CMC Slips Over 8% After Q4 Earnings, Revenue Miss Street View

(RTTNews) - Shares of Commercial Metals Company (CMC) were trading down over eight percent on Thursday after the company reported a decline in its fourth-quarter 2023 earnings and revenue below analysts' estimates.

CMC was trading down by 8.50 percent at $44.20 per share on the New York Stock Exchange.

For the three-month period to August 31, the company posted a net income of $184.17 million or $1.56 per share, compared with $288.63 million or $2.40 per share in the prior-year quarter.

Excluding items, earnings were at $199.86 million or $1.69 per share, lesser than last year's $294.92 million or $2.45 per share. Net sales for the quarter decreased to $2.21 billion from $2.41 billion a year ago.

On average, four analysts polled by Thomson Reuters had expected CMS to report earnings of $1.81 per share on revenues of $2.18 billion, for the quarter. Analysts' estimates typically exclude special items.