CMC REPORTS THIRD QUARTER FISCAL 2024 RESULTS
Commercial Metals Company (NYSE: CMC) reported its fiscal third quarter results for the period ending May 31, 2024. Net earnings were $119.4 million, or $1.02 per diluted share, on net sales of $2.1 billion. This is a decrease from the prior year's net earnings of $234.0 million, or $1.98 per diluted share, on net sales of $2.3 billion.
Core EBITDA was $256.1 million with a margin of 12.3%. North American operations maintained stable shipment volumes and product margins, supported by solid seasonal demand and strong market fundamentals. The Emerging Businesses Group saw a sharp rebound in adjusted EBITDA and margins due to high demand for construction solutions. Europe Steel Group neared breakeven, continuing its improving performance trend.
CMC's balance sheet remained robust with cash and equivalents of $698.3 million and available liquidity of nearly $1.5 billion. The company's board declared a quarterly dividend of $0.18 per share, marking a 13% year-over-year increase. Looking ahead, CMC anticipates stable financial performance and continued demand growth in North America and Europe.
- Core EBITDA of $256.1 million with a margin of 12.3%
- Strong balance sheet with $698.3 million in cash and equivalents
- Available liquidity of nearly $1.5 billion
- Declared quarterly dividend of $0.18 per share, a 13% YoY increase
- Europe Steel Group neared breakeven, showing improved performance
- Emerging Businesses Group saw a sharp rebound in adjusted EBITDA and margins
- Net earnings decreased to $119.4 million from $234.0 million YoY
- Net sales decreased to $2.1 billion from $2.3 billion YoY
- North America Steel Group's adjusted EBITDA decreased to $246.3 million from $367.6 million YoY
- Incurred $11.8 million in costs related to commissioning of Arizona 2 micro mill
Key Financial Metrics Analysis
Commercial Metals Company's (CMC) third-quarter financial results present a mixed bag.
It's critical to note that despite lower net earnings, core EBITDA of
While the year-over-year decline in earnings might raise concerns, sequential improvements signal effective management and recovery potential. The continued share repurchase program and a
Market Dynamics and Competitive Positioning
CMC’s performance reflects broader market dynamics. The North American market shows stability with a healthy construction pipeline supporting steady downstream backlog volumes. This aligns with robust infrastructure activity, which is a positive sign for future demand. The emerging businesses’ strong demand for high-margin construction solutions like geogrid and performance reinforcing steel further underscores the favorable market trends.
In Europe, while the market remains challenging, CMC’s near breakeven results and improved margins indicate strategic positioning to capitalize on recovering demand. The company's strategic investments in state-of-the-art facilities like the Arizona 2 micro mill highlight its commitment to leveraging advanced technologies for long-term gains.
The mention of favorable long-term structural trends such as reshoring, energy transition and infrastructure activity points to sustained demand. CMC appears well-positioned to benefit from these trends, especially with their diversified product offerings and strong market presence.
Sector-Specific Insights
From a sectoral perspective, CMC’s results appear promising despite some headwinds. The focus on infrastructure activity in North America and Europe is vital. Infrastructure projects tend to be longer-term and provide stable demand for steel products, which is critical for companies like CMC.
The rebound in the Emerging Businesses Group's adjusted EBITDA highlights the high demand for specialized products like geogrids, which are essential for modern construction techniques. The successful ramp-up of the Arizona 2 micro mill, being the first of its kind to produce both rebar and MBQ products, showcases CMC's innovation edge and capacity to cater to diverse construction needs.
Despite challenges in the European market, the company’s ability to achieve near breakeven results amid a tough environment is noteworthy. This suggests strong operational efficiency and strategic market maneuvers. Furthermore, the anticipation of an operational start-up for the West Virginia micro mill by late 2025 signifies planned growth and capacity expansion to meet future demands.
