CMC Announced Third Quarter Fiscal 2024 Results

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced financial results for the fiscal third quarter ended 31st May, 2024.

The company reported third quarter net earnings of $119.4 million or $1.02 per diluted share during the quarter. This compares with the net earnings of $234.0 million, or $1.98 per diluted share during the prior year quarter. The net sales too registered year-on-year decline from $2.3 billion to $2.1 billion in Q3 fiscal 2024.

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CMC’s consolidated core EBITDA stood at $256.1 million, whereas the core EBITDA margin during the quarter was 12.3%. As at the end of the quarter, the company’s cash and cash equivalents totalled $698.3 million, with a total available liquidity of around $1.5 billion.

The CMC Board of Directors declared a quarterly dividend of $0.18 per share to stockholders of record on July 1, 2024, which will be paid on 10th July, 2024. This will mark the 239th consecutive quarterly dividend payment by the company.

Commenting on the results, Peter Matt, President and Chief Executive Officer, CMC stated that the business continued to generate strong financial results during the quarter. The company benefited from a healthy start to the construction season and a solid operational performance across its footprint. The Europe Steel Group achieved near breakeven results, he added.