

Amortization

     65        59  

Losses and impairments of assets

     29        —   

Interest (income) expense, net

     14        (38

Provision for income taxes

     59        266  
  

 

 

    

 

 

 

EBITDA

   $ 696      $ 1,503  
  

 

 

    

 

 

 

Reconciliation of adjusted net earnings attributable to Nucor stockholders (Unaudited)

(In millions, except per share data)

 

     Three Months (13 Weeks) Ended April 5, 2025  
            Diluted EPS  

Net earnings attributable to Nucor stockholders

   $ 156      $ 0.67  

Losses and impairments of assets, net of tax

     23        0.10  
  

 

 

    

 

 

 

Adjusted net earnings attributable to Nucor stockholders

   $ 179      $ 0.77  
  

 

 

    

 

 

 

 

Page 10 of 10

Nucor Executive Offices: 1915 Rexford Road, Charlotte, North Carolina 28211

Phone 704-366-7000 Fax 704-362-4208 www.nucor.com

EX-99.2 3 d809255dex992.htm EX-99.2 EX-99.2

Exhibit 99.2 FIRST QUARTER 2025 EARNINGS CALL LEON TOPALIAN Chair, President and CEO STEVE LAXTON Executive Vice President and CFO April 29, 2025


FORWARD-LOOKING STATEMENTS Certain statements made in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The words “anticipate,” “believe,” “expect,” “intend,” “may,” “project,” “will,” “should,” “could” and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. The Company does not undertake any obligation to update these statements. The forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this presentation. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward- looking statements include, but are not limited to: (1) competitive pressure on sales and pricing, including pressure from imports and substitute materials; (2) U.S. and foreign trade policies affecting steel imports or exports; (3) the sensitivity of the results of our operations to general market conditions, and in particular, prevailing market steel prices and changes in the supply and cost of raw materials, including pig iron, iron ore and scrap steel; (4) the availability and cost of electricity and natural gas, which could negatively affect our cost of steel production or result in a delay or cancellation of existing or future drilling within our natural gas drilling programs; (5) critical equipment failures and business interruptions; (6) market demand for steel products, which, in the case of many of our products, is driven by the level of nonresidential construction activity in the United States; (7) impairment in the recorded value of inventory, equity investments, fixed assets, goodwill or other long- lived assets; (8) uncertainties and volatility surrounding the global economy, including excess world capacity for steel production, inflation and interest rate changes; (9) fluctuations in currency conversion rates; (10) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in greater regulation of greenhouse gas emissions that could increase our energy costs, capital expenditures and operating costs or cause one or more of our permits to be revoked or make it more difficult to obtain permit modifications; (11) the cyclical nature of the steel industry; (12) capital investments and their impact on our performance; (13) our safety performance; (14) our ability to integrate businesses we acquire; (15) the impact of the COVID-19 pandemic, any variants of the virus, and any other similar public health situation; and (16) the risks discussed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere therein and in the other reports we file with the U.S. Securities and Exchange Commission. 2


NON-GAAP FINANCIAL MEASURES The Company uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this news presentation, including adjusted earnings, EBITDA and Free Cash Flow (FCF). Generally, a non- GAAP financial measure is a numerical measure of a company’s performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable financial measure calculated and presented in accordance with GAAP. We define EBITDA as net earnings before noncontrolling interests adding back the following items: interest expense, net; provision for income taxes; depreciation; amortization; and losses and impairments of assets. We define Free Cash Flow (FCF) as Cash Provided by Operating Activities less Capital Expenditures. Please note that other companies might define their non-GAAP financial measures differently than we do. Management presents the non-GAAP financial measures of EBITDA and FCF in this news release because it considers them to be an important supplemental measure of performance. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors evaluating the Company’s financial and operational performance by providing a consistent basis of comparison across periods. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in this presentation, including in the accompanying tables located in the Appendix. 3