- Third quarter net earnings of
, or$119.4 million per diluted share$1.02 - Consolidated core EBITDA of
; core EBITDA margin of$256.1 million 12.3% - Solid seasonal demand and underlying market fundamentals in
North America supported healthy shipment volumes and product margins - Stable North American downstream backlog volumes due to robust pipeline of new construction projects
- Emerging Businesses Group adjusted EBITDA and adjusted EBITDA margin rebounded sharply, reflecting continued strong demand for our high margin construction solutions
- Europe Steel Group achieved near breakeven results, continuing the trend of improving performance despite a challenging market backdrop
"Adjusted EBITDA," "core EBITDA," "core EBITDA margin," "adjusted earnings" and "adjusted earnings per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP, can be found in the financial tables that follow.
Peter Matt, President and Chief Executive Officer, said, "Our business continued to generate strong financial results during the third quarter, with core EBITDA, core EBITDA margin, cash flows, and net earnings all at levels well above long-term averages. Each of these metrics also improved sequentially as we benefited from a healthy start to the 2024 construction season and solid operational performance across our footprint. Fundamentals remain good within our North American markets, supporting stable to modestly improving steel product margins, healthy shipment levels, and steady downstream backlog volumes. Encouragingly, we are realizing the impact of infrastructure activity on the demand for CMC's early phase construction solutions, and expect the magnitude of this impact to grow over the next several years."
Mr. Matt added, "Performance in our Europe Steel Group approached breakeven on an adjusted EBITDA basis during the third quarter. Market conditions were largely stable compared to the prior quarter, though we achieved slight increases in finished steel pricing and product margins. Our focus is on continuing to improve the profitability of this business, which we believe should see benefits from an emerging inflection in the Polish macroeconomic environment, evidenced by meaningfully lower inflation, faster GDP growth, improved residential construction activity, and increased government sponsored investment. Adjusted EBITDA and adjusted EBITDA margin in our Emerging Businesses Group returned to expected levels during the quarter, benefiting from seasonal improvement in construction activity and strong demand for our proprietary geogrid and performance reinforcing steel solutions."
"We continued to advance the ramp up of our state-of-the-art
The Company's balance sheet and liquidity position remained strong. As of May 31, 2024, cash and cash equivalents totaled
On June 19, 2024, the board of directors declared a quarterly dividend of
Business Segments - Fiscal Third Quarter 2024 Review
Despite historically high levels of rain, North American demand for CMC's products was good during the quarter, showing a typical seasonal uplift from the winter months into spring. North America Steel Group finished steel shipments, which include steel products and downstream products, increased
Adjusted EBITDA for the North America Steel Group decreased to
Emerging Businesses Group third quarter net sales of
Outlook
Mr. Matt said, "We expect consolidated financial results in our fiscal fourth quarter to be consistent with third quarter levels. Finished steel shipments within the North America Steel Group are anticipated to be flat on a sequential basis, while adjusted EBITDA margin should remain relatively stable. Adjusted EBITDA for our Europe Steel Group is likely to continue the quarter-to-quarter improvement trend despite market conditions that are expected to remain challenging. Financial results for the Emerging Businesses Group should improve modestly, driven by steady underlying market fundamentals and a healthy order book."
Mr. Matt added, "The spring and summer construction season is off to a good start, and we are seeing encouraging signs of increased infrastructure activity driving demand. We expect this momentum to build over the coming quarters, contributing to an already healthy demand backdrop in
Conference Call
CMC invites you to listen to a live broadcast of its third quarter fiscal 2024 conference call today, Thursday, June 20, 2024, at 11:00 a.m. ET. Peter Matt, President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."
