UPDATE: Commercial Metals Q1 Profit Beats Estimates
Commercial Metals Company(NYSE: CMC) reported better-than-expected earnings for the fiscal first quarter.
The Irving, Texas-based company posted quarterly earnings of $36.3 million, or $0.30 per share, compared to $45.9 million, or $0.39 per share, in the year-ago period. Earnings from continuing operations rose to $38.3 million, or $0.32 per share, from $33.7 million, or $0.29 per share. The recent quarter results included an after-tax gain of $0.13 per share associated with the sale of Howell Metal Company.
Its revenue rose to $1.7 billion from $1.6 billion in the period. However, analysts were estimating earnings of $0.27 per share on revenue of $1.77 billion.
Americas Recycling segment posted adjusted operating loss of $1.1 million for the quarter, versus adjusted operating profit of $0.8 million in the year-ago period. Americas Mills segment reported adjusted operating profit of $75.4 million versus adjusted operating profit of $65.8 million, while Americas Fabrication segment posted adjusted operating loss of $3.0 million versus adjusted operating profit of $2.2 million. International Mill segment posted adjusted operating profit of $4.2 million versus adjusted operating profit of $15.3 million, while International Marketing and Distribution segment posted adjusted operating profit of $18.3 million versus adjusted operating profit of $2.0 million.
Adjusted EBITDA from continuing operations surged to $106.4 million from $102.3 million.
At November 30, 2014, the company had cash and cash equivalents of $326.1 million.
Commercial Metals repurchased 560,493 shares of common stock for $9.3 million during the quarter.
Joe Alvarado, Chairman of the Board, President, and CEO, commented, "The results for our fiscal first quarter were strong with adjusted operating profit from continuing operations improving by 7% over both the sequential quarter and the same quarterly period one year ago. We achieved these results despite declining scrap prices, a three week planned outage at our minimill in Poland and fewer shipping days during the first quarter of fiscal 2015 compared to the fourth quarter of fiscal 2014."
Commercial Metals shares fell 4.45% to close at $15.46 yesterday.
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