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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.

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