Q1 FINANCIAL & OPERATIONAL HIGHLIGHTS 1 ✓✓ EB $1ITDA .5 Billi:o $ n6 E 9BI 6 T Mi DlA lion FINANCIAL 2 ✓ Net Earnings: $156 Million ($179 Million Adjusted Net Earnings ) ✓ $845 Million Net Earnings PERFORMANCE 2 ✓ Earnings Per Diluted Share: $0.67 GAAP EPS ($0.77 Adjusted EPS ) ✓ $3.46 Earnings Per Share (diluted) ✓ Safety Record: Safest start to any year in Nucor history (0.62 I&I rate) OPERATIONAL ✓ Brandenburg: Shipments trending higher for last five quarters HIGHLIGHTS ✓ Planned Outages: Completed 10 planned outages during Q1 ✓ Capex: Deployed $859 million, mainly to growth projects CAPITAL ✓ NUE Share Repurchases: $300 million (2.3 million shares) ALLOCATION th ✓ Quarterly Dividend: $129 Million (207 consecutive quarterly pmt) ✓ Caring for Teammates: Forbes – America’s best large employers ✓ Caring for Environment: Barron’s – Top 100 sustainable companies LIVING OUR CULTURE ✓ Caring for Communities: Ongoing help to support hurricane victims ✓ Towers & Structures: Announced a third greenfield site in Utah ADVANCING OUR ✓ Bar Mill Ramp-ups: NC micro mill and Kingman melt shop set for Q3 GROWTH STRATEGY ✓ West Virginia Sheet Mill: Expect to complete construction end of 2026 4 1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 2) Adjusted Net Earnings excludes $29 million of pre-tax charges ($23 million after-tax). For a reconciliation of non-GAAP measures, please refer to the Appendix


NUMEROUS PROJECTS NEAR COMPLETION LEXINGTON, NC REBAR MICROMILL (430K tpa) • First melt/cast/roll heat planned for June • Mill ramp-up and initial shipments expected in Q3 2025 BAR MILL CONSTRUCTION KINGMAN, AZ MELT SHOP (600K tpa) • First heat of bar mill’s new melt shop planned for June • Expect to be operational by Q3 2025 INDIANA COATING COMPLEX • 300K tpa continuous galv line and 250K tpa pre-paint line • Expect to complete construction by end of 2025 NEW SHEET COATING FACILITIES BERKELEY GALV LINE (500K tpa) • Targeting existing automotive & consumer durables mkt in SE • Expect to complete construction by mid-2026 ALABAMA GREENFIELD • Customers touring site frequently TOWERS & • Initial phase of qualification process • Pole production and galvanizing operations by Q3 2025 STRUCTURES INDIANA GREENFIELD GREENFIELDS • All equipment purchased, and installation is underway • Pole production and galvanizing operations by Q1 2026 5


MEANINGFUL DEVELOPMENTS SUPPORTING FAIR TRADE On February 10th, President Trump signed a proclamation strengthening Section 232 measures • Reimposed 25% tariffs on steel imports from all sources STRONGER effective March 12, 2025 SECTION 232 • Terminates the product exclusion process and MEASURES significantly broadens coverage to ~170 additional derivative products • More comprehensive approach should increase demand for domestically produced steel and fabricated steel products U.S. Department of Commerce released preliminary anti-dumping (AD) findings in early April • AD rates recommended on producers in 10 countries CORE • Follows initial countervailing duty (CVD) findings released TRADE CASE in February UPDATE • Final rulings on CVD and AD expected in August and October (DOC in August, ITC in October) • Final CORE rates will “stack” with 232 steel tariffs 6


DESPITE EVERYTHING IN THE PERIPHERY – WE’RE FOCUSING ON THE FUNDAMENTALS Growing Revitalized Backlogs & Steel Trade Order Entry Policies Rates Reshoring, Pro-Business Rebuilding & Administration Repowering 7


2024 CORPORATE SUSTAINABILITY REPORT KEY HIGHLIGHTS th • 6 consecutive year of improved safety, with 0.77 injury & illness rate SAFETY & • An employer of choice with a 93% retention rate TEAMMATES • Expanded Nucor University with enhanced functionality and resources for teammate training and development • Nucor’s science-based plan for GHG emissions reduction toward net zero in 2050 recently certified by the Global Steel Climate Council • Supporting U.S. transition to clean power ENERGY & GHG – Working with other leading U.S. corporates to vet and support deployment of new technologies REDUCTION – 250 MW PPA tied to NextEra’s Sebree Solar in Henderson, KY GOALS expected to come online during second half of 2025 – Investing in next generation nuclear power with NuScale and Helion • Leveraging low-copper shred operations to reduce Scope 3 emissions • Nucor teammates providing ongoing support to communities affected by hurricanes Helene and Milton COMMUNITY • Partnering with educators across the country to develop college ready learners 8


