Steel manufacturer Nucor Corp. executives have reported the company’s most profitable first quarter ever and said they continue to see a strong 2022 ahead.
Charlotte-based Nucor posted a first-quarter net profit of nearly $2.1 billion in the first three months of the year, more than double its prior-year number, on net sales that climbed 50% to $10.5 billion.
The company was able to limit increases in its cost of goods sold to about 30%, lifting its operating margin to nearly 28% versus 18.5% in early 2021 even though it shipped 11% fewer tons of product than early last year and 1% less than in Q4.
Pres. and CEO Leon Topalian said in a statement, “Our key forward-looking indicators for 2022 remain favorable and we expect another strong year in both earnings and cash generation.” s