Commercial Metals Q4 Results Miss View

(RTTNews) - Commercial Metals Co. (CMC) reported that its net earnings for its fourth quarter ended August 31, 2021 climbed to $152.3 million or $1.24 per share, from $67.6 million or $0.56 per share last year.

During the fourth quarter of fiscal 2021, the company recorded a net after-tax charge of $1.9 million related to the impairment of recycling assets. Excluding the item, fourth quarter adjusted earnings from continuing operations were $154.2 million, or $1.26 per share, compared to adjusted earnings from continuing operations of $95.3 million, or $0.79 per share, in the prior year period. Analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $2.03 billion from $1.41 billion in the prior year. Analysts expected revenues of $2.04 billion for the fourth-quarter.

For the first quarter of fiscal 2022, the company expects finished steel volumes to follow typical seasonal patterns, which have historically declined modestly from our fourth quarter levels.

The company anticipates strong operating and financial performance will continue in fiscal 2022.