Welcome to our dedicated page for Commercial Metals Company news (Ticker: CMC), a resource for investors and traders seeking the latest updates and insights on Commercial Metals Company stock.
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 completed the sale of a large parcel of land in Rancho Cucamonga, California, generating gross proceeds of $313 million. This transaction, facilitated by Jones Lang LaSalle Brokerage, Inc., marks a significant financial move for the company. CMC specializes in manufacturing, recycling, and fabricating steel and metal products, supported by a diverse network of facilities across the United States and Poland.
Commercial Metals Company (NYSE: CMC) will host a conference call to discuss its first quarter earnings for fiscal 2022 on January 10, 2022, at 11:00 a.m. Eastern Time. The call will feature Chairman and CEO Barbara Smith and Senior VP and CFO Paul Lawrence. This live broadcast will be accessible via the company’s website. CMC operates a diverse network of facilities, including seven EAF mini mills, two micro mills, and metal recycling sites in the U.S. and Poland.
Tensar Corporation, a leader in geogrid engineered solutions, has entered into a definitive agreement to be acquired by Commercial Metals Company (NYSE: CMC). This acquisition aligns with CMC's strategy to enhance its position in the civil construction market, leveraging innovative manufacturing and sustainability practices. Tensar's 650 employees will join CMC, further bolstering their workforce. Regulatory approvals are pending, with the closing expected soon. This acquisition is anticipated to create a formidable platform for growth in engineered construction products.
Commercial Metals Company (NYSE: CMC) has announced a definitive agreement to acquire TAC Acquisition Corp. (Tensar) for $550 million. The transaction is aimed at enhancing CMC's leadership in construction reinforcement, leveraging Tensar's engineered solutions for subgrade reinforcement and soil stabilization. The deal, valued at 8.4x Tensar's expected 2021 EBITDA, includes anticipated cost synergies of approximately $5 million. The acquisition is expected to support CMC's growth strategy and strengthen its market position in the construction sector.
Commercial Metals Company (NYSE: CMC) reported robust financial results for its fiscal fourth quarter ending August 31, 2021. The company earned $152.3 million, or $1.24 per diluted share, on net sales of $2.0 billion, significantly up from $67.8 million and $1.4 billion year-over-year. For the full year, earnings totaled $412.9 million, a notable increase from $278.3 million the previous year. The board announced a 17% dividend increase, reflecting confidence in the company's future. Strong operational performance was highlighted by record shipment levels and significant growth in the North American and European segments.
Commercial Metals Company (NYSE: CMC) has announced a new $350 million stock repurchase program, replacing the previous plan with $27 million remaining. Additionally, the board declared a quarterly cash dividend of $0.14 per share, marking a 17% increase. This dividend will be paid on November 10, 2021, to shareholders of record as of October 27, 2021. CEO Barbara R. Smith emphasized that this reflects a balance between growth investments and shareholder returns.
Commercial Metals Company (NYSE: CMC) has announced an agreement to sell land from its former Steel California and Rebar Etiwanda operations in Rancho Cucamonga for approximately $300 million. The sale aims to partially fund the new Arizona 2 micro mill expected to launch in the second half of fiscal 2023. CMC ceased Steel California operations in December 2020, and Rebar Etiwanda customers will be served from other locations. The transaction is anticipated to close in Q2 of fiscal 2022, pending due diligence and customary conditions.
Commercial Metals Company (NYSE: CMC) will be featured on the September 26 edition of EARTH with John Holden, which airs on Fox Business Network, Bloomberg TV, and BNN Bloomberg Canada. The segment highlights CMC's commitment to sustainability in steelmaking, showcasing their facility in Mesa, Arizona, known for its 87% lower energy intensity and 66% reduced greenhouse gas emissions compared to global averages. CEO Barbara Smith expressed pride in representing eco-friendly American Electric Arc Furnace steelmakers.
Commercial Metals Company (NYSE: CMC) will host a conference call on October 14, 2021, at 11:00 a.m. Eastern Time to discuss its fourth quarter earnings for fiscal 2021. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Vice President & CFO. Investors can access the live webcast via the company's website.
Commercial Metals operates seven electric arc furnace mini mills, micro mills, and recycling facilities across the U.S. and Poland, manufacturing and fabricating steel and metal products.
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