Nucor Reports Record Results for First Quarter of 2008

CHARLOTTE, N.C., April 17 /PRNewswire-FirstCall/ -- Nucor Corporation (NYSE: NUE - News) announced today record first quarter net earnings for the fifth consecutive year. Consolidated net earnings for the first quarter of 2008 were $409.8 million, an increase of 8% compared to the first quarter of 2007 net earnings of $381.0 million and an increase of 12% from the fourth quarter of 2007 net earnings of $364.8 million. Diluted earnings per share increased 12% to $1.41 from $1.26 in the first quarter of 2007 and in the fourth quarter of 2007. The increase in earnings per share from the first quarter of 2007 is partially due to the reduced number of shares outstanding as a result of stock repurchases made in 2007.

Starting with the May 9, 2008 dividend payment, Nucor is increasing the base quarterly cash dividend rate from $0.30 to $0.32 per share. In addition to the $0.32 per share base dividend amount, the board of directors approved the payment of a supplemental dividend of $0.20 per share, for a total dividend of $0.52 per share. Nucor has increased its regular base cash dividend every year since Nucor began paying dividends 35 years ago.

My take: Not that great earnings. Glad to see that all other steel stocks viz. US Steel and AK Steel are down premarket. This is a good buying opportunity to buy these STRONGER stocks once the earnings effect of NUE subsides.