<PAGE>
FIRST
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QUARTER
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2000
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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For quarter ended April 1, 2000 Commission file number 1-4119
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NUCOR CORPORATION
- --------------------------------------------------------------------------------
(Exact name as specified in charter)
Delaware 13-1860817
- -------------------------------------------- ------------------------------
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
2100 Rexford Road, Charlotte, North Carolina 28211
- -------------------------------------------- ------------------------------
(Address of principal executive offices) (Zip code)
Telephone number, including area code: (704) 366-7000
------------------------------
Indication by check mark whether Nucor Corporation (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months, and (2) has been subject to such filing
requirements for the past 90 days: Yes X No _____
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85,044,207 shares of common stock were outstanding at April 1, 2000.
-1-
<PAGE>
PART I - FINANCIAL INFORMATION
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Nucor Corporation - Consolidated Condensed Statements of Earnings
- ------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months (13 Weeks) Ended
---------------------------------
April 1, 2000 April 3, 1999
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(Unaudited) (Unaudited)
--------- ---------
<S> <C> <C>
Net sales......................................................... $1,199,634,778 $893,822,996
-------------- ------------
Costs and expenses:
Cost of products sold............................................ 1,031,750,001 818,906,709
Marketing, administrative and other expenses..................... 44,315,406 31,386,532
Interest expense (income)........................................ (2,720,474) (443,637)
-------------- ------------
1,073,344,933 849,849,604
-------------- ------------
Earnings before federal income taxes.............................. 126,289,845 43,973,392
Federal income taxes............................................. 44,800,000 15,800,000
-------------- -----------
Net earnings.................................................... $ 81,489,845 $ 28,173,392
============== ============
Net earnings per share............................................ $ .94 $ .32
============== ============
Dividends declared per share..................................... $ .15 $ .13
============== ============
Average number of shares outstanding............................ 86,571,585 87,309,502
</TABLE>
The information furnished in Part I reflects all adjustments which are, in the
opinion of management, necessary to a fair statement of the results for the
interim periods.
The information furnished has not been audited and is subject to year-end
adjustments.
-2-
<PAGE>
Nucor Corporation - Consolidated Condensed Balance Sheets
- ---------------------------------------------------------
<TABLE>
<CAPTION>
April 1, December 31,
2000 1999
-------------- --------------
Assets (Unaudited) (Audited)
- ------ -------------- --------------
<S> <C> <C>
Current assets:
Cash and short-term investments...................... $ 479,447,538 $ 572,185,451
Accounts receivable.................................. 412,889,344 393,763,651
Inventories.......................................... 488,868,477 464,983,651
Other current assets................................. 112,025,104 107,575,758
-------------- --------------
Total current assets............................... 1,493,230,463 1,538,508,511
Property, plant and equipment.......................... 2,239,304,944 2,191,339,477
-------------- --------------
Total assets....................................... $3,732,535,407 $3,729,847,988
============== ==============
Liabilities and stockholders' equity
- ------------------------------------
Current liabilities:
Accounts payable..................................... $ 252,361,795 $ 255,229,202
Federal income taxes................................. 44,280,865 2,455,851
Salaries, wages and related accruals................. 97,449,540 116,749,067
Accrued expenses and other current liabilities....... 185,891,556 156,596,778
-------------- --------------
Total current liabilities.......................... 579,983,756 531,030,898
-------------- --------------
Long-term debt due after one year...................... 390,450,000 390,450,000
-------------- --------------
Deferred credits and other liabilities................. 268,702,949 265,247,949
-------------- --------------
Minority interests..................................... 264,904,762 280,871,235
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Stockholders' equity:
Common stock......................................... 36,042,522 36,041,007
Additional paid-in capital........................... 70,912,883 70,906,567
Retained earnings.................................... 2,284,787,862 2,216,091,023
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2,391,743,267 2,323,038,597
Treasury stock........................................ (163,249,327) (60,790,691)
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2,228,493,940 2,262,247,906
-------------- --------------
Total liabilities and stockholders' equity........... $3,732,535,407 $3,729,847,988
============== ==============
</TABLE>
Inventories consisted of approximately 50% raw materials and supplies, and 50%
finished and semi-finished products, at April 1, 2000 and December 31, 1999.
Inventories valued on the last-in, first-out (LIFO) method of accounting
represent approximately 85% of total inventories as of April 1, 2000 and as of
December 31, 1999. If the first-in, first-out method (FIFO) of accounting had
been used, inventories would have been $38,040,595 higher at April 1, 2000
($28,590,595 at December 31, 1999).
The information furnished has not been audited and is subject to year-end
adjustments.
-3-
<PAGE>
Nucor Corporation - Consolidated Condensed Statements of Cash Flows
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
Three Months (13 Weeks) Ended
-------------------------------
April 1, 2000 April 3, 1999
------------- -------------
(Unaudited) (Unaudited)
------------- -------------
<S> <C> <C>
Operating activities:
Net earnings................................................ $ 81,489,845 $ 28,173,392
Adjustments:
Depreciation of plant and equipment....................... 68,552,403 61,661,474
Minority interests........................................ 38,041,327 14,866,351
Changes in:
Current assets.......................................... (47,459,865) 17,375,642
Current liabilities..................................... 48,952,858 (33,604,196)
Other................................................... 5,398,143 (1,014,433)
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Cash provided by operating activities..................... 194,974,711 87,458,230
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Investing activities:
Capital expenditures (net).................................. (118,461,013) (45,622,084)
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Cash used in investing activities......................... (118,461,013) (45,622,084)
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Financing activities:
Increase in long-term debt.................................. - 175,000,000
Distributions to minority interests......................... (54,007,800) (51,620,520)
Issuance of common stock.................................... 306,697 150,895
Acquisition of treasury stock............................... (102,757,502) (4,208,045)
Cash dividends.............................................. (12,793,006) (11,343,972)
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Cash provided by (used in) financing activities........... (169,251,611) 107,978,358
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Increase (decrease) in cash and short-term investments........ $ (92,737,913) $ 149,814,504
============== =============
</TABLE>
The information furnished has not been audited and is subject to year-end
adjustments.