About CMC
CMC is an innovative solutions provider helping build a stronger, safer, and more sustainable world. Through an extensive manufacturing network principally located in
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, the ability to operate our steel mills at full capacity, future availability and cost of supplies of raw materials and energy for our operations, growth rates in certain segments, product margins within our Emerging Businesses Group, share repurchases, legal proceedings, construction activity, international trade, the impact of the Russian invasion of
The Company's forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2023, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in
COMMERCIAL METALS COMPANY AND SUBSIDIARIES FINANCIAL & OPERATING STATISTICS (UNAUDITED) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands, except per ton amounts) | 5/31/2024 | 2/29/2024 | 11/30/2023 | 8/31/2023 | 5/31/2023 | 5/31/2024 | 5/31/2023 | |||||||
North America Steel Group | ||||||||||||||
Net sales to external customers | $ 4,750,210 | $ 4,986,326 | ||||||||||||
Adjusted EBITDA | 246,304 | 222,294 | 266,820 | 336,843 | 367,561 | 735,418 | 991,588 | |||||||
Adjusted EBITDA margin | 14.7 % | 15.0 % | 16.8 % | 19.6 % | 20.2 % | 15.5 % | 19.9 % | |||||||
External tons shipped | ||||||||||||||
Raw materials | 371 | 347 | 374 | 344 | 409 | 1,092 | 1,046 | |||||||
Rebar | 520 | 460 | 522 | 542 | 539 | 1,502 | 1,425 | |||||||
Merchant bar and other | 244 | 234 | 230 | 215 | 249 | 708 | 727 | |||||||
Steel products | 764 | 694 | 752 | 757 | 788 | 2,210 | 2,152 | |||||||
Downstream products | 371 | 316 | 346 | 387 | 382 | 1,033 | 1,079 | |||||||
Average selling price per ton | ||||||||||||||
Raw materials | $ 970 | $ 880 | $ 783 | $ 838 | $ 833 | $ 877 | $ 841 | |||||||
Steel products | 891 | 905 | 892 | 932 | 979 | 896 | 994 | |||||||
Downstream products | 1,330 | 1,358 | 1,389 | 1,428 | 1,452 | 1,358 | 1,424 | |||||||
Cost of raw materials per ton | $ 717 | $ 658 | $ 578 | $ 606 | $ 619 | $ 651 | $ 617 | |||||||
Cost of ferrous scrap utilized per ton | $ 353 | $ 379 | $ 343 | $ 338 | $ 384 | $ 358 | $ 352 | |||||||
Steel products metal margin per ton | $ 538 | $ 526 | $ 549 | $ 594 | $ 595 | $ 538 | $ 642 | |||||||
Europe Steel Group | ||||||||||||||
Net sales to external customers | $ 208,806 | $ 192,500 | $ 225,175 | $ 273,961 | $ 330,767 | $ 626,481 | $ 1,054,830 | |||||||
Adjusted EBITDA | (4,192) | (8,611) | 38,942 | (30,081) | 5,837 | 26,139 | 78,554 | |||||||
Adjusted EBITDA margin | (2.0) % | (4.5) % | 17.3 % | (11.0) % | 1.8 % | 4.2 % | 7.4 % | |||||||
External tons shipped | ||||||||||||||
Rebar | 80 | 64 | 122 | 151 | 146 | 266 | 533 | |||||||
Merchant bar and other | 217 | 211 | 221 | 238 | 283 | 649 | 805 | |||||||
Steel products | 297 | 275 | 343 | 389 | 429 | 915 | 1,338 | |||||||
Average selling price per ton | ||||||||||||||
Steel products | $ 681 | $ 673 | $ 633 | $ 682 | $ 753 | $ 661 | $ 768 | |||||||
Cost of ferrous scrap utilized per ton | $ 389 | $ 394 | $ 365 | $ 398 | $ 427 | $ 383 | $ 395 | |||||||
Steel products metal margin per ton | $ 292 | $ 279 | $ 268 | $ 284 | $ 326 | $ 278 | $ 373 | |||||||
Emerging Businesses Group | ||||||||||||||
Net sales to external customers | $ 188,593 | $ 155,994 | $ 177,239 | $ 208,559 | $ 189,055 | $ 521,826 | $ 513,187 | |||||||
Adjusted EBITDA | 38,220 | 17,929 | 30,862 | 42,612 | 38,395 | 87,011 | 96,372 | |||||||
Adjusted EBITDA margin | 20.3 % | 11.5 % | 17.4 % | 20.4 % | 20.3 % | 16.7 % | 18.8 % |
COMMERCIAL METALS COMPANY AND SUBSIDIARIES BUSINESS SEGMENTS (UNAUDITED) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | 5/31/2024 | 2/29/2024 | 11/30/2023 | 8/31/2023 | 5/31/2023 | 5/31/2024 | 5/31/2023 | |||||||
