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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) announced plans to construct a new state-of-the-art micro mill aimed primarily at serving the Northeast, Mid-Atlantic, and Mid-Western U.S. markets. With a focus on environmentally friendly operations, the new facility will utilize advanced technology to reduce energy consumption and emissions. The project is expected to significantly enhance CMC's operational scale in the region. Anticipated state and local incentives, along with the recent Infrastructure Investment and Jobs Act, are expected to boost demand for construction steel. Construction will span approximately two years.
Commercial Metals Company (NYSE: CMC) reported a strong fiscal Q1 2022, with earnings from continuing operations of $232.9 million ($1.90 per diluted share) on net sales of $2.0 billion, compared to $63.9 million ($0.53 per diluted share) on $1.4 billion in Q1 2021. Adjusted earnings reached $199.2 million ($1.62 per diluted share). Core EBITDA hit record levels, totaling nearly $1.0 billion annually, driven by improved margins and operational efficiency. The company also announced a quarterly dividend increase of 17%. Strong demand and strategic growth initiatives underpin a positive outlook for fiscal 2022.
The board of directors of Commercial Metals Company (NYSE: CMC) has declared a quarterly cash dividend of $0.14 per share, marking its 229th consecutive quarterly dividend. This dividend will be paid on February 3, 2022, to stockholders of record as of the close of business on January 20, 2022. CMC operates through a network of facilities, including seven electric arc furnace mini mills and metal recycling facilities in the U.S. and Poland, focusing on manufacturing and recycling steel and metal products.
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.
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