CONSOLIDATED FINANCIAL RESULTS ($ in Millions except per share data) 1 2 Diluted EPS EBITDA Adj for $0.10 $3.46 impairment $1,503 $0.77 $751 $696 $1.22 $0.67 Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 3 Capital Expenditures Cash Returned to Shareholders $1,135 $879 $859 $670 $444 $429 Q1'24 Q4'24 Q1'25 Q1'24 Q4'24 Q1'25 (1) Adjusted Earnings excludes $29 million of one-time charges. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix 9 (3) Cash Returned to Shareholders includes dividends and share repurchases


Q1 2025 SEGMENT RESULTS (1) ADJUSTED PRE-TAX SEGMENT EARNINGS Q1 2025 VS Q4 2024 $millions $9 • Higher avg selling price STEEL $512 • Higher volumes MILLS $39 • Higher EBT/ton $441 • Lower avg selling price $17 $29 $1,102 STEEL $57 • Higher volumes $354 $307 PRODUCTS $329 $645 • Lower EBT/ton $309 $241 $169 ($168) ($165) ($228) ($263) ($398) • Lower margins scrap RAW processing ops & DRI facilities MATERIALS (2) (3) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Steel Mills Steel Products Raw Materials Corporate/Eliminations (1) Total segment earnings before income taxes and non-controlling interests Adjusted to exclude $10 million impairment in Steel (3) Mills and $19 million impairment in Steel Products (2) Adjusted to exclude $83 million impairment in Raw Materials and $40 million 10 taken in Q1 2025. For a reconciliation of non-GAAP impairment in Steel Products taken in Q3 2024. For a reconciliation of non-GAAP measures, please refer to the Appendix. measures, please refer to the Appendix.


BALANCE SHEET STRENGTH & STABILITY… …KEY ADVANTAGE DURING MARKET VOLATILITY RECENT NUE PROOF POINTS Q1 2025 BALANCE SHEET SUMMARY xLTM $USD in millions 1 Amount EBITDA % cap as of April 5, 2025 • Total Debt / LTM EBITDA of 2.2x Total Debt $7,880 2.2x 27% (net leverage of ~1.1x) Cash and Cash Equivalents $4,061 • Successful $1B bond offering in Q1 (wtd avg coupon of 4.88%) Net Debt $3,819 1.1x • Upsized revolver by $500M in Q1 to Total Equity & Non-Controlling Int. $21,115 73% 3 $2.25B (~$5B liquidity as of 3/31) Total Book Capitalization $28,995 100% • Rating agencies recently affirmed investment grade credit ratings and 2 DEBT MATURITY PROFILE stable/positive outlooks $5,000 Sr. Notes IRBs Revolver • Manageable debt maturity profile $4,000 $1,222 $2,250 • Remain committed to historical $3,000 shareholder return practices $2,000 $3,250 (returning 40%+ of net earnings) $15 $1,000 $50 $41 $1,000 $22 $500 $500 • Repurchased ~$1.5 billion of NUE $0 2025 2026 2027 2028 2029 2030 2031+ shares over past four quarters (1) EBITDA is a non-GAAP financial measure. For a reconciliation of non-GAAP measures, please refer to the Appendix (2) Long-term debt includes current portion of LT debt and Finance Lease Obligations; excludes $1B of maturities in Q2’25, which have been prefunded. Debt 11 maturity profile excludes ST debt and JV debt. (3) Liquidity is defined as cash balance plus available revolver capacity of $2.25B Revolver less $1.35B outstanding floating-rate IRB’s