Net sales to external customers | ||||||||||||||
North America Steel Group | ||||||||||||||
Europe Steel Group | 208,806 | 192,500 | 225,175 | 273,961 | 330,767 | 626,481 | 1,054,830 | |||||||
Emerging Businesses Group | 188,593 | 155,994 | 177,239 | 208,559 | 189,055 | 521,826 | 513,187 | |||||||
Corporate and Other | 9,728 | 13,591 | 7,987 | 8,729 | 6,776 | 31,306 | 35,962 | |||||||
Total net sales to external customers | ||||||||||||||
Adjusted EBITDA | ||||||||||||||
North America Steel Group | $ 246,304 | $ 222,294 | $ 266,820 | $ 336,843 | $ 367,561 | $ 735,418 | $ 991,588 | |||||||
Europe Steel Group | (4,192) | (8,611) | 38,942 | (30,081) | 5,837 | 26,139 | 78,554 | |||||||
Emerging Businesses Group | 38,220 | 17,929 | 30,862 | 42,612 | 38,395 | 87,011 | 96,372 | |||||||
Corporate and Other | (37,070) | (34,512) | (30,987) | (38,171) | (37,715) | (102,569) | (93,013) | |||||||
Total adjusted EBITDA | $ 243,262 | $ 197,100 | $ 305,637 | $ 311,203 | $ 374,078 | $ 745,999 |
COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) | ||||||||
Three Months Ended May 31, | Nine Months Ended May 31, | |||||||
(in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Net sales | $ 2,078,485 | $ 2,344,989 | $ 5,929,823 | $ 6,590,305 | ||||
Costs and operating expenses: | ||||||||
Cost of goods sold | 1,738,086 | 1,862,299 | 4,894,200 | 5,203,476 | ||||
Selling, general and administrative expenses | 167,975 | 163,742 | 497,951 | 470,902 | ||||
Interest expense | 12,117 | 8,878 | 35,751 | 31,868 | ||||
Net costs and operating expenses | 1,918,178 | 2,034,919 | 5,427,902 | 5,706,246 | ||||
Earnings before income taxes | 160,307 | 310,070 | 501,921 | 884,059 | ||||
Income taxes | 40,867 | 76,099 | 120,361 | 208,465 | ||||
Net earnings | $ 119,440 | $ 233,971 | $ 381,560 | $ 675,594 | ||||
Earnings per share: | ||||||||
Basic | $ 1.03 | $ 2.00 | $ 3.28 | $ 5.76 | ||||
Diluted | 1.02 | 1.98 | 3.25 | 5.69 | ||||
Cash dividends per share | $ 0.18 | $ 0.16 | $ 0.50 | $ 0.48 | ||||
Average basic shares outstanding | 115,529,942 | 117,066,623 | 116,228,826 | 117,192,710 | ||||
Average diluted shares outstanding | 116,664,885 | 118,397,899 | 117,583,055 | 118,747,084 |
COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||
(in thousands, except share and per share data) | May 31, 2024 | August 31, 2023 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 698,338 | $ 592,332 | ||
Accounts receivable (less allowance for doubtful accounts of | 1,182,269 | 1,240,217 | ||
Inventories, net | 1,075,176 | 1,035,582 | ||
Prepaid and other current assets | 283,845 | 276,024 | ||
Total current assets | 3,239,628 | 3,144,155 | ||
Property, plant and equipment, net | 2,511,865 | 2,409,360 | ||
Intangible assets, net | 239,691 | 259,161 | ||
Goodwill | 383,900 | 385,821 | ||
Other noncurrent assets | 335,147 | 440,597 | ||
Total assets | $ 6,710,231 | $ 6,639,094 | ||
Liabilities and stockholders' equity | ||||
Current liabilities: | ||||
Accounts payable | $ 303,057 | $ 364,390 | ||
Accrued expenses and other payables | 399,026 | 438,811 | ||
Current maturities of long-term debt and short-term borrowings | 62,871 | 40,513 | ||
Total current liabilities | 764,954 | 843,714 | ||
Deferred income taxes | 286,078 | 306,801 | ||
Other noncurrent liabilities | 262,535 | 253,181 | ||
Long-term debt | 1,137,602 | 1,114,284 | ||
Total liabilities | 2,451,169 | 2,517,980 | ||
Stockholders' equity: | ||||
Common stock, par value | 1,290 | 1,290 | ||
Additional paid-in capital | 398,851 | 394,672 | ||
Accumulated other comprehensive loss | (90,689) | (3,778) | ||
Retained earnings | 4,420,633 | 4,097,262 | ||
