Nucor 1Q earnings up 8%

Nucor Corp. reports an 8 percent increase in its first-quarter earnings to $409.8 million, or $1.41 per diluted share.

In the same period last year, the Charlotte-based steel manufacturer earned $381 million. or $1.26 per diluted share.

The increase in earnings per share is partially due to a reduced number of shares outstanding, a result of stock repurchases made in 2007.

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Net sales in the latest quarter increased 32 percent to a record $4.97 billion from $3.77 billion in the first quarter of 2007.

Total steel shipments increased 5 percent to 5.95 million tons. The average sales price per ton rose 15 percent.

The average scrap and scrap-substitute cost increased 29 percent to $333 per ton in the latest quarter.

The company says it expects second-quarter earnings to range between $1.55 and $1.60 per diluted share. Nucor earned $1.14 per diluted share in last year's second quarter.

Nucor will increase its base quarterly dividend to 32 cents per share from 30 cents per share, beginning with its May 9 dividend payment. In addition, Nucor's board has approved a supplemental dividend of 20 cents per share, for a total dividend of 52 cents per share.

Nucor (NYSE:NUE) and its affiliates have operating facilities primarily in the United States and Canada. Its products include carbon and alloy steel, joists and girders, steel deck, fabricated concrete reinforcing steel and cold finished steel.