Nucor 2011 Annual Report Download - page 3

2FINANCIAL HIGHLIGHTS
2
FI N A N C I A L H I G H L I G H T S (dollar and share amounts in thousands, except per share data)
FORWARD-LOOKING STATEMENTS Certain statements made in this annual report are forward-looking statements that involve risks and uncertainties.
The words “believe,” “expect,” “project,” “will,” “should” and similar expressions are intended to identify those forward-looking statements. These forward-
looking statements reflect the Company’s best judgment based on current information, and although we base these statements on circumstances that
we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information.
As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and
expectations discussed in this report. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking
statements include, but are not limited to: (1) the sensitivity of the results of our operations to prevailing steel prices and changes in the supply and cost
of raw materials, including pig iron, iron ore and scrap steel; (2) availability and cost of electricity and natural gas; (3) market demand for steel products,
which, in the case of many of our products, is driven by the level of nonresidential construction activity in the U.S.; (4) competitive pressure on sales and
pricing, including pressure from imports and substitute materials; (5) impairment in the recorded value of goodwill, equity investments, inventory, fixed
assets or other long-lived assets; (6) uncertainties surrounding the global economy, including the severe economic downturn in construction markets
and excess world capacity for steel production; (7) fluctuations in currency conversion rates; (8) U.S. and foreign trade policies affecting steel imports or
exports; (9) significant changes in laws or government regulations affecting environmental compliance, including legislation and regulations that result in
greater regulation of greenhouse gas emissions, which could increase our energy costs and our capital expenditures and operating costs; (10) the cyclical
nature of the steel industry; (11) capital investments and their impact on our performance; and (12) our safety performance.
2011 2010 % CHANGE
FOR THE YEAR
Net sales $20,023,564 $15,844,627 26%
Earnings:
Earnings before income taxes and noncontrolling interests 1,251,812 267,115 369%
Provision for income taxes 390,828 60,792 543%
Net earnings 860,984 206,323 317%
Earnings attributable to noncontrolling interests 82,796 72,231 15%
Net earnings attributable to Nucor stockholders 778,188 134,092 480%
Per share:
Basic 2.45 0.42 483%
Diluted 2.45 0.42 483%
Dividends declared per share 1.4525 1.4425 1%
Percentage of net earnings to net sales 3.9% 0.8%
Return on average stockholders’ equity 10.7% 1.8%
Capital expenditures 450,627 345,294 31%
Depreciation 522,571 512,147 2%
Acquisitions (net of cash acquired) 3,959 64,788 -94%
Sales per employee 974 777 25%
AT YEAR END
Working capital $4,312,022 $4,356,737 -1%
Property, plant and equipment, net 3,755,604 3,852,118 -3%
Long-term debt (including current maturities) 4,280,200 4,280,200 —
Total Nucor stockholders’ equity 7,474,885 7,120,070 5%
Per share 23.60 22.55 5%
Shares outstanding 316,749 315,791 —
Employees 20,800 20,500 1%