CMC Announced First Quarter Fiscal 2025 Losses

SEATTLE (Scrap Monster):  Texas-based rebar giant CMC reported results for its fiscal 2025 first quarter ended November 30, 2024.

The corporation recorded a net loss of $175.7 million per diluted share during the first quarter of fiscal 2025. This contrasts with net earnings of $176.3 million, or $1.49 per diluted share, for the same time last year. Net sales fell to $1.9 billion from $2 billion. The adjusted earnings per diluted share were $0.78, or $88.5 million. CMC reported a core EBITDA margin of 11% and consolidated core EBITDA of $210.7 million for the quarter.

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Due to late-season construction activity in a number of geographic areas, the company's products saw high demand throughout the quarter. Shipments of finished steel products increased by 4.4% over the previous year.

CMC was badly hit with $110 million anti-trust verdict in its lawsuit with Pacific Steel Group.

The CMC team performed admirably in the first quarter on a number of fronts, according to Peter Matt, President and Chief Executive Officer. During the quarter, the company's safety performance was close to a record. Economic uncertainty continues to impede the financial results. He said he was confident the reduced demand situation will only last for a short while.

In the second quarter of fiscal 2025, the company anticipates a decrease in consolidated financial performance compared to the first quarter.