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Metal Recycling News June 22, 2018 01:30:07 PM

CMC's Americas Recycling Segment Sees Remarkable Surge in Profits

Paul Ploumis
ScrapMonster Author
The Americas Mills Segment adjusted operating profit skyrocketed from $50.7 million to $70.4 million.

CMC's Americas Recycling Segment Sees Remarkable Surge in Profits

SEATTLE (Scrap Monster): The Irving, Texas-headquartered Commercial Metals Company (CMC) announced financial results for the third quarter of the fiscal ended may 31, 2018. The company reported earnings of $0.36 per diluted share from continuing operations, significantly higher when matched with $0.27 per diluted share during third quarter of 2017. The net sales surged higher from $1.0 billion to $1.2 billion over the year. The cumulative earnings from continuing operations during the initial three quarters totaled $84 million, as compared with $60.2 million during the same period previous fiscal.

CMC’s Americas Recycling Segment recorded the highest profitability ever since the third quarter of fiscal 2011. The adjusted operating profit surged higher from $9.2 million in Q3 of fiscal 2017 to $14.4 million in third quarter of fiscal 2018. The huge jump was mainly on account of tremendous price increase in ferrous and non-ferrous markets. The ferrous and non-ferrous prices have surged higher by 19% and 12% respectively over the previous year.

The Americas Mills Segment adjusted operating profit skyrocketed from $50.7 million to $70.4 million. However, the Americas Fabrication Segment recorded adjusted operating loss of $16.1 million, as compared with profit of $1.8 million a year before, mainly on account of excessive margin compression due to rise in rebar prices. Year-on-year, the company’s International Mill Segment adjusted operating profit almost doubled from $13.0 million to $24.4 million during the third quarter.

Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer noted that the company was able to deliver outstanding quarterly results, mainly on account of robust demand growth across all segments. The start-up of the new Durant, Oklahoma micro mill facility too has contributed to improved results.

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