Nucor Q3 Profit Up; Margins Slip, Capex Ramps

Nucor beat third-quarter expectations, reporting adjusted EPS of $2.63 (consensus roughly $2.15–$2.19), revenue of about $8.52 billion and consolidated net earnings of $607 million. Total steel mill shipments were roughly 6.2–6.4 million tons, external sales tons were about 5.0 million and mill operating rates rose to about 85%, with higher prices and shipments driving results. Net profit margin slipped to roughly 5.2% from 7.9% a year earlier, reflecting margin pressure even as analysts forecast a multi‑year earnings rebound and debate valuation (shares trade in the mid‑teens/low‑twenties P/E versus some fair‑value estimates near $159.75). Management said fourth‑quarter earnings will likely be lower, citing softer sheet prices, reduced volumes and planned DRI outages, while outlining a ramped investment program that includes more than $3 billion in 2025 capex and roughly $860 million in new facility spending alongside buybacks and the dividend. Investors reacted positively — shares rose about 3–5% after the print — but risks from margin compression, execution of new projects and macro volatility could temper the recovery.