CMC Americas Mills Segment Earnings See Remarkable Surge

SEATTLE (Scrap Monster): Irving, Texas-based Commercial Metals Company (CMC) announced financial results for third quarter fiscal 2019 ended May 31, 2019.

The earnings from continuing operations were $78.6 million or $0.66 per diluted share during the quarter, as compared with the earnings of $42.3 million or $0.36 per diluted share in the corresponding three-month period in 2018. The net sales too surged higher from $1.2 billion to $1.6 billion over the previous year. Also, revenues increased by 33%.

CMC’s Americas Recycling segment recorded adjusted EBITDA of $12.3 million, down from $19.5 million during the prior year quarter. The company’s Americas Mill segment EBITDA recorded 76% surge year-on-year, from $89.6million to $158.1 million. Meantime, the Americas Fabrication segment recorded an adjusted EBITDA loss of $23.3 million for the third quarter of fiscal 2019.

ALSO READ: CMC Makes Big Boost to Recycled Steel Rebar Capacity at Mesa, Arizona Facility

The company’s International Mill segment in Poland recorded adjusted EBITDA of $24.1 million, whereas the Corporate and Other segment saw adjusted EBITDA loss of $27.3 million for the quarter.

Commenting on the result, Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer said that the strong results are nothing but a reflection of the strength of construction activity, solid industrial production levels and the resilient U.S. and Polish economies. The recent acquisition of Greenfield facility in Oklahoma and the introduction of hot spooled rebar too have contributed significantly to the top and bottom line results in Q3 this fiscal, she added.