Commercial Metals Company Announced Robust Q3 Fiscal 2022 Results

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced third quarter fiscal 2022 results.

For the quarter ended 31st May, 2022, the company reported net earnings of $312.4 million, or $2.54 per diluted share, compared with net earnings of $130.4 million, or $1.07 per diluted share during the prior year quarter. The net sales surged higher significantly from $1.8 billion to $2.5 billion over the year.

ALSO READ:

Commercial Metals Company Concluded Acquisition of Tensar Corporation

Commercial Metals Company Highlights Sustainability Milestones

The third quarter adjusted earnings were $320.2 million, or $2.61 per diluted share, compared to adjusted earnings of $127.1 million, or $1.04 per diluted share, in the prior year period. The cash and cash equivalents at the end of the quarter totalled $410.3 million. The company repurchased approximately one million shares of common stock during the quarter, returning $38.6 million of cash to shareholders.

Commenting on the results, Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said that the third quarter was another remarkable financial result for the company, underpinned by strong operational execution and robust market conditions across our key geographies. The company is proud of its financial achievements during the quarter, especially in Europe, he added.

The board of directors declared a quarterly dividend of $0.14 per share of CMC common stock payable to stockholders of record on June 29, 2022.