MARKET ENVIRONMENT, 3-6 MONTH OUTLOOK Rebar & Plate & Steel Sheet MBQ Structural Products ➢ Lower imports ➢ Shipments & bookings ➢ Plate demand improving: ➢ Higher Backlogs across • CORE trade case trending ahead of 2024 • Bridge most fabricated products • Section 232 reboot • Power Transmission• Some entering Q2 with ➢ Mega projects continue • Lead times support • On-shore wind highest backlogs in 2 yrs in 2025 domestic buying ➢ Tube ➢ Robust beam backlog ➢ MBQ to NUE fabrication ➢ Incremental demand • Lower imports • Adv Manufacturing divisions trending well • Reshoring• Border Wall • Warehouse ahead of 2024 • Energy • Data Centers ➢ Racking ➢ Lower rebar imports • Border Wall • Stadiums • Data center growth expected ➢ Est shipments > Q1• Warehouse stabilizing • Fewer planned outages ➢ S232 Derivative Products • Higher backlogs • Broader protections • Consumer confidence• Regional disparities: • Certain markets still • Labor trends and South & Midwest > West likely to be soft near- immigration policies • Can share gains by term: railcar, barge, domestic producers • Portland Cement calling • Inflation & interest-rate HEAT markets risk offset potential for a softer 2025 outlook demand reduction • New supply hitting • New supply ramping market • Near-term impact of market uncertainty • Global oversupply threat remains relevant 12 MONITORING POTENTIAL CATALYSTS


Q2 2025 EARNINGS OUTLOOK IMPACT ON Q2 SEGMENT EXPECTATIONS FOR Q2 vs Q1 EARNINGS VS Q1 • Higher realized pricing with stable volumes Steel Mills • Higher volumes offset by slightly lower Steel Products realized pricing • Slightly lower volumes and lower prices, Raw Materials offset by lower costs • Higher intersegment profits requiring Corp / Eliminations elimination upon consolidation Consolidated • Meaningfully higher compared to Q1 Earnings 13


APPENDIX 14


RECOGNITION FOR OUR EFFORTS & COMMITMENTS 15


2025 PROJECTED CAPEX: ~$3.0 BILLION Larger 2025 2025 Est. Description Projects Capex Completion West Virginia • 3,000,000 tpa mill with low GHG profile located $1,400 Late 2026 in heart of America’s largest sheet market Sheet Mill • Internal supply of a key steel-making input, Air Separation Units lower long-term costs, while creating new $170 Mid 2026 COST SAVING revenue streams via excess process gas sales 9% • 500,000 tpa galvanizing line for automotive Berkeley Galv Line $150 Mid 2026 and consumer durables markets MAINTENANCE 15% • Highly automated manufacturing complexes to IMPROVED PRODUCT Towers & Structures provide engineered solutions to utility $150 Q3’25; Q1’26 CAPABILITIES & EXPANSION Greenfields (AL & IN) infrastructure customers 65% • Adding continuous galvanizing (300,000 tpa) Indiana Coating and prepaint (250,000 tpa) lines to better serve $135 Late 2025 Complex regional construction market Kingman Bar Mill • 600,000 tpa melt shop to increase regional $60 Q3 2025 Melt Shop flexibility Lexington Rebar • 430,000 tpa micro mill serving the high-growth $50 Q3 2025 Micro Mill Southeast and mid-Atlantic • 500,000 tpa galvanizing capability to serve CSI Galv Line $50 Late 2027 western U.S. market 16


