Market Overview

Commercial Metals Trades Higher On Q3 Earnings Beat

Share:

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.

Related Links:

Steel Dynamics Warns For Q2 Steel Shipments

BofA Downgrades Commercial Metals On Supply, Valuation Concerns

Posted-In: Earnings News Movers Trading Ideas

 

Related Articles (CMC)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Eastman To Acquire Yarn Producer INACSA

FreightWaves Research: Amazon's New Online Freight Platform Is Viewed Negatively By 8 Of 10 Carriers And Freight Brokers