Nucor Raises Sales 32% to $11.249 Billion in Third Quarter
Key Facts
Nucor reported net sales of $11.249 billion in the third quarter ended October 3, 2026, up 32% from $8.521 billion in the year-earlier period and 8% from the second quarter of 2026. Net earnings attributable to the company’s shareholders were $1.32 billion, or $5.80 per diluted share, compared with $607 million, or $2.63 per share, a year earlier. The company also posted EBITDA of $2.279 billion for the quarter, versus $1.265 billion in the third quarter of 2025. The results reflect year-over-year improvement in sales and earnings, with revenue also higher than in the previous quarter. NUE shares closed at $271.79 on October 28.
Steel mills were the strongest-performing segment among those detailed by the company, with earnings before income taxes and noncontrolling interests rising to $1.788 billion in the third quarter from $793 million a year earlier. Nucor attributed the increase to higher average selling prices and increased volumes, partly offset by higher costs of products sold. The company thus linked the segment’s improvement to pricing and volumes, not tariffs or automotive product qualification, which appeared in the previous draft. Steel products segment earnings also rose on higher volumes and higher average realized prices. The company said raw materials segment earnings declined as prices and shipments fell.
Comparing the second and third quarters requires accounting for raw material cost recoveries that benefited the steel mills segment in the second quarter. Costs of products sold in that segment were reduced by $130 million in the second quarter by cash recoveries tied to prior raw material purchases; that effect did not recur in the third quarter. The quarterly comparison therefore reflected more than changes in selling prices and volumes: a cost item that lowered expenses in the prior quarter also changed. Meanwhile, net sales rose 8% from the second quarter, according to the company’s statement. These factors provide context for the transition between periods without attributing the entire quarterly increase to a single cause.
The results coincided with the start-up of new phases of production capacity. Nucor said it recorded the first heat at its West Virginia sheet mill during September, and the second galvanizing line at Nucor Steel Berkeley recently began operating. The company cited the new mill and line among its operational developments, while its direct explanation for higher steel mills earnings was higher prices and volumes. The statement did not specify how much the first heat or galvanizing line contributed to third-quarter results. These developments place production expansion in the background to the results without replacing the performance drivers the company identified.
On dividends, the company said its board approved a cash dividend of $0.56 per share on September 18. The dividend is payable on November 10, 2026, to shareholders of record on September 30. The announcement came alongside results that included higher net earnings than in the year-earlier period. Separately, Wells Fargo on October 28 raised its price target to $305 from $280, while maintaining its Overweight rating. The bank linked the higher target to market-share gains and strong downstream performance, and said earnings per share of $5.80 exceeded management’s previous guidance range of $5.55 to $5.65.
Nucor forecast fourth-quarter 2026 earnings to be generally in line with the third quarter or slightly higher. By segment, it expected steel mills and steel products earnings to be stable, while raw materials earnings were expected to decline slightly. It said the steel products segment was headed for stable earnings, with higher realized prices and seasonally lower volumes. The guidance points to divergent segment expectations within an overall outlook that management sees as stable to slightly better. The next milestone is the fourth quarter of 2026, for which results had not been reported when the outlook was announced.