Steel maker Commercial Metals Co.'s (CMC) second-quarter net earnings plunged to $4.6 million, or $0.04 per share, from $28.9 million, or $0.25 per share last year. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.18 for the quarter. Analysts' estimates typically exclude one-time items.
Continuing operations for the recent quarter included after-tax LIFO income of $0.2 million, compared with after-tax LIFO expense of $1.3 million, or $0.01 per share for the second quarter of fiscal 2012, the company added. Adjusted operating profit fell to $26.7 million in the period, from $63.1 million for the prior year's second quarter.
Quarterly net sales totaled $1.7 billion, down from $2.0 billion reported a year back. Analysts estimated revenues of $1.86 billion for the quarter.
On March 27, 2013, CMC's board declared a quarterly dividend of $0.12 for shareholders of record on April 9, 2013, payable on April 23, 2013.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.