-4-
<PAGE>
Nucor Corporation - Analysis of Operations and Finances
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Operations
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Net sales increased by 34% from the first quarter of 1999 to the first
quarter of 2000, with more than half of the net sales increase resulting from an
increase in sales volume and the remainder resulting from an increase in average
sales prices.
The major component of cost of products sold is raw material costs. The
average price of raw materials increased about 12% from the first quarter of
1999.
Major components of marketing, administrative and other expenses are
freight and profit sharing costs. Unit freight costs increased approximately 5%
from the first quarter of 1999, and profit sharing costs increased by more than
200% compared with the 1999 first quarter. Profit sharing costs are based upon
and generally fluctuate with pre-tax earnings.
Interest income, net of interest expense, increased for the first quarter
of 2000 from the first quarter of 1999, primarily due to increased short-term
investments and increased average interest rates.
Federal income taxes were at a rate of about 35.5% for the first quarter of
2000 and 36% for the first quarter of 1999.
Net earnings increased approximately 190% during the first quarter of 2000,
compared with the first quarter of 1999, due to increased sales volume,
increased margins and decreased pre-operating and start-up costs.
Margins were approximately 14% for the first quarter of 2000 and
approximately 8% for the first quarter of 1999.
Liquidity and capital resources
- -------------------------------
The current ratio was 2.6 at the end of the 2000 first quarter, and 2.9 at
year-end 1999. The percentage of long-term debt to total capital was about 14%
at the end of the first quarter of 2000, and about 13% at year-end 1999.
Capital expenditures increased more than 150% during the first quarter of
2000 compared with the first quarter of 1999. Capital expenditures are projected
to be more than $400 million for all of 2000. Funds provided from operations,
existing credit facilities and new borrowings are expected to be more than
adequate to meet future capital expenditure and working capital requirements.
Nucor's directors have approved the purchase of up to 5,000,000 shares of
Nucor common stock. During the first quarter of 2000, Nucor repurchased
approximately 2,100,000 shares at a cost of approximately $102,000,000. Since
the inception of the stock repurchase program, a total of approximately
3,200,000 shares have been repurchased.
-5-
<PAGE>
PART II - OTHER INFORMATION
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Item 6 - Exhibits and Reports on Form 8-K
- -----------------------------------------
Exhibit 11 - Computation of net earnings per share.
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Reports on Form 8-K - None filed for the quarter.
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Exhibit 11 - Computation of net earnings per share
- --------------------------------------------------
<TABLE>
<CAPTION>
Three Months (13 Weeks) Ended
-----------------------------
April 1, 2000 April 3, 1999
------------- -------------
(Unaudited) (Unaudited)
------------- -------------
<S> <C> <C>
Basic:
Basic net earnings............................ $81,489,845 $28,173,392
=========== ===========
Average shares outstanding.................... 86,571,585 87,309,502
=========== ===========
Basic net earnings per share.................. $ .94 $ .32
=========== ===========
Diluted:
Diluted net earnings.......................... $81,489,845 $28,173,392
=========== ===========
Diluted average shares outstanding:
Basic shares outstanding..................... 86,571,585 87,309,502
Dilutive effect of employee stock options.... 51,692 22,144
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86,623,277 87,331,646
=========== ===========
Diluted net earnings per share................ $ .94 $ .32
=========== ===========
</TABLE>
The information furnished has not been audited and is subject to year-end
adjustments.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, Nucor
Corporation has duly caused this report to be signed on its behalf by the
undersigned, who is (1) a duly authorized officer, and (2) the principal
accounting officer.
NUCOR CORPORATION
By:___________________________________
Terry S. Lisenby
Chief Financial Officer, Treasurer
Dated: May 8, 2000 and Executive Vice President
-6-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> APR-01-2000
<CASH> 479,447,538
<SECURITIES> 0
<RECEIVABLES> 412,889,344
<ALLOWANCES> 21,112,414
<INVENTORY> 488,868,477
<CURRENT-ASSETS> 1,493,230,463
<PP&E> 2,239,304,944
<DEPRECIATION> 1,548,009,215
<TOTAL-ASSETS> 3,732,535,407
<CURRENT-LIABILITIES> 579,983,756
<BONDS> 390,450,000
0
0
<COMMON> 36,042,522
<OTHER-SE> 2,192,451,418
<TOTAL-LIABILITY-AND-EQUITY> 3,732,535,407
<SALES> 1,199,634,778
<TOTAL-REVENUES> 1,199,634,778
<CGS> 1,031,750,001
<TOTAL-COSTS> 1,031,750,001
<OTHER-EXPENSES> 44,315,406
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (2,720,474)
<INCOME-PRETAX> 126,289,845
<INCOME-TAX> 44,800,000
<INCOME-CONTINUING> 81,489,845
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 81,489,845
<EPS-BASIC> .94
<EPS-DILUTED> .94
</TABLE>