SEGMENT RESULTS: STEEL MILLS AND STEEL PRODUCTS STEEL MILLS $s in millions, tons in thousands % Change Versus Prior Shipments Q1 ’25 Q4 ’24 Q1 ’24 Prior Qtr. Q1 2025 vs. Q4 2024 Year Sheet 10% 0% 2,981 2,714 2,974 • Higher volumes Bars 2,290 1,887 1,912 21% 20% • Higher realized pricing Structural 577 508 550 14% 5% Plate 577 502 412 15% 40% Other Steel 38 42 -3% -10% 39 Total Shipments 6,463 5,650 5,890 14% 10% 1 Adj. EBT $241 $169 $1,102 43% -78% 1 Adj. EBT /Ton $37 $30 $187 23% -80% STEEL PRODUCTS $s in millions, tons in thousands % Change Versus Prior Shipments Q1 ’25 Q4 ’24 Q1 ’24 Prior Qtr. Q1 2025 vs. Q4 2024 Year Tubular 270 221 208 22% 30% Joist & Deck 182 178 180 2% 1% • Lower avg selling price Rebar Fabrication 239 247 238 3% 4% • Higher volumes Building Systems 48 57 55 -16% -13% Other 301 273 284 10% 6% • Lower EBT/ton Total Shipments 1,048 968 965 8% 9% 2 Adj. EBT $329 $307 $512 -7% -40% 2 Adj. EBT /Ton $293 $340 $531 -14% -45% 1 Adjusted to exclude $10 million impairment in Steel Mills taken in Q1 2025. For a reconciliation of non-GAAP measures, please refer to the Appendix. 2 Adjusted to exclude $19 million impairment in Steel Products taken in Q1 2025. For a reconciliation of non-GAAP measures, please refer to the Appendix. 17


SEGMENT RESULTS: RAW MATERIALS RAW MATERIALS $s in millions, tons in thousands % Change Versus Q1 2025 vs. Q4 2024 Prior Production Q1 ‘25 Q4 ‘24 Q1 ’24 Prior Qtr. Year DRI 1,038 1,005 1,066 3% -3% • Lower margins scrap processing ops & Scrap Processing 1,102 1,034 1,049 7% 5% DRI facilities 1 Total Production 2,140 2,039 2,115 5% 1% 2 EBT $29 $57 $9 -49% 222% 1 Total production excluding scrap brokerage activities. 2 EBT refers to Earnings (loss) before income taxes and noncontrolling interests as disclosed in relevant 18 Nucor quarterly earnings news release


QUARTERLY SALES AND EARNINGS DATA SALES TONS (THOUSANDS) TO OUTSIDE CUSTOMERS EARNINGS STEEL STEEL PRODUCTS (LOSS) BEFORE INCOME TAXES COMP. SALES OTHER TOTAL PRICE TOTAL JOIST & REBAR TUBULAR BLDG STEEL STEEL RAW TOTAL NET SALES PER $ PER YEAR SHEET BARS BEAM* PLATE STEEL DECK FAB PRODS SYSTEMS PRODS PRODS MATLS TONS ($ MILLIONS) TON ($) ($ 000’S) TON 2025 Q1 2,475 1,702 495 554 5,226 182 247 270 48 301 1,048 556 6,830 $7,830 $1,146 $215 $33 Q2 Q3 Q4 YEAR 2024 Q1 2,517 1,344 431 384 4,676 180 238 208 55 284 965 583 6,224 $8,137 $1,307 $1,111 $188 Q2 2,348 1,445 407 417 4,617 185 265 214 66 344 1,074 598 6,289 $8,077 $1,284 $831 $139 Q3 2,394 1,402 406 405 4,607 169 278 213 60 291 1,011 578 6,196 $7,444 $1,201 $335 $57 Q4 2,210 1,445 441 484 4,580 178 239 221 57 273 968 510 6,058 $7,076 $1,168 $332 $58 YEAR 9,469 5,636 1,685 1,690 18,480 712 1,020 856 238 1,192 4,018 2,269 24,767 $30,734 $1,241 $2,610 $111 19 *Beam includes all structural steel


QUARTERLY SALES PRICES & SCRAP COST STEEL MILLS AVERAGE SCRAP AND SCRAP AVG EXTERNAL SUBSTITUTE COST SALES PRICE TOTAL SHEET BARS BEAM* PLATE PER NET TON PER GROSS PER NET STEEL TON USED TON USED 2025 2025 st st 1 Quarter $888 $877 $1,300 $1,014 $938 $394 $352 1 Quarter nd nd 2 Quarter 2 Quarter First Half First Half rd 3 Quarter rd 3 Quarter Nine Months Nine Months th th 4 Quarter 4 Quarter YEAR YEAR 2024 2024 st st 1 Quarter $1,079 $993 $1,417 $1,334 $1,108 1 Quarter $421 $376 nd nd 2 Quarter $1,015 $942 $1,374 $1,301 $1,051 2 Quarter $396 $354 $1,048 $967 $1,396 $1,317 $1,079 $409 $365 First Half First Half rd rd 3 Quarter $913 $902 $1,319 $1,145 $967 3 Quarter $378 $338 Nine Months $1,003 $945 $1,371 $1,259 $1,042 Nine Months $399 $356 th th 4 Quarter $875 $851 $1,292 $1,036 $926 4 Quarter $381 $340 YEAR $974 $921 $1,350 $1,195 $1,013 YEAR $394 $352 20 *Beam includes all structural steel


