Nucor Corporation announced consolidated net earnings attributable to stockholders of $249.9 million, or $1.05 per diluted share, for the third quarter of 2024. This represents a significant decrease compared to $645.2 million, or $2.68 per diluted share, in the second quarter of 2024 and $1.14 billion, or $4.57 per diluted share, in the third quarter of 2023. Adjusted net earnings, excluding non-cash impairment charges of $83.0 million in raw materials and $40.0 million in steel products, were $353.0 million, or $1.49 per diluted share.
The decline in earnings was primarily driven by decreased profitability in the steel mills segment due to lower average selling prices. The steel products segment also saw reduced earnings from lower average selling prices and decreased volumes, while the raw materials segment's earnings were impacted by the non-cash impairment charge. Consolidated net sales for the quarter were $7.44 billion, an 8% decrease from the second quarter of 2024 and a 15% decrease from the third quarter of 2023.
Nucor maintained a strong financial position with $4.86 billion in cash and short-term investments at the end of the third quarter. The company repurchased approximately 2.5 million shares of its common stock at an average price of $156.07 per share during the quarter, contributing to $2.29 billion returned to stockholders year-to-date. A cash dividend of $0.54 per share was declared, payable on November 8, 2024.
Looking ahead, Nucor expects consolidated net earnings for the fourth quarter of 2024 to decrease compared to the third quarter. This anticipated decline is primarily attributed to lower average selling prices and decreased volumes in the steel mills and steel products segments. The raw materials segment is projected to see increased earnings, excluding the third-quarter impairment charge.
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