Plus   Neg

Commercial Metals Q3 Profit Tops Estimates

Commercial Metals Company (CMC) reported that its third-quarter adjusted earnings from continuing operations, excluding items, improved 64% from prior year. Revenue increased 33% on a year-over-year basis driven by the growth strategy and strong fundamentals in the company's core markets.

For the third-quarter, adjusted earnings from continuing operations excluding special items, were $80.4 million, or $0.67 per diluted share, compared to adjusted earnings from continuing operations of $49.0 million, or $0.41 per diluted share, last year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.64 for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net sales were $1.6 billion, compared to $1.2 billion, prior year. Analysts expected revenue of $1.61 billion, for the quarter.

On June 19, 2019, the company's board declared a quarterly dividend of $0.12 per share of common stock payable to stockholders of record on July 5, 2019. The dividend will be paid on July 18, 2019.

Shares of Commercial Metals were up 5% in pre-market trade on Thursday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Snap Inc. (SNAP) Tuesday reported a narrower loss for the second quarter that also was better than Wall Street's expectations, as revenues surged on strong user growth. The company issued a strong revenue guidance for the current quarter, sending its shares up 10 percent in after-hours trade. California-based... Shares of Texas Instruments Inc. (TXN) gained over 6% in extended trading session on Tuesday after the analog chip maker reported a second-quarter profit and revenue that trumped analysts' expectations. The company also issued a strong financial outlook for the third quarter. Dallas, Texas-based Texas... Justin Sun, the entrepreneur who founded the cryptocurrency platform TRON, has postponed his charity lunch with billionaire investor Warren Buffett due to ill health. "TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones....
Follow RTT