QUARTERLY SALES PRICE STEEL PRODUCTS STEEL PRODUCTS AVG EXTERNAL SALES PRICE PER JOIST & FABRICATED TUBULAR BUILDING OTHER STEEL TOTAL STEEL NET TON DECK REBAR PRODUCTS SYSTEMS PRODUCTS PRODUCTS 2025 st 1 Quarter $2,734 $1,651 $1,351 $5,832 $2,838 $2,294 nd 2 Quarter First Half rd 3 Quarter Nine Months th 4 Quarter YEAR 2024 st 1 Quarter $3,330 $1,732 $1,776 $5,759 $2,889 $2,608 nd 2 Quarter $3,239 $1,745 $1,606 $5,428 $2,731 $2,517 $3,284 $1,739 $1,689 $5,577 $2,803 $2,560 First Half rd 3 Quarter $3,052 $1,752 $1,369 $5,702 $2,954 $2,469 Nine Months $3,210 $1,743 $1,582 $5,619 $2,851 $2,530 th $2,877 $1,734 $1,301 $5,750 $3,030 $2,448 4 Quarter YEAR $3,127 $1,741 $1,509 $5,650 $2,891 $2,510 21


RECONCILIATION OF GAAP TO NON-GAAP MEASURE - EBITDA $ in millions 2022 2023 2024 LTM Q1 2024 Q1 2025 Net earnings before $8,080 $4,913 $2,319 $1,586 $959 $226 non-controlling interests Net Interest expense $170 ($30) ($30) $22 ($38) $14 Income taxes $2,165 $1,360 $583 $376 $266 $59 Depreciation expense $827 $931 $1,094 $1,140 $257 $303 Amortization expense $235 $238 $262 $268 $59 $65 Losses and impairments $102 -- $137 $166 -- $29 of assets $7,412 $4,365 $3,558 $1,503 $696 EBITDA $11,579 22


RECONCILIATION OF GAAP TO NON-GAAP MEASURE – FREE CASH FLOW (FCF) $ in millions 2022 2023 2024 LTM Q1 2024 Q1 2025 CASH PROVIDED BY $10,072 $7,112 $3,979 $3,883 $460 $364 OPERATING ACTIVITIES CAPITAL EXPENDITURES ($1,948) ($2,214) ($3,173) ($3,362) ($670) ($859) FREE CASH FLOW $8,124 $4,898 $806 $521 ($210) ($495) 23


RECONCILIATION OF GAAP TO NON-GAAP MEASURE – EARNINGS ATTRIBUTABLE TO NUCOR STOCKHOLDERS $ in millions Q3 2024 Q1 2025 Diluted EPS Diluted EPS NET EARNINGS ATTRIBUTABLE $250 $1.05 $156 $0.67 TO NUCOR STOCKHOLDERS LOSSES AND IMPAIRMENTS OF $103 $0.44 $23 $0.10 ASSETS, NET OF TAX ADJUSTED NET EARNINGS ATTRIBUTABLE TO NUCOR $353 $1.49 $179 $0.77 STOCKHOLDERS 24


RECONCILIATION OF GAAP TO NON-GAAP MEASURE – PRE-TAX SEGMENT EARNINGS $ in millions Q3 2024 Q1 2025 Steel Raw Steel Raw Steel Mills Steel Mills Products Materials Products Materials EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $314 ($66) $231 $288 $29 NONCONTROLLING INTERESTS LOSSES AND IMPAIRMENTS -- $40 $83 $10 $19 -- OF ASSETS ADJUSTED EARNINGS (LOSS) BEFORE INCOME TAXES AND $309 $354 $17 $241 $307 $29 NONCONTROLLING INTERESTS 25