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Commercial Metals Company (NYSE: CMC) is a leading player in the metals industry, operating steel mills, steel fabrication plants, and metal recycling facilities primarily in the United States and Europe. With a legacy of over 100 years, CMC produces rebar and structural steel critical to nonresidential construction. The company is structured into three segments: North America Steel Group, Europe Steel Group, and Emerging Businesses Group.
CMC prides itself on an innovative approach, utilizing advanced technologies and sustainable practices. The company's recent achievements include the launch of the Arizona 2 micro mill, which became the first micro mill globally to produce merchant bar quality steel, and significant structural realignment to better reflect its diverse offerings.
Financially, CMC reported net earnings of $176.3 million on sales of $2.0 billion for the first quarter of fiscal 2024. Despite global challenges, the company maintains a robust balance sheet with $704.6 million in cash equivalents and strong liquidity exceeding $1.5 billion.
CMC is committed to sustainability, with a focus on recycled metal usage and responsible manufacturing processes. The company's products support a wide range of construction applications, including infrastructure, industrial, residential, and energy sectors.
Recent strategic moves include the integration of new acquisitions, an increase in stock repurchase authorization, and a continued focus on growth investments.
CMC's people-centric culture underscores its operational philosophy, emphasizing safety, consistency, and excellence. For more information, visit their website at www.cmc.com.
Commercial Metals Company (NYSE: CMC) has announced details for its fourth quarter fiscal 2024 earnings conference call and webcast. The event is scheduled for Thursday, October 17, 2024, at 11:00 a.m. Eastern Time (10:00 a.m. Central). Peter Matt, President and CEO, and Paul Lawrence, Senior Vice President & CFO, will be presenting.
Investors and interested parties can access the live webcast through CMC's website at www.cmc.com. The company, headquartered in Irving, Texas, is a solutions provider for the global construction sector, offering products and technologies for reinforcement needs. CMC's manufacturing network is primarily located in the United States and Central Europe, serving various construction applications including infrastructure, non-residential, residential, industrial, and energy projects.
Commercial Metals Company (NYSE: CMC) has been recognized on TIME's inaugural list of America's Best Mid-Size Companies 2024. The award, presented by TIME and Statista Inc., identifies top-performing companies based on employee satisfaction, revenue growth, and sustainability transparency. Eligible companies operated in the United States and generated between $100 million and $10 billion in revenue in 2022 or 2023.
Peter R. Matt, President and CEO, expressed pride in the recognition, highlighting CMC's commitment to employee safety and growth opportunities. Founded in 1915, CMC focuses on responsible business practices while providing value to stakeholders, including over 13,000 employees, customers, communities, financial partners, and shareholders.
CMC is an innovative solutions provider in the global construction sector, offering products and technologies for critical reinforcement needs. The company's extensive manufacturing network is primarily located in the United States and Central Europe.
CMC Pictures has announced the global release of 'Decoded', a groundbreaking Chinese psychological thriller, on August 22, 2024. Directed by Chen Sicheng and featuring an international cast including Liu Haoran and John Cusack, the film is adapted from Mai Jia's award-winning novel. Set in the 1940s, it follows Rong Jinzhen, a mathematical prodigy thrust into the world of code-breaking.
The film blurs the lines between dreams and reality, exploring the high-stakes world of espionage with suspense and tension. 'Decoded' showcases breathtaking visuals and immersive soundscapes, setting a new benchmark for Chinese filmmaking. Initial screenings will take place in the US, Canada, Australia, New Zealand, the Netherlands, Belgium, and Luxembourg, with more regions to be announced.
Commercial Metals Company (NYSE: CMC) announced significant leadership changes. Barbara R. Smith will retire as Executive Chairman and from the Board on August 31, 2024. Robert S. Wetherbee, an independent director since March 2023, will become Chairman on September 1, 2024. Sarah E. Raiss will step down as Lead Director but remain on the Board. Vicki L. Avril-Groves will retire from the Board on August 31, 2024.
The company appointed Tandra Perkins to the Board, effective September 1, 2024. Perkins, currently Senior VP and Chief Digital and Administrative Officer at Phillips 66, brings nearly 30 years of multi-industry experience. The Board will decrease from ten to nine directors. These changes mark a significant transition in CMC's leadership structure.
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.
On June 19, 2024, Commercial Metals Company (NYSE: CMC) announced its 239th consecutive quarterly cash dividend of $0.18 per share. The dividend will be paid on July 10, 2024, to shareholders of record by the close of business on July 1, 2024. CMC, known for its innovative solutions in the construction sector, operates an extensive manufacturing network in the U.S. and Central Europe, providing products that meet the reinforcement needs of various construction applications, including infrastructure, residential, and energy projects.
Commercial Metals Company (NYSE: CMC) has been recognized on USA TODAY's America's Best Climate Leaders 2024 list. This award, announced on May 30, 2024, by USA TODAY and Statista Inc., honors U.S. companies with significant year-over-year reductions in emissions intensity. CMC's President and CEO, Peter R. Matt, highlighted the company's longstanding commitment to sustainability and environmentally friendly steelmaking. The firm's sustainability report can be accessed for more details on their environmental efforts.
Commercial Metals Company (NYSE: CMC) announced a live webcast of its third-quarter fiscal 2024 earnings release, scheduled for June 20, 2024, at 11:00 a.m. Eastern Time. The call will feature President and CEO Peter Matt, along with Senior Vice President & CFO Paul Lawrence. Interested parties can access the webcast via CMC's website.
CMC is a global provider of innovative construction and infrastructure solutions, with manufacturing operations in the U.S. and Central Europe. The company supports a wide range of construction applications including infrastructure, non-residential, residential, industrial, and energy sectors.
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