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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