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Commercial Metals Q4 Adj. EPS Misses Estimates
(RTTNews) - Commercial Metals Co. (CMC) on Thursday reported that net earnings for the fourth quarter declined to $184.17 million or $1.56 per share from $288.63 million or $2.40 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $199.86 million or $1.69 per share, compared to $294.92 million or $2.45 per share in the year-ago quarter.
Net sales for the quarter decreased to $2.21 billion from $2.41 billion in the same quarter last year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $1.81 per share on revenues of $2.18 billion for the quarter. Analysts' estimates typically exclude special items.
On Tuesday, the board of directors declared a quarterly dividend of $0.16 per share of CMC common stock, payable on November 9, 2023 to stockholders of record on October 26, 2023.
Looking ahead, the company said it expects first quarter consolidated financial performance to remain strong by historical standards, but decline from the fourth quarter as a result of seasonally lower shipments, steel product margin compression in North America, and the continuation of challenging market conditions in Europe.
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