Commercial Metals Q3 Earnings Surpass Estimates

(RTTNews) - Commercial Metals Company (CMC) Thursday announced third-quarter earnings from continuing operations of $130.41 million, or $1.07 per share, sharply higher than $64.17 million, or $0.53 per share in the same quarter a year ago.

Excluding items, earnings from continuing operations were $127.11 million, or $1.04 per share compared with $70.37 million, or $0.59 per share, in the prior-year period.

Sales for the quarter increased to $1.845 billion from $1.341 billion last year on strong product demand.

Analysts polled by Thomson Reuters were expecting the company to report earnings of $0.83 per share on revenue of $1.72 billion for the quarter. Analysts' estimates typically exclude special items.

"We made significant progress on key organic growth initiatives, including hot commissioning of our third rolling mill in Poland, the receipt of the air permit for our Arizona 2 mill, and the continuation of network optimization efforts. Future contributions from these key projects are expected to provide the next chapter of growth for our company, building on this quarter's outstanding results," said Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer.