Commercial Metals Q4 Loss From Cont. Opns Widens

(RTTNews) - Commercial Metals Company (CMC) reported that its loss from continuing operations for the fourth-quarter ended August 31, 2017 widened to $32.7 million, or $0.28 per share, from $2.1 million, or $0.02 per share for the three months ended August 31, 2016.

Included in the loss from continuing operations for the latest-quarter were net after-tax costs associated with the refinancing activities completed in the fourth quarter of $11.6 million or $0.10 per diluted share, costs associated with the exit of the International Marketing and Distribution segment of $23.2 million or $0.20 per diluted share and severance costs of $5.3 million or $0.05 per share. Included in the results for the three months ended August 31, 2016 were impairment charges on long-lived assets of $24.3 million or $0.21 per diluted share.

Quarterly net sales grew to $1.3 billion from $1.1 billion in the prior year.