Less treasury stock, 13,956,473 and 12,545,237 shares at cost | (471,271) | (368,573) | ||
Stockholders' equity | 4,258,814 | 4,120,873 | ||
Stockholders' equity attributable to non-controlling interests | 248 | 241 | ||
Total stockholders' equity | 4,259,062 | 4,121,114 | ||
Total liabilities and stockholders' equity | $ 6,710,231 | $ 6,639,094 |
COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||
Nine Months Ended May 31, | ||||
(in thousands) | 2024 | 2023 | ||
Cash flows from (used by) operating activities: | ||||
Net earnings | $ 381,560 | $ 675,594 | ||
Adjustments to reconcile net earnings to net cash flows from operating activities: | ||||
Depreciation and amortization | 208,177 | 157,528 | ||
Stock-based compensation | 35,893 | 44,000 | ||
Write-down of inventory | 6,586 | 8,931 | ||
Deferred income taxes and other long-term taxes | (4,066) | 34,815 | ||
Other | 3,684 | 6,179 | ||
Settlement of New Markets Tax Credit transaction | — | (17,659) | ||
Changes in operating assets and liabilities, net of acquisitions | (83,943) | 25,291 | ||
Net cash flows from operating activities | 547,891 | 934,679 | ||
Cash flows from (used by) investing activities: | ||||
Capital expenditures | (242,803) | (439,742) | ||
Acquisitions, net of cash acquired | — | (167,069) | ||
Other | 1,856 | 1,649 | ||
Net cash flows used by investing activities | (240,947) | (605,162) | ||
Cash flows from (used by) financing activities: | ||||
Repayments of long-term debt | (27,484) | (380,700) | ||
Debt issuance and extinguishment | — | (1,896) | ||
Proceeds from accounts receivable facilities | 142,015 | 242,408 | ||
Repayments under accounts receivable facilities | (122,284) | (244,105) | ||
Treasury stock acquired | (128,164) | (82,839) | ||
Tax withholdings related to share settlements, net of purchase plans | (8,563) | (13,665) | ||
Dividends | (58,189) | (56,257) | ||
Contribution from non-controlling interest | 7 | 9 | ||
Net cash flows used by financing activities | (202,662) | (537,045) | ||
Effect of exchange rate changes on cash | 511 | 6,970 | ||
Increase (decrease) in cash, restricted cash, and cash equivalents | 104,793 | (200,558) | ||
Cash, restricted cash and cash equivalents at beginning of period | 595,717 | 679,243 | ||
Cash, restricted cash and cash equivalents at end of period | $ 700,510 | $ 478,685 | ||
Supplemental information: | ||||
Cash paid for income taxes | $ 131,229 | $ 150,658 | ||
Cash paid for interest | 35,604 | 51,305 | ||
Cash and cash equivalents | $ 698,338 | $ 475,489 | ||
Restricted cash | 2,172 | 3,196 | ||
Total cash, restricted cash and cash equivalents | $ 700,510 | $ 478,685 |
COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
This press release contains financial measures not derived in accordance with
Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin is defined as core EBITDA divided by net sales. The adjustment "Settlement of New Markets Tax Credit transaction" represents the recognition of deferred revenue from 2016 and 2017 resulting from the Company's participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. In prior periods, the Company included within the definition of core EBITDA, core EBITDA margin, adjusted earnings and adjusted earnings per diluted share an adjustment for "Mill operational commissioning costs" related to the Company's third micro mill, which was placed into service during the fourth quarter of fiscal 2023. Periods commencing subsequent to February 29, 2024 no longer include an adjustment for mill operational commissioning costs. Accordingly, the Company has recast core EBITDA, core EBITDA margin, adjusted earnings and adjusted earnings per diluted share for all prior periods to conform to this presentation.
