Market Overview

Commercial Metals Trades Higher On Q3 Earnings Beat

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Commercial Metals Company (NYSE: CMC) on Thursday morning reported quarterly earnings of 67 cents per share, which beat the analyst consensus estimate of 64 cents. This is a 63.41% increase over earnings of 41 cents per share from the same period last year.

The company reported quarterly sales of $1.606 billion, which missed the analyst consensus estimate of $1.61 billion. This is a 33.39% increase over sales of $1.204 billion the same period last year.

"The strong results for the quarter reflect the strength of construction activity, as well as solid industrial production levels and the resilient U.S. and Polish economies," said President and CEO Barbara Smith. "Our recent acquisition, our greenfield Oklahoma facility, and introduction of hot spooled rebar were all meaningful contributors to top and bottom line financial results."

Commercial Metals shares traded higher by 6.6% at $16.92 Thursday afternoon.

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Posted-In: Earnings News Movers Trading Ideas

 

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