Non-GAAP financial measures should be viewed in addition to, and not as alternatives for, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance and set target benchmarks for annual and long-term cash incentive performance plans.
A reconciliation of net earnings to adjusted EBITDA and core EBITDA is provided below:
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | 5/31/2024 | 2/29/2024 | 11/30/2023 | 8/31/2023 | 5/31/2023 | 5/31/2024 | 5/31/2023 | |||||||
Net earnings | $ 119,440 | $ 85,847 | $ 176,273 | $ 184,166 | $ 233,971 | $ 381,560 | $ 675,594 | |||||||
Interest expense | 12,117 | 11,878 | 11,756 | 8,259 | 8,878 | 35,751 | 31,868 | |||||||
Income taxes | 40,867 | 31,072 | 48,422 | 53,742 | 76,099 | 120,361 | 208,465 | |||||||
Depreciation and amortization | 70,692 | 68,299 | 69,186 | 61,302 | 55,129 | 208,177 | 157,528 | |||||||
Asset impairments | 146 | 4 | — | 3,734 | 1 | 150 | 46 | |||||||
Adjusted EBITDA | 243,262 | 197,100 | 305,637 | 311,203 | 374,078 | 745,999 | 1,073,501 | |||||||
Non-cash equity compensation | 12,846 | 14,988 | 8,059 | 16,529 | 10,376 | 35,893 | 44,000 | |||||||
Settlement of New Markets Tax Credit transaction | — | — | — | — | — | — | (17,659) | |||||||
Core EBITDA | $ 256,108 | $ 212,088 | $ 313,696 | $ 327,732 | $ 384,454 | $ 781,892 | $ 1,099,842 | |||||||
Net sales | $ 2,078,485 | $ 1,848,287 | $ 2,003,051 | $ 2,209,228 | $ 2,344,989 | $ 5,929,823 | $ 6,590,305 | |||||||
Core EBITDA margin | 12.3 % | 11.5 % | 15.7 % | 14.8 % | 16.4 % | 13.2 % | 16.7 % |
A reconciliation of net earnings to adjusted earnings is provided below:
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands, except per share data) | 5/31/2024 | 2/29/2024 | 11/30/2023 | 8/31/2023 | 5/31/2023 | 5/31/2024 | 5/31/2023 | |||||||
Net earnings | $ 85,847 | $ 233,971 | $ 381,560 | |||||||||||
Asset impairments | 146 | 4 | — | 3,734 | 1 | 150 | 46 | |||||||
Settlement of New Markets Tax Credit transaction | — | — | — | — | — | — | (17,659) | |||||||
Total adjustments (pre-tax) | $ 146 | $ 4 | $ — | $ 3,734 | $ 1 | $ 150 | $ (17,613) | |||||||
Related tax effects on adjustments | (31) | (1) | — | (784) | — | (32) | 3,699 | |||||||
Adjusted earnings | $ 85,850 | $ 233,972 | $ 381,678 | |||||||||||
Net earnings per diluted share(1) | $ 1.02 | $ 0.73 | $ 1.49 | $ 1.56 | $ 1.98 | $ 3.25 | $ 5.69 | |||||||
Adjusted earnings per diluted share(1) | $ 1.02 | $ 0.73 | $ 1.49 | $ 1.58 | $ 1.98 | $ 3.25 | $ 5.57 |
__________________________________ | |
(1) | Net earnings per diluted share and adjusted earnings per diluted share are calculated independently for each three month period and may not sum to the year to date period due to rounding. |
View original content:https://www.prnewswire.com/news-releases/cmc-reports-third-quarter-fiscal-2024-results-302177630.html
SOURCE Commercial Metals Company
FAQ
What were CMC's net earnings for Q3 fiscal 2024?
How did CMC's Q3 fiscal 2024 net sales compare to the prior year?
What was CMC's core EBITDA for Q3 fiscal 2024?
How did the Emerging Businesses Group perform in Q3 fiscal 2024?
What was the performance of CMC's Europe Steel Group in Q3 fiscal 2024?
What were the key financial metrics for CMC's North America Steel Group in Q3 fiscal 2024?
What is the new quarterly dividend